Dubai International Financial Centre (DIFC) has signed a Memorandum of Understanding with Middle East Venture Partners (MEVP) to facilitate exchange of information on the latest trends in the finance industry, with a focus on the FinTech field.
The MoU is aimed at enhancing collaboration between the two entities as well as enabling them to work together towards launching initiatives and future regulations that ensure an attractive and competitive investment environment for the region’s technology focused entrepreneurial base.
Arif Amiri, CEO, DIFC Authority and Walid Hanna, Founder and Chief Executive Officer of MEVP. The signing ceremony was held in the presence Essa Kazim, Governor of DIFC and Mohamed Alabbar, MEVP’s Chairman of the Board.
Through the partnership DIFC and MEVP also aims to encourage the development of the region’s venture capital technology ecosystem.
“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 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.”
The venture capital industry continues to grow in the region, especially with increased investments in small and medium sized businesses. The laws and regulations at DIFC along with the continued emphasis on FinTech incubators and accelerator programmes at ‘FinTech Hive at DIFC’ continue to support the industry’s growth.
Hanna said, “DIFC plays a central role in supporting the growth of the financial services industry and in driving inward investments that strengthen our entrepreneurial ecosystem. The significant increase in venture capital funding for start-ups witnessed by the UAE in recent years has further energised young innovators and opened doors for them to convert their ideas to tangible and viable business propositions. With its strong track-record in shaping high-value companies, this MoU with DIFC will further enable it to focus on the fast-growing fin-tech sector, which hold tremendous potential in the MENA region.”
