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Asset/Investment Management
dubaicultiv8.com

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Investments

3

About Dubai Cultiv8

Dubai Cultiv8 Investments Limited (Dubai Cultiv8) is category 3C Wealth and Asset Management Company established under the DIFC law No.2 of 2009 to manage Collective Investment Funds and Advise on Financial Products. Dubai Cultiv8 is initiated and owned by MBRF (Mohammed Bin Rashid Fund for SMEs) and is in operation since May 2018.

Dubai Cultiv8 Headquarters Location

Office 4, Level 1, Gate 11 Dubai International Financial Center

Dubai,

United Arab Emirates

+971 4 333 7227

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Latest Dubai Cultiv8 News

Dubai Cultiv8 and Oman Holding International invest $5m in Udrive

Feb 21, 2022

The investment will support Udrive’s upcoming expansion in the region and enhancements of its technology by Gulf Business February 21, 2022 UAE homegrown brand Udrive, which provides a pay-per-minute car rental service for residents and tourists, recently completed another funding round attracting strategic investments of $5m. In July 2021, Udrive announced it had closed a $5m funding round led by regional business leaders and three venture capitalists. Udrive recorded robust growth in 2021 clocking two million trips, making it one of the largest rental booking platforms by transactions per car in the region. Udrive addresses short term on-demand rentals by adding additional services including free fuel, parking and comprehensive insurance for all its customers. Its cars can be driven per minute or per day, depending on the needs of the customer. Cars can also be picked up from any location available and can be returned in the same city at any parking location. The mobile app acts as an all-purpose digital hub for private transport, payments, customer service and logistics, dramatically reducing the time it takes compared to traditional rental companies. Udrive’s new funding comes from Dubai Cultiv8 and Oman Holding International (OHI). Arif Alawi, CEO of Dubai Cultiv8 , said: “Mobility tech is one of the key investment sectors our technology fund focuses on, and Udrive perfectly fits the fund’s guidelines. With the newly-formed board and management team we are excited for Udrive’s continued triple digit growth across the MENAT region during 2022.” Muscat-based OHI, which owns Budget Oman, will support Udrive’s commitment to grow its revenue and vehicle fleet. “We can expect to see radical shifts in how cars will be used both globally and regionally,” commented OHI’s director and CEO Eihab Saleh. “With a vision to drive this change, Udrive presented their well-articulated plan to achieve successful entry across new markets making our decision easy to invest in Udrive. We are confident that their product roadmap is expected to significantly change the way cars are ‘consumed’ and utilised in the MENAT region.” The investment will support Udrive for the upcoming expansion in the region and enhancements of its technology. Additional emphasis will be given to streamlining the customer experience, an example of which has been the automatic parking payment system, wherein the car determines where it is parked and automatically pays the relevant meter charges. “We are digitising mobility, making it easily accessible to everyone. The recent funding secured will help us invest in new technologies as well as grow our offerings into the region this year. We want to provide this service to everyone who can drive, and the reality is customer demand is shifting fast from buying and owning to on-demand and subscription,” said Udrive CEO and co-founder Nicholas Watson. Car sharing platforms have seen exponential growth worldwide as well as in the Middle East. According to a report by Valuates, the global car sharing market will reach $103bn by 2025, with a CAGR of 17.2 per cent during the forecast period. Additionally, KPMG reports that almost 50 per cent of car owners will no longer want to own a vehicle by 2025, with another report by Research and Markets claiming four out of every 10 car journeys will be via car share. Tags

Dubai Cultiv8 Investments

3 Investments

Dubai Cultiv8 has made 3 investments. Their latest investment was in Wahed Invest as part of their Series A - II on June 6, 2020.

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Dubai Cultiv8 Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

6/8/2020

Series A - II

Wahed Invest

$25M

No

1

1/21/2020

Series A

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10

9/19/2019

Series A

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10

Date

6/8/2020

1/21/2020

9/19/2019

Round

Series A - II

Series A

Series A

Company

Wahed Invest

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Amount

$25M

New?

No

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Co-Investors

Sources

1

10

10

Dubai Cultiv8 Team

1 Team Member

Dubai Cultiv8 has 1 team member, including current Chief Executive Officer, Arif Mohd Al Alawi.

Name

Work History

Title

Status

Arif Mohd Al Alawi

Arcapita

Chief Executive Officer

Current

Name

Arif Mohd Al Alawi

Work History

Arcapita

Title

Chief Executive Officer

Status

Current

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