The leading financial hub in the MEASA region, the Dubai International Financial Centre (DIFC) recently signed a Memorandum of Understanding (MoU) with Middle East Venture Partners (MEVP) to ease exchange of information on industry trends in the fintech space.
The MoU was signed by Arif Amiri, CEO of DIFC Authority and Walid Hanna, founder and CEO of MEVP. The agreement was signed with a focus to strengthen the region’s technology-driven business. According to the company Press Release, the MoU will encourage both companies to work closely towards introducing initiatives and regulations to enable an attractive fintech landscape.
DIFC CEO Arif Amiri said MEVP Capital is one of the first Venture Capital Asset Managers licensed by the Dubai Financial Services Authority (DFSA), and has become a significant partner for DIFC. The collaboration between both thecompanies will boost investment activity in Dubai’s Venture Capital. The MoU will establish an opportunity for MEVP ‘to explore co-investment and co-management opportunities in relation to DIFC’s US$ 100mn FinTech fund.’
MEVP CEO Walid Hanna, said: “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.” In essence, the fund is devised to drive the growth of fintechs by investing in start-ups, from incubation up to growth stage. This will facilitate entry for fintechs into the MEASA region.