“Dubai International Financial Center (DIFC) is a special economic free zone in Dubai and founded in 2004. It is the financial hub for the Middle East, Africa, and South Asia (MEASA) markets. DIFC has a large business community with its own independent regulatory framework and judicial system.”
“Dubai Future Foundation (DFF) is a government foundation established in 2016 that aims at shaping the future of the strategic sectors in cooperation with the government and private sector entities by endorsing innovative capabilities and launching Initiatives.”
DIFC signed a memorandum of understanding (MOU) with DFF in September 2020 in order to reaffirm its commitment to driving the future of finance.
The agreement between two futuristic government bodies will advance and boost the innovation agenda within Dubai and engage the financial technology community through setting the stage to enable and support growth opportunities and appropriate training activities. DIFC’s priorities and DFF’s mission aligns perfectly to collectively imagine, inspire, and design Dubai’s future.
The financial services sector is the 3rd largest contributor to Dubai’s GDP and is expected to grow steadily as DIFC becomes a major part of the Dubai future district, the region’s largest future-focused district. Companies looking to establish businesses in DIFC must apply for registration and necessary permission for DIFC company formation.
The key initiative for Dubai’s future district is DIFC’s innovation license for startups for boosting innovation, creativity, and entrepreneurship. DFF will actively support this program of the DIFC Innovation License. This shows the commitment of DFF to closely work with DIFC in furthering the future of finance in Dubai.
This will usher the combined technology acceleration program and facilitate identification and support for blockchain and AI-driven startups to put these initiatives on a high and aggressive growth path. The combined move will bolster the 10X Dubai vision enabling the Dubai government to be 10 years ahead of all other cities by adhering to disruptive innovation.
The MOU signed between DIFC and DFF also highlights the launching of technical training programs at DIFC Academy, including coding courses like Full-stack Web Development and App Development. These training programs will ultimately support DFF’s 1 million Arab coders initiative, launched by Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Apart from training, the two forward-looking government bodies will also collaborate on Research and Development activities with leading research and technical institutions.
Arif Amiri, the CEO of DIFC Authority, described the recently signed MOU by saying, ” As the leading financial hub in the MEASA region, our eyes are firmly on the future. We are committed to driving the growth in the finance sector by embracing innovation, technology, and training.”
Arif Amiri also said, ” Investing in Human Capital initiatives with the Dubai Future Foundation is incredibly important. It underscores our long term commitment to make Dubai a leading business city of the future aligned with the national government agenda. Together, we can ensure Dubai’s sustained prosperity and accelerate the Emirate’s development journey.
“We look forward to combining forces to drive the future of finance.”
Khalfan Belhoul, Chief Executive Officer of Dubai Future Foundation, stated, ” Through our strategic partnership with DIFC, we are confident that the positive outcomes would create impact not only for the respective organizations but also for the region and its economic growth.”
Khalfan Belhoul also said, “By working closely with DIFC, we seek to accelerate business opportunities for the region, attract startups and talents, employ innovation and technology to further- enhance and generate a robust financial sector and provide the right tools and skillset to enable a future-ready generation.”
He described the MOU saying, “This partnership is a testament of our unified vision and commitment to positioning Dubai as a knowledge-based economy and to the pivotal role the UAE plays in driving its financial industry globally.”
DIFC is the largest and most advanced fintech hub in this region, transforming and diversifying the financial services industry. The continued focus on innovation in the fintech sector is acting as the backbone of Dubai’s ambitious and aggressive growth plan.
DIFC houses more than 200 fintech establishments, which enjoyed rapid growth during 2018 and 2019. DIFC focuses on and closely works with regional and international stakeholders in developing a solid digital infrastructure to mark its presence as the regional financial center.
DIFC has a global financial exchange and access to funding. It offers a dynamic business environment with a skilled workforce and vibrant business community much conducive for new business set up in Dubai.
