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The Dubai International Financial Center (DIFC) announced that DIFC-based fintech companies received more than AED2 billion (US$559 million) in funding in the first nine months of 2022.
According to the Emirates News Agency, the number of fintech and innovation companies joining DIFC during this period exceeds the total number of doing business in all of 2021 Wanciting the 2022 fintech report from DIFC fintech Hive.
Funding activity in fintech nearly doubled in 2021, while startups in the Middle East and North Africa raised $998 million in 2021, a 78% increase from 2020.
These include start-ups graduating from this year’s cohort of DIFC’s Fintech Hive programme. The region’s first and largest fintech accelerator program has now attracted more than 3,000 applications from around the world, whittled down to 200 participants based on their ideas and revenue-generating capabilities. With the support of more than 65 partners, the program has delivered more than 100 proofs of concept.
DIFC is currently seeing increased interest from fintech companies in Singapore, Southeast Asia and Asia Pacific markets. As fintech and innovative companies mature in these regions, they are looking for new opportunities to move beyond their regional borders and into new economies where their products and services are in demand. Dubai has become a bridge for them to expand their reach and seize opportunities in our emerging region, offering familiarity to match their complex multinational environment.
The UAE and Dubai’s globally recognized pandemic management, strategic investments and business-friendly structural reforms, long-term residency schemes and a regulatory environment that supports innovation have attracted entrepreneurial talent from all corners of the world.
New long-term golden visa options and initiatives to incentivize tech entrepreneurs and professionals to grow the country’s tech sector, as well as a five-year green visa for freelancers, are helping to attract international talent to the sector.
The UAE is a stable, prosperous and globally ranked talent hub. In the 2020 INSEAD Global Talent Competitiveness Index, the country ranks first in the Middle East and North Africa (MENA) region and 22nd globally. According to the World Bank’s Doing Business 2020 report, the country tops the MENA region for the ease of doing business while bridging the time zone gap between East and West. Dubai joins Miami and Lisbon in the top three cities in the world for expats to live in.
DIFC’s comprehensive fintech and innovation proposition creates an unparalleled opportunity for success for start-ups, global corporations and unicorns. The growing platform includes access to education, entrepreneurial and accelerator programs, mentoring and networking, operating and regulatory licenses, and funding and expertise through venture studios – all under one cost-effective roof – offering The ultimate platform for innovation and expansion.
Reflecting the continued importance of the fintech and innovation sector, DIFC has appointed Mohammad AlBlooshi as Vice President and Head of DIFC Innovation Centre. Mohammad, a UAE national who gained extensive experience at the centre, will lead the DIFC Innovation Hub which will include Fintech Hive, Venture Studio Launchpad, Dubai Fintech Summit and new initiatives to be launched in 2023.
Arif Amiri, Chief Executive Officer, DIFC Authority, said: “DIFC has been at the forefront of innovation in recent years, attracting more than 600 start-ups, growth-stage companies and unicorns to Dubai. These businesses are now making a huge contribution to our economy. To continue the momentum, now is the right time for us to strengthen our offerings by bringing together more innovative propositions under new leadership.”
Mohammad AlBlooshi, Head of DIFC Innovation Hub and Fintech Hive, added: “I am delighted to have the opportunity to own and grow one of DIFC’s strategic growth priorities. At DIFC, we are committed to helping fintech and innovation companies within the Hub. We will continue to Create initiatives to welcome the influx of innovation and talent into our region.”
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