DIFC and Dubai Future Foundation to Boost Blockchain and AI-Driven Startupsby Fintechnews Middle East 22. September 2020
Dubai International Financial Centre (DIFC) signed a Memorandum of Understanding (MoU) with the Dubai Future Foundation (DFF) for a technology acceleration programme, to identify and support blockchain and AI-driven start-ups from the region.
The MoU also outlines plans to introduce technical training programmes at the DIFC Academy including coding courses such as Full-Stack Web Development and App Development. This supports the Dubai Future Foundation’s One Million Arab Coders initiative, which was launched in 2017 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
In addition, DIFC and DFF will also collaborate on research and development programmes with leading research and technical institutes. The MoU is said to be in line with the execution of the Dubai 10X vision, to enable the Government of Dubai to be 10 years ahead of all other cities by embracing disruptive innovation.
DFF will actively promote the recently introduced DIFC Innovation License to their partners and programme participants demonstrating DFF’s commitment to work with DIFC on driving the future of finance.
DIFC’s priorities align with DFF’s mission which is to collectively imagine, inspire and design Dubai’s future. Financial services sector is the third largest economic activity contributing to Dubai’s GDP today and this is expected to grow in the coming years.
Commenting on the MoU, Arif Amiri, Chief Executive Officer of DIFC Authority said,
“We are committed to driving the growth in the finance sector by embracing innovation, technology and training. 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.”
H.E. Khalfan Belhoul, Chief Executive Office of Dubai Future Foundation said,
“By working closely with DIFC, we seek to accelerate business opportunities for the region, attract start-ups and talents, employ innovation and technology to further-enhance and generate a robust financial sector and provide the right tools and skillsets to enable a future-ready generation.”
DIFC is purported to home to over 200 fintech companies, enjoying substantial growth between 2018 and 2019. The centre continues to work with regional and international stakeholders to develop a robust digital infrastructure and maintain its position as the region’s fintech hub.
The centre offers an independent regulatory and judicial system, a global financial exchange, access to funding, a dynamic and enabling sector environment, complemented by a diverse and cosmopolitan talent pool and a vibrant business community.