The doctor is online: UAE digital hospital ready for download by August
Seeing a doctor in front of a smartphone screen has swiftly become part of the world’s new normal. In the UAE, telehealth is officially taking root – with the region’s first digital hospital ready for download by next month.
Mulk E-Hospital of Dubai-based Mulk Healthcare is not going to have those white walls and hundreds of beds – but it will have some 2,000 doctors on board. And it can assure you that if you need to see a doctor in the middle of the night, you’ll find one just by swiping on your screen.
This e-hospital is an app that can be downloaded from the first week of August. Services will be launched by the middle of the month.
“So far, we have 300 doctors registered with us from the UAE and 1,700 abroad. It is a ticking clock. By the time of the launch date, we will have most of the top healthcare providers from the UAE on board,” Dr Shafi Ul Mulk, president of Mulk Healthcare, said during a two-hour long virtual Press conference on Monday.
A Mulk E-Hospital patient, or app user, can easily book appointments, seek consultation and diagnosis, have medicine delivered at home – and get insurance approvals.
“We have tie-ups with many insurance providers. The service will be economical. This is a win-win situation for everyone. This is the easiest system from consultation to delivery of medicines. Healthcare is no more a privilege of a few, everyone across the world can access hospitals and specialists,” Dr Shafi said.
As a digital ecosystem of hospitals, the app will connect patients and specialist doctors from anywhere in the world at any time of the day.
UAE central bank to launch new overnight deposit facility
The UAE Central Bank said on Monday that it would introduce a new overnight deposit facility as of July 12 to enable conventional banks operating in the UAE to deposit their surplus liquidity at the apex bank on an overnight basis.
In a statement, the CBUAE said that the introduction of the Overnight Deposit Facility (ODF) is the first step towards implementation of the new “Dirham Monetary Framework” announced earlier this year.
“The ODF shall be the prime facility for managing surplus liquidity in the UAE banking sector prior to the launch of the Monetary Bills Programme and shall replace issuance of one-week Certificate of Deposits,” the banking regulator said.
The proposed Monetary Bills Programme is aimed at draining surplus liquidity using government securities or central bank bills.
Abdulhamid Saeed, Governor of the CBUAE, said the introduction of the new facility is a reflection of the CBUAE’s continuous efforts to achieve the objectives of its monetary policy and to foster money market developments in the UAE. “This new facility will support banks operating in the UAE in proactively managing their day-to-day liquidity and help in aligning overnight money market rates with the Base Rate in normal market conditions.”
With the introduction of ODF, the general stance of the CBUAE’s monetary policy shall be signalled through the interest rate of the ODF, which becomes the main policy rate of the CBUAE and will be referred to as the base rate. “Accordingly, the CBUAE expects that overnight money market rates should hover around the Base Rate under normal markets conditions.”
Amlak finance signs agreement with Dubai land department
Amlak Finance has announced a newly formed partnership with Dubai Land Department (DLD), which aims at allowing customers to invest in ready and well-maintained properties listed by Amlak Finance via easy instalment payment plans for a tenure of up to six years.
The agreement was signed by Juma bin Humaidan, deputy director general of the Dubai Land Department, and Arif Alharmi Albastaki, CEO of Amlak Finance.
Juma bin Humaidan said: “This partnership comes in line with our approach to support all parties in the real estate market and help provide flexible options to ensure the attraction of real estate investors locally, regionally, and globally. Dubai was and will always be a dream for many people to live in for its stature as a city of creativity, progress and development, and advanced infrastructure. Entrepreneurs can go to Dubai to live and start their businesses, especially as it has a very attractive real estate investment climate. Amlak will work in this direction, and we expect its efforts to succeed due to the packages and financing offers that it is able to provide investors, contributing to the positive momentum of the real estate market.”
The partnership aims to enhance the investment appetite for the Dubai real estate market while stimulating growth in the vital property sector. The alliance will contribute to providing a unique investment environment for buyers looking to invest in ready properties owned by Amlak with a unique investment environment that offers them the option to purchase properties over a comfortable period of time with the sale price divided over an instalment plan of up to six years as opposed to paying the entire sum in one transaction. The newly accessible, easy-instalment payment plan feature applies specifically to all properties that are owned by Amlak Finance.
Dubai developments group offers 3-6 month rental relief to its business tenants
Business tenants of Dubai Developments Group properties on Monday received a major relief as the group extended rental relief to small firms and entrepreneurs for periods ranging from three to six months.
Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, has issued directives to exempt business tenants of Dubai Developments Group properties in the emirate.
The relief package worth Dh200 million is an initiative from Sheikh Hamdan bin Rashid aimed at supporting the economy as well as the entrepreneurial and real estate sectors. The gesture is aimed at mitigating the financial pressures faced by tenants due to the novel coronavirus (Covid-19) pandemic and its repercussions on the global economy.
The Dh200 million relief package will exempt tenants from rents for periods ranging from 3-6 months, according to the type of their business activity. An estimated 1,500 business enterprises will benefit from the initiative, according to a handout issued by Dubai Media Office.
The rent exemptions will contribute to enhancing their investment and financial solidity of the businesses, the financial stability of their employees, numbering over 10,000, as well as the wellbeing of their families, it said.
Government officials, private sector representatives and business leaders praised Sheikh Hamdan bin Rashid’s announcement which contributes to the government’s efforts to accelerate economic growth. The initiative also supports the real estate sector in sustaining its growth momentum and maintaining its investment attractiveness.
Sultan Butti bin Mejren, director-general, Dubai Land Department, said the generous gesture reflects Sheikh Hamdan bin Rashid Al Maktoum’s humanitarian outlook and keenness to accelerate the recovery of the real estate sector that is one of the mainstays of the national economy.
Tabby launches ‘buy now pay later’ solution in Saudi
Tabby, the UAE-based fintech startup and the region’s first ‘Buy Now Pay Later’ solution has launched its offering in Saudi Arabia after completing its latest round of funding.
Expansion into Saudi Arabia forms a key part of tabby’s growth and expansion plans in 2020. Available from June, tabby is currently available on over 50 regional e-commerce retailers and has recently announced its partnership with Apparel Group, with further partnership announcements to follow soon.
Hosam Arab, co-founder and CEO of tabby said: “We are very pleased to bring our best-in-market solution to Saudi Arabia at a time when consumers and merchants alike will be strapped for cash and mindful of their cashflow. Our recent funding will give our merchant partners further security and assurance that we are sufficiently capitalised to support their sales and offer them an exciting alternative way of selling to their customers.”
Tabby has received over $9 million in funding from regional and international investors. Saed Nashef, Raed Ventures’ Founding Partner said: “Hosam and his team have built an impressive product that structurally solves key friction points in a transaction for both consumers and merchants, which is especially relevant given the current
pandemic. We’re very excited to partner with Tabby, and support its timely launch in Saudi Arabia and its expansion across the region.”
In5 startups raise dh65 million in h1 2020
in5, an enabling platform for startups and entrepreneurs launched by TECOM Group, its members have raised more than Dh65 million in direct investment, through multiple funding sources such as venture capital funds or angel investors, during the first six months of 2020.
After generating more than Dh400 million in funding between 2013 and 2019, the half-year figure is the highest six-month amount generated by in5 startups. Furthermore, 41 new companies joined the startup incubator in the first 6 months of the year brining to the total number of active startups at in5 to 216.
Small businesses, startups and SMEs have been among the hardest hit sectors by the Covid-19 pandemic, but agile entrepreneurs have successfully identified opportunities to raise capital. This suggests Dubai’s entrepreneurial ecosystem will contribute to the UAE’s economic resilience and recovery, consolidating its position as a hub for talent, knowledge and innovation as markets get moving again.
Majed Al Suwaidi, Managing Director of Dubai Media City and an in5 leader, said: “At in5, it is our endeavour to create a best-in-class platform for entrepreneurs and startups to launch and scale their ventures in an agile, business-friendly environment with state-of-the-art infrastructure and streamlined corporate and government services.”
He added: “Mentorship and networking opportunities are fundamental to our operations at in5 – and the number of homegrown innovators joining in5 year-on-year coupled with investment growth demonstrates our continued commitment to attract and develop talent in Dubai that can transform the technology, media and design landscapes.”
Bolstering its credentials as a knowledge hub that nurtures and enables talent, in5 concluded 320 advisory and mentorship hours for startups and entrepreneurs working across its world-class technology, media and design ecosystems in H1 this year.
Fintech grabs top spot in UAE startups
The UAE’s startup ecosystem has matured enough to display its resilience and this was evident in Covid-19 phase.
Magnitt’s H1 2020 Mena Venture Investment Report report – released – reveals that the UAE continues to enjoy top spot as it received largest share of total funding as a result of several later-stage investments, followed by Egypt which ranks first by number of deals and Saudi Arabia which saw the largest percentage increase of 44 percent in total funding from H1 2019 to H1 2020.
The Mena startup funding in H1 2020 has already reached 95 percent of full year 2019 as investors shift to later-stage deals. The top three sectors real estate, fintech and food & beverage are proving to be the hot segments to invest.
Businesses hail Sheikh Mohammed’s digital agenda
The UAE embarked on a new chapter on Sunday as it planned its roadmap ahead with strong emphasis on digital growth and development of the nation. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, announced the changes through Twitter on Sunday morning.
He noted the new government structure has been approved and is supported by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Force. The businesses across the sectors have welcomed the move and are anxiously waiting to see economy rebound to pre-covid-19 levels.
The reshuffle resulted in the merger of several portfolios, including energy and infrastructure. It also saw the appointment of new economy and industry ministers along with two dedicated ministers of state for small and medium enterprises (SMEs) and foreign trade.
In the new setup, the Ministry of Economy has three ministers: Abdullah bin Touq Al Marri will the Minister of Economy; Ahmed Belhoul will be the Minister of State for Entrepreneurship and Small and Medium Enterprises; while Thani Ahmed Al Zeyoudi is the Minister of State for Foreign Trade. It may be noted that Omar Al Olama is appointed as Minister of State for Digital Economy and Artificial Intelligence.