PHOTO
- Virtual signing ceremony held for winners to set up their business at Aldar’s Mamsha Al Saadiyat development rent-free for one year
- Winners to benefit from equity-free incentives worth up to AED 1 million
Abu Dhabi: Aldar Properties (‘Aldar’) is proud to announce the winners of its first Manassah programme – an entrepreneurship competition aimed at nurturing home-grown talent and supporting the UAE’s most ambitious retail and F&B entrepreneurs.
Following a rigorous process of assessing 150 submissions, seven finalists were short-listed to develop their ventures and receive pitch training. The programme’s selection committee selected three winners to bring their concepts to life at Aldar’s Mamsha Al Saadiyat:
- Coffee Architecture: a speciality coffee house built by the first female Emirati certified Q grader. Coffee Architecture is designed around minimalism, passion, art and love in Abu Dhabi
- Alkalime: a feel-good café concept offering customers healthy, nutritious and tasty food and drinks in a relaxing and eco-friendly space
- Wake n' Bake: a home-grown bakery by a female Emirati chef that specialises in hand-crafted breads, custard doughnuts and other baked goods freshly made by hand
All three winners have secured equity-free incentives worth up to AED 1 million and have signed on to establish their businesses with a turnover rent deal for one year at Aldar’s Mamsha Al Saadiyat, adjacent to the Louvre Abu Dhabi and Saadiyat Island’s pristine beach front.
Commenting on the competition, Saoud Khoory, Executive Director, Retail Management, Aldar Properties, said: “Manassah aims to identify and foster homegrown talent and to cultivate a community of entrepreneurs that can redefine Abu Dhabi’s retail landscape and meet evolving customer needs. The success of the first cycle of the programme is testament to the incredible potential ready to be harnessed in Abu Dhabi. The three winners have demonstrated an abundance of entrepreneurial spirit, innovative thinking, and determination. We are excited to be welcoming our new tenants at Mamsha Al Saadiyat and look forward to watching their concepts materialise into full-fledged, home-grown businesses.”
Vice Provost for Entrepreneurship at NYUAD, and Managing Director of startAD, Ramesh Jagannathan said: "The UAE is ranked fifth on global retail destinations in the world, and along with KSA, will account for 77% of GCC retail sales in the next 5 years. The success of these home-grown innovators demonstrates how the support, access, and training of SMEs can further economic growth through evolving market conditions. Aligned with the UAE’s goals, startAD is proud to continue working with ALDAR to empower the region’s most ambitious entrepreneurs in building the future of the global retail industry."
Marking the occasion of being the first winner to set up her new business on Mamsha Al Saadiyat, Coffee Architecture’s Nooran Al Bannay said: “Aldar’s Manassah offered me an incredible opportunity to refine my entrepreneurial skills and transform my idea to a reality. I am honoured to have been chosen as one of the winners and can’t wait to introduce Coffee Architecture to the Abu Dhabi community.”
Launched in November 2019, the Manassah competition supports young entrepreneurs to develop innovative businesses across three categories – retail, café, and restaurants. This is Aldar’s first retail start-up programme in partnership with startAD, the global accelerator based in NYU Abu Dhabi. StartAD and Aldar support participants in the curated incubation programme for retail by providing them with the necessary tools to launch, develop, and scale their ventures. As part of the programme, selected teams receive training and mentorship from the best local and global entrepreneurship, retail, and tech experts.
Manassah is an Aldar Youth Council initiative first submitted as part of Aldar’s Ibtikar challenge, an internal innovation programme which encourages employees to take an active role in Aldar’s future growth and direction. Aldar Youth Council was set up in 2018, with the aim to actively empower Aldar youth, unlock their full career potential, and engage with other Youth Councils across the country.
For more information, please visit www.manassah.ae
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For further information, please contact:
Media/IR
Obaid Alyammahi
Aldar Properties
+971 2 810 5555
Joudi Issa
Brunswick
+971 2 234 4600
ALDAR@brunswickgroup.com
About Aldar
Aldar Properties PJSC is the leading real estate developer in Abu Dhabi with USD10 billion in assets, a 75 million sq. m land bank, and through its iconic developments, it is one of the most well known in the United Arab Emirates, and wider Middle East region.
From its beginnings in 2005 through to today, Aldar continues to shape and enhance the urban fabric of the UAE’s Capital City in addition to other key areas of the Emirate.
Aldar develops exciting and innovative projects, such as the internationally recognized HQ building situated in the Al Raha Beach development, the Gate Towers in Shams Abu Dhabi on Al Reem Island, in addition to Yas Island’s F1 circuit.
Aldar’s shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH), and is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders.
Aldar seeks to create quality, comfortable, desirable destinations that enrich the lives of Abu Dhabi residents as well as tourists within the Emirate. Aldar is playing a leading role in the development and provision of world class retail - Yas Mall, international standard education through Aldar Academies, iconic entertainment venues such as the Yas Marina Circuit, and community amenities across its entire portfolio.
Aldar is driven by a vision to be the most trusted and recognized real estate lifestyle developer in Abu Dhabi and beyond.
For more information on Aldar please visit www.aldar.com
© Press Release 2021
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