Get All Access for $5/mo

The Recap: Asyad Global Logistics Challenge Spotlights Entrepreneurs Solving Issues In The Global Logistics Industry On November 2-4, 2021, at the Expo 2020 Dubai, in collaboration with Hypermotion Dubai and Omantel, integrated logistics services provider Asyad Group hosted the Asyad Global Logistics Challenge.

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

On November 2-4, 2021, at the Expo 2020 Dubai, in collaboration with Hypermotion Dubai and Omantel, integrated logistics services provider Asyad Group hosted the Asyad Global Logistics Challenge. The event aimed to harness the talent of entrepreneurs to tackle issues and challenges faced by the global logistics industry.

Consisting of two fast-paced competitions, Asyad Global Logistics Hackathon and Asyad Global Startup Challenge, it gathered more than 50 entrepreneurs from 15 countries.

Abdulrahman Al Hatmi, CEO of Asyad Group, commented on the event's significance: "Data science is the currency of today and tomorrow, and has given rise to new business models. The Asyad Global Logistics Challenge offered an ideal platform for us and our participants to channel these capabilities, advance innovation and build a sustainable data-driven industry."

The two-day hackathon's finalists of 45 data scientists, who were selected from more than 500 applicants, built complex algorithms to solve real-world logistics issues, such as vessel maintenance prediction, vessel fuel and route optimization, marine sensors using IoT, emissions monitoring, and Ports asset damage identification using image processing. Team Noufal, which used AI to evaluate and monitor results, won first place. The two-member team was able to build an algorithm that uses historical ship building data to accurately forecast potential build prices and predict the best time to buy or hold a vessel.

Meanwhile, with the startup challenge progressing from 50 applications to 12 finalists, its final round included seven MENA-based and five international companies, and a pitching round, wherein teams presented their solutions to a panel of judges and an audience of investors. In first place, with a US$25,000 prize was Cubex Global LLC, a digital marketplace for ocean freight from the UAE. With an aim to solve the problem of how over 100 million shipping containers remain 25-40% empty while travelling from port to port, the startup developed a digital marketplace built upon blockchain to enable the buying and selling of cubic meters of container space.

The event also featured networking opportunities, as well as a dedicated mentorship section to support startups and SMEs in their growth.

Related: Eng. Abdulrahman Al Hatmi, Group CEO, Asyad Group, On His Oman-Based Enterprise's Quest To Secure The Future Of Logistics

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Entrepreneurs

Mind Rockets Wants To Give A Voice To MENA's Deaf Community

MENA startup Mind Rockets have tasked themselves with the mission of developing assistive tech solutions to make the world accessible to the deaf community.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Leadership

Should I Stay or Should I Go? 8 Key Points to Navigate the Founder's Dilemma

Here are eight key signs that help founders determine whether to persevere or let go.

Business News

These Companies Offer the Best Work-Life Balance, According to Employees

The ranking is based on Glassdoor ratings and reviews.

Entrepreneurs

Urban Flair: Sole DXB Partners Rajat Malhotra, Joshua Cox, And Hussain Moloobhoy

Rajat Malhotra, Joshua Cox, and Hussain Moloobhoy, share what it takes to launch (and grow) Sole DXB, a regional festival for fashion, culture, art and design.