Dubai readies for new ‘Nomad’ media and entrepreneur hub


The ‘Nomad’ development will be built close to The Echo Plex, on the Al-Ain Dubai road. (Courtesy Al Ahli Holdings)
Updated 07 May 2018
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Dubai readies for new ‘Nomad’ media and entrepreneur hub


  • First phase of project to be launched later this year
  • Members will have access to support and advice from Al Ahli Holding Group’s consultant network.

LONDON: The Dubai-based Al Ahli Holding Group is planning to build a one million square-foot hub for media companies and entrepreneurs to work and even live in as they start to build their businesses. 

The development is the latest in a number of initiatives across the Gulf to drive innovation and entrepreneurship, particularly in the technology sector, as the region tries to diversify its economy away from oil-related industries. 

The ‘Nomad’ development is to be built close to The Echo Plex, off Al Ain Road in Dubai, and will provide affordable co-working space for small and medium-sized businesses (SMEs) and startups, the company said in a statement. The Nomad project aims to attract members from across the region and beyond. 

The hub will also offer studios as well as gaming and technology areas, including one of the largest 3D printing facilities globally, according to the company’s press release. 

Members will be able to benefit from support and advice from Al Ahli Holding Group’s network of consultants.

Subsidized co-living facilities will also be available to help members keep their living costs low as they work on launching or expanding their businesses.

“The sheer size, scope and proposition of Nomad will put the UAE on the map as a global game changer when it comes to the type of creative, disruptive and outstanding entrepreneurship that will guarantee a bright, thriving future for generations to come,” said CEO of Al Ahli Holding Group, Mohammed Khammas.

The project is in line with the UAE’s Vision 2021 which plans to build up a so-called ‘knowledge economy’ by supporting entrepreneurs in the country. 

The hub will take two years to be built — with the first phase including a pilot co-housing community — to be launched at the end of this year, the company said. 

The Nomad project follows previous efforts in Dubai to encourage entrepreneurs, including In5, a platform launched by Tecom Group.

It currently offers facilities to entrepreneurs and start-ups at various locations in the emirate, having launched its innovation center for technology in Dubai Internet City in 2013, followed by design-focused and media centers in 2017. 


Careem looks to raise up to $200 million in China

Updated 20 November 2018
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Careem looks to raise up to $200 million in China

  • Investment bank China International Capital Corporation (CICC) is advising Dubai-based Careem, but it was not immediately clear when or if a deal would be finalized
  • Careem said in October it had secured $200 million in a new funding round from existing investors

HONG KONG: Careem, Uber’s main Middle East rival, is looking at raising between $100 million and $200 million from Chinese investors, a source with direct knowledge of the matter told Reuters.
Investment bank China International Capital Corporation (CICC) is advising Dubai-based Careem, but it was not immediately clear when or if a deal would be finalized, the source said, adding there was a lack of familiarity and interest among Chinese investors in Middle Eastern start-ups.
Beijing-based CICC and Careem both declined to comment.
Reuters reported on Monday that CICC and New York-based investment bank Jefferies were both advising Careem on potential investment options and capital raising, including a possible Middle East M&A deal with Uber.
Careem, which counts German car maker Daimler and China’s largest ride-hailing company DiDi Chuxing among its other backers, competes head-to-head with Uber in most of the major cities in the Middle East.
Careem said in October it had secured $200 million in a new funding round from existing investors, and that it expected to raise more to finance expansion plans.
That investment, combined with previous fund raising and company growth into new markets and segments, gave Careem an estimated valuation of more than $2 billion.
Reuters reported in March that Careem was in early talks to raise as much as $500 million.