Through its startup studio, The Lab Holding, a new DIFC-based hospitality firm, has announced the launch of two new food-tech startups. The Lab Holding plans to create an ecosystem of hospitality and food technology solutions to meet the challenges that businesses in the food and beverage and technology industries face.
The company seeks to service the venture creation and growth market by leveraging the startup studio members experience to reduce revenue risk, cost, and resource duplication for companies. In the next five years, the company hopes to develop its regional expertise in the food tech area by working with future entrepreneurs.
Its mission is to assist serial entrepreneurs both locally and internationally in scaling quickly and testing as many products as possible in the local market in 6 to 9 months. “Foodtech solutions became crucial during the Covid-19 pandemic in 2020, and developing enterprises in the digital sector that adapt fast to the public' forced changing behaviour should not be overlooked. The Lab Holding is looking forward to the future as it shows its industry knowledge and experience by developing solutions for both businesses and consumers,” stated Ahmed Saleh, the Lab Holding's CEO.
“The launch of a F&B/hospitality focused startup studio will assist small businesses in establishing themselves and implementing their business strategies effectively and efficiently by leveraging the internal accumulated expertise of its members, while minimising risk for investors,” says Tarek Taji, portfolio manager at The Lab Holding.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, launched the Food Tech Valley earlier this year in collaboration with the Ministry of Food and Water Security and Wasl Properties to explore urban planning of future smart and food-independent cities.
According to Mariam Almheiri, Minister of State for Food and Water Security, the initiative, which aims to help the UAE meet its National Food Security Strategy 2051 targets, will initially focus on strategic projects to achieve food self-sufficiency while ensuring sustainability and resource conservation.
Agricultural technology and engineering, a food innovation centre, R&D facilities, and an advanced smart food logistics hub will all be located in the Food Tech Valley.