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.
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.