Bahrain today announced the roll-out of a new programme of support for the 100 Arab start-ups shaping the Fourth Industrial Revolution, at the World Economic Forum on the Middle East and North Africa.
The special programme will include:
· Access to the Bahraini market for all companies that have been recognized under the 100 Arab Start-Ups banner – going back to those selected in 2017
· Fast-tracking of applications to establish a presence in Bahrain
· The creation of a special 100 Arab Start-Ups concierge service to help start-ups navigate and benefit from the local Bahrain ecosystem
· Opportunity to pitch and access funding from Bahrain’s Sovereign Wealth Fund, as well as the VC partners of Al Waha Fund of Funds and family offices in the Kingdom
The structured programme will allow start-ups to rapidly scale up their businesses and access a broader spectrum of support in Bahrain.
“The 100 Arab start-ups shaping the Fourth Industrial Revolution is a great initiative and we need to collectively ensure it not just an annual celebration but a constant source of support to our most promising companies – so they can go on to become world-beaters,” said Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board. “These companies will define our futures and we want to open up the opportunities Bahrain offers with a special set of incentives that offers the most comprehensive support possible. With this programme, in partnership with the World Economic Forum, we really are offering the very best to the very best.”
With a 31% increase in investments compared to 2017, a new record was reached for regional start-up funding last year, according to data from MagniTT, a company twice selected by the 100 Arab Start-Ups initiative. Foreign investment remained stable in 2018 with 30% from outside the Arab world, while fintech took over e-commerce as the top industry as a result of an 8% increase in deals since 2017.
A selection committee of experts on the start-up ecosystem in the region worked with the World Economic Forum and the EDB to screen and select the 100 start-ups.
· Abdulrahman Tarabzouni, Chief Executive Officer and Managing Director, Saudi Technology Ventures (STV)
· Ahmed El Alfi, Founder and Chairman, Sawari Ventures
· Amir Farha, Co-Founder and Managing Director, Beco Capital
· Areije Al Shakar, Director and Fund Manager, Al Waha Venture Capital Fund; Senior Vice-President, Bahrain Development Bank
· Hala Fadel, Founder and Managing Partner, Leap Ventures
· Khaled Talhouni, Managing Partner, Wamda Capital
· Mirek Dusek, Deputy Head of the Centre for Geopolitical and Regional Affairs, Member of the Executive Committee, World Economic Forum
Maintenance Tips for Second-Hand Cars
With a shortage of semiconductors continuing to plague the automotive industry, many are instead turning to the second-hand market to source a bargain on their next car purchase – resulting in a boom in second-hand car sales. Second-hand cars, while cheaper to purchase initially, can present problems quicker without proper maintenance. Here are some simple ways to maintain your second-hand vehicle.
Read the Manual and Service History
The first thing you should endeavour to do with any second-hand car purchase is to scrutinise your car’s service history book and user manual. The former will give you crucial information on prior issues that have cropped up with the car, either giving you an idea of what may fail next or what not to worry about, while the latter gives you important details regarding points of maintenance on your car: where your oil pan is, where the safe anchor points for trolley jacks are, and the location of various parts of the engine.
Keep Your Oil Fresh
One key way you can ensure the longevity of your second hand vehicle’s engine is to learn how to replace its engine oil, and to replace its engine oil regularly. The oil cleans and lubricates the engine, preventing debris from clogging moving parts and causing wear. Over time, the oil becomes dirty with this debris, and can eventually pose a threat to the engine’s safe running itself. New oil ensures the engine stays clean, and keeps it running for longer.
Keep a Regular Service Schedule
As with any vehicle, taking your second-hand car in for regular appointments with a mechanic can keep on top of potential problems before they cause more issues; booking a car service online makes managing your car’s service schedule easy, and can make sure that your car remains healthy and well-maintained thanks to regular check-ups via a professional pair of eyes. Regular servicing can also reduce the potential incurred costs from failed MOTs.
Clean Your Interior
Keeping your car’s interior clean might seem like a relatively insignificant task with regard to your car’s overall maintenance, however taking car of the surfaces and fabrics in your car can increase their lifespan, reducing the need for potential re-upholstery and preserving your personal comfort while driving. Regularly vacuuming footwell mats and seat cushions can stave off wear and tear, while regularly cleaning and polishing trim can preserve their condition.
Lastly, but by no means least, your driving habits can have a profound effect on the life span of your vehicle. Those who drive fast and brake hard are sure to encounter more issues quicker than those who adopt safe driving techniques and approach the road with a sense of calm. Simple things like coasting into corners and accelerating at a steady pace can ensure your brakes, suspension and engine live their longest possible life, giving you a great run with your new second-hand vehicle.
Choosing the Best Engine Hoist for your Garage
An engine hoist is an extremely valuable piece of equipment. It will allow you to remove an engine from a vehicle easily, without putting yourself or others in danger. People have been using ropes and pulleys for centuries to lift heavy objects – and some modern engine hoists work via the same principles. However, there are a few alternatives which offer distinct advantages.
So, what’s the best kind of engine hoist for your garage? Let’s look at choosing the best engine hoist for your next car repair job.
The manual hoist uses old-fashioned pulleys and cords to lift a heavy object. These tend to be the simplest option, and therefore the cheapest. Simply pull on the chain, and the other chain will move. The main drawback here is that the manual hoist needs to be suspended above the room. That means that you’ll need a suitably-rated ceiling that’s capable of carrying the load.
A manual chain can allow a single person to lift tonnes of weight, since the arrangement of pulleys will result in a larger transfer of force. The cost is that you’ll be moving the chain a large distance to move the engine just a small one.
Hydraulic hoists work using fluid, spread over multiple vessels. By reducing or increasing the amount of fluid in one vessel, you can change the amount of fluid in another, attached by a length of hose. In this way, you can push or pull heavy loads. A telescopic boom arm actually does the lifting, with the help of pumps, cylinders, and oil.
Hydraulic hoists are positioned on the ground rather than the ceiling, and they tend to come with plenty of castors so that they can be moved from one side of the workspace to the next. The relative mobility of the hydraulic hoist puts it at a considerable advantage over the mechanical one in situations where you need to be flexible. You can even use a hydraulic hoist outdoors.
The electric hoist is similar to the manual one, except that you don’t have to pull on the chain – an electric motor will do that for you. This makes life much more convenient – though you can expect to pay a little extra for the remote-control console. Electric hoists tend to be underpowered in comparison to hydraulic ones, which might be something to consider if you’re lifting loads heavier than a few hundred kilos.
Electric hoists tend to be operated by a single dangling button, which means that you might not have the same degree of precise control as you do on a manual hoist. For most applications, however, this won’t be an issue.
Tech Start-ups Key to Africa’s Digital Transformation but Urgently Need Investment
The World Economic Forum’s latest report, “Attracting Investment and Accelerating Adoption for the Fourth Industrial Revolution in Africa” analyses the challenges Africa faces in joining the global knowledge-based digital economy and presents a set of tangible strategies for the region’s governments to accelerate the transition.
The Forum’s report, written in collaboration with Deloitte, comes just weeks after the announcement by Google of a $1 billion investment to support digital transformation across Africa, which centres on laying a new subsea cable between Europe and Africa that will multiply the continent’s digital network capacity by 20, leading to an estimated 1.7 million new jobs by 2025. Africa’s digital economy could contribute nearly $180 billion to the region’s growth by the by mid-decade. Yet with only 39% of the population using the internet, Africa is currently the world’s least connected continent.
Tech start-ups such as Kenya’s mobile money solution Mpesa and online retail giant Jumia, Africa’s first unicorn, represent what the continent’s vibrant small business sector is capable of. Despite raising $1.2 billion of new capital in 2020 – a six-fold increase in five years – this represents less than 1% of the $156 billion raised by US start-ups in the same year. Meanwhile, Africa’s investment in R&D was just 0.42% of GDP in 2019 – less than a quarter of the global average of 1.7%.
“African governments urgently need to drive greater investment in the tech sector and the knowledge economy,” said Chido Munyati, Head of Africa Division at the World Economic Forum. “Policy-makers can make a difference by reducing the burden of regulation, embedding incentives within legislation and investing in science and technology skills.”
The report breaks down these three policy enablers:
- Pass legislation such as “Start-up Acts” designed to spur private sector innovation, reduce the burden of regulation and promote entrepreneurship, in which Tunisia and Senegal are leading the way.
- Embed incentives for start-ups in legislation, such as start-up grants, rebates on efficiency gains through technology implementation, co-investment of critical infrastructure, tax-free operations for the early years, and incentives for R&D.
- Invest in workforce education, skills and competencies. Currently, only 2% of Africa’s university-age population holds a STEM-related (science, technology, engineering, mathematics) degree.
However, the analysis of 188 government incentives for business across 32 African countries finds that just 14 incentives – fewer than 10% – facilitate investment in Fourth Industrial Revolution technology. And most of these incentive schemes lack an efficient monitoring and evaluation system to gauge their effectiveness.
Delia Ndlovu, Africa Chair, Deloitte, believes that digital transformation promises to boost economic growth in Africa: “Connecting the region to the global digital economy will not only open new avenues of opportunity for small businesses, but will also increase intra-Africa trade which is low at 16% compared to markets such as intra-European trade which is approximately 65% to 70%.”
African governments have much to learn from each other. In Côte d’Ivoire, an R&D tax incentive has been created to direct investment away from commodities and into innovation. In South Africa, the Automotive Investment Transformation Fund created by the largest manufacturers in the country is facilitating the development of a diverse supplier base to realise the 60% local content target set by the Automotive Production and Development Programme (APDP). In Tunisia, the government offers state salaries for up to three start-up founders per company during the first year of operations, with a right to return to their old jobs if the venture fails.
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