RIYADH: TeamUp is a startup providing sports management solutions with a multiple-tier revenue model based on subscriptions, commissions, advertising and monetization of big data.
Based in Riyadh, TeamUp was founded by CEO Abdulrahman Al-Amer, his brother Amer and their partner Khalid Khudhayr.
All three bring their strengths to the table. Abdulrahman gained no less than seven bachelor’s degrees in the US, from neuroscience to political science, and followed that up with stints in strategic consulting and data analysis and as a swimming referee with Saudi Arabia’s Ministry of Sports.
CTO and CPO Amer graduated in electrical and microelectronics engineering. He was a part of Saudi Basic Industries Corporation’s, or SABIC’s, undergraduate scholarship program and had a management background as founder and CEO of a web solutions provider.
COO Khudhayr has a degree in mechanical engineering and six years of experience as an engineer with Aramco.
TeamUp was conceived after Abdulrahman failed to find an app to manage sports leagues and tournaments that could track individual players’ stats.
He and his partners founded TeamUp in December 2020, with Abdulrahman himself doing much of the coding. They soon hired a three-person development team in Amman, Jordan. They now have a staff of 24, including themselves, in Riyadh, Amman and Nairobi.
The beta version of TeamUp has been up and running since June 2021, and the official launch will happen during Ramadan.
The TeamUp app focuses on football but, in theory, could be applied to any sports tournament. Its revenue model is based on several income streams.
“When a team pays an organizer to participate in a league through TeamUp, we take a commission,” Abdulrahman told Arab News.
“Second, schools can organize their sporting tournaments with TeamUp, and there are several subscription packages for that. For this, we have a strategic partnership with Classera, the largest learning management system in the MENA region with two million students.”
“Third, we can earn revenue from advertising from players and followers. But the real meat in the equation is the commission we make with scouting players for big teams. Our ecosystem will host thousands of players and lots of data points, like how many goals a player scored, the number of followers, how many matches they played, and how many of those games they were the leading player or on the bench or injured. This information is gathered with the permission of the players using our app.
“From these metrics, we do predictive data analysis. We go to Al-Hilal or any other team and ask them what kind of player they require, say, a defender or maybe a right-wing player, and based on their requirements, we search our database and choose the players that match the criteria.”
“We can give them two years of data for each player. They cannot have the same quality of data and accuracy from traditional scouters, who go with pen and paper and watch a player for one or two matches.”
TeamUp will receive a percentage of every deal signed. Given that leading teams are willing to pay anything upwards of $5 million for a player and Paris Saint-Germain paying €222 million to Barcelona to transfer Brazilian player Neymar in August 2017, the possible rewards are apparent.
Abdulrahman expects TeamUp to have a big enough pool of players, and enough data, to begin scouting activities in approximately 18 months.
The company has already signed contracts with sports ministries in Saudi Arabia and Kenya, whereby football teams are mandated to use TeamUp to participate in amateur tournaments. It expects to sign similar deals in several North African countries later this year, with further plans to expand into the UK in 2023.
While 18 months is a long time to wait for generating substantial revenue, Abdulrahman counters that tech giants Google, YouTube, and Twitter all took at least five years to become profitable.
Their business models, like TeamUp’s, depended on their ability to mine and monetize data from that pool of users.
TeamUp’s revenue model and management team received $800,000 in pre-seed funding from 500 Global and Sanabil Investments. Other investors are showing interest in joining the round, and TeamUp will officially announce the funding once they have hit $1 million.
As a sport-tech venture with a strong management team and a globally scalable model, TeamUp was featured in the Startup Hall of Fame at Riyadh’s Global Entrepreneurship Congress.
RIYADH: Saudi Arabia has extended the tenure of Khalid Al-Mudaifer, vice-minister for mining affairs at the Saudi Ministry of Industry and Mineral Resources, for four years, on April 18.
Al-Mudaifer holds a degree in civil engineering as well as an MBA from King Fahd University of Petroleum and Minerals, Saudi Arabia.
A civil engineer by trade, Al-Mudaifer previously served as company president and CEO of the Saudi Arabian Mining Co., or Maaden, from January 2011 through June 2018.
Al-Mudaifer spent the early years of his career with the Eastern Petrochemical Co.
RIYADH: Aldrees Petroleum and Transport Services Co. is likely to beat its results from last year in the second quarter of 2022, as its market share reached 7 percent, CEO Abdulelah Bin Saad Al-Drees told Argaam.
The expectation comes as Aldrees’ net profit for the first quarter reached SR62.4 million ($16.64 million), up 58.4 percent from the same period a year ago, according to a bourse filing.
He attributed the increase in quarter one profits to higher sales in the petroleum division, which amounted to SR2.7 billion, and the transport division, which amounted to SR76.5 million.
As of the end of quarter one, the number of stations accounted for was 669, whereas the number of trucks was 1314, Al-Drees stated.
The company recently announced its plans to operate 1,000 gas stations by 2025 and it aims to open 100 stations by the end of 2022.
April 19 (Reuters) – A Rolls-Royce design for a small modular nuclear reactor (SMR) will likely receive UK regulatory approval by mid-2024 and be able to produce grid power by 2029, Paul Stein, chairman of Rolls-Royce Small Modular Reactors, told Reuters.
The British government asked its nuclear regulator to start the approval process in March, having backed Rolls-Royce’s $546 million funding round in November to develop the country’s first SMR reactor.
Policymakers hope SMRs will help cut dependence on fossil fuels and lower carbon emissions.
Speaking to Reuters in an interview conducted virtually, Stein said the regulatory “process has been kicked off, and will likely be complete in the middle of 2024”.
“We are trying to work with the UK Government, and others to get going now placing orders, so we can get power on grid by 2029.”
In the meantime, Rolls-Royce will start manufacturing parts of the design that are most unlikely to change, Stein added.
Each 470 megawatt SMR unit costs £1.8 billion ($2.34 billion) and would be built on a 10-acre site, the size of around 10 football fields.
Unlike traditional reactors, SMRs are cheaper and quicker to build and can also be deployed on ships and aircraft.
Their “modular” format means they can be shipped by container from the factory and installed relatively quickly on any proposed site.
RIYADH: Following a stellar initial public offering, the Dubai Electricity and Water Authority is in a strong position to distribute 6.2 billion dirhams ($1.69 billion) in dividends, the utility’s CEO, Saeed Al-Tayer, told Al Arabiya.
“Based on the study we conducted and our business plan, the company has long financial sustainability and a strong cash flow position,” so there is no need to borrow, Al-Tayer noted.
The official said the authority will proceed with its dividend plans, regardless of the size of the upcoming DEWA-backed Empower’s IPO.
Formally known as Emirates Central Cooling Systems Corp., the state-owned district cooling services provider, which is 70 percent owned by DEWA, could go public by the end of this year.
RIYADH: Shares in Saudi Arabia’s Dr. Sulaiman Al Habib Medical Services Group dropped in early Tuesday trading after its SR350 million ($93 million) dividend was approved.
The Riyadh hospital operator’s share price dropped by 1.1 percent to SR198 as of 11:16 a.m. Saudi time, down from SR201 at the previous sessions close.
Shareholders of the company had earlier endorsed the board’s recommendation to pay a quarterly cash dividend of SR0.7 per share.
This brings the total dividend payout for 2021 to as high as SR980 million, representing SR2.8 per share.
The company was established in 1995. Today, it operates seven hospitals in the Kingdom, as well as in the UAE and Bahrain. It also owns pharmacies and other medical-related divisions.