The Dubai International Financial Centre (DIFC) has signed a memorandum of understanding with Middle East Venture Partners to facilitate the exchange of information on the finance industry’s latest trends, particularly in the fintech field.
According to the DIFC, the MoU will help encourage the development of the region’s venture capital technology ecosystem, and will enable both entities to work together towards launching initiatives and future regulations.
"As one of the first venture capital asset managers licensed by the Dubai Financial Services Authority, MEVP Capital is an important partner for us at DIFC,” said DIFC CEO Arif Amiri.
“Increased cooperation between both parties will be key in stimulating growth and investment activity in Dubai’s venture capital sector.
“We are particularly excited that our MoU will also provide a platform for MEVP to explore co-investment and co-management opportunities in relation to DIFC’s $100 million fintech fund,” he added.
Walid Hanna, the CEO and co-founder of MEVP, said that the significant increase of venture capital funding for start-ups in recent years “has further energised young innovators and opened doors for them to convert their ideas to tangible and viable business propositions.”
The MoU, he added, will enable DIFC “to focus on the fast growing fintech sector, which holds tremendous potential in the MENA region.”
The DIFC’s $100 million fintech fund was announced during the inaugural Global Financial Forum, organised by DIFC in Q4 2017.
The fund is designed to accelerate the development of financial technology by investing in start-ups from incubation through to growth stage, as well as help fintech firms seeking to gain entry into the MEASA markets.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.