The agreement will help fund business ideas of students of IMT Business School and turn them into successful start-ups with the support of Fincasa
Fincasa, a Dubai-based investment advisory, has signed an agreement with IMT Business School Dubai, an international business school that will support budding entrepreneurs to grow their businesses in the UAE and help expand the start-up ecosystem in the UAE.
The agreement will help fund business ideas of students of IMT Business School and turn them into successful start-ups with the support of Fincasa. This will eventually help breed new businesses, create employment and help the UAE economy grow.
“If things go as planned, we could see scores of start-ups being created through our collaborative efforts. Instead of becoming job-seekers, we will see IMT Business School produces job-creators through the start-ups,” Sayed Varis, CEO of Fincasa, said in a statement.
A staggering $1.03 billion was invested into MENA-based startups in 2020, marking a 13 percent increase from 2019, start-up data platform MAGNiTT said, despite the devastating impact of the Covid-19 pandemic.
Three innovation hotspots – the UAE, Egypt and Saudi Arabia – accounted for 68 percent of the total deals disclosed in 2020. The UAE led the pack with 56 percent of all capital deployed regionally, equaling $579m and with 26 percent of the deals, with 129 transactions last year.
Dr Subhajyoti Ray, Director of IMT Business School Dubai, said, “The UAE ecosystem for the start-up has never been better, but you still need the right skills and knowledge to be successful. This collaboration has the potential to revolutionise the start-up scenario in UAE.”
Dubai has implemented the Golden Visa for “investors and young talents”. A foreigner can study, live and work without any support from a national sponsor as well as he can possess his own business in the UAE province. The Golden Visa will be issued for 5 or 10 years giving full opportunity to entrepreneurs to understand the market and flourish their business.
Apart from these, the UAE government has come up with various start-up friendly initiatives like free zones, stable exchange rate, multicultural environment, and friendly immigration laws. In the above scenario the collaboration between these two giants, IMT and Fincasa are ready to write numerous new success stories of startups.