Dubai International Financial Center launches $10 million Fintech Fund

Fintech startups are expected to attract $2 billion in investments over the next decade according to a study by Mena Research Partners (MRP). This compares to just $150 million worth of private-funding investments in such startups over the past 10 years, while the number of fintech companies across Mena will rise from 130 to 260, a rise of more than 50 per cent.

The partnership was announced at the Global Financial Forum, where several partnerships were announced to encourage and foster entrepreneurship in the UAE.

“Over the past 15 years, DIFC has grown into what is today a focial point for the global business and investor community, and a testament to this is the amount of capital being raised in the Centre,” said Essa Kazim, the governor at DIFC. “The approximate size of the wealth and asset management industry in DIFC is now $424 billion. To put this in context, that is equivalent to roughly 30 per cent of the combined GDP [gross domestic product] of all GCC countries.”