Dubai International Financial Centre said on Tuesday it has partnered with UK-based Startupbootcamp for the development of a FinTech venture capital ecosystem in the region.
"To date we have invested in and accelerated more than 200 FinTech and InsurTech startups. We are now excited about expanding our global FinTech and InsurTech footprint to Dubai and look forward to collaborating with DIFC,” said Carsten Koelbek, Chairman of Startupbootcamp said in a statement.
The partnership will look to set up multiple programmes for early-stage startups in the fields of FinTech, InsurTech and RegTech, the companies said.
Gulf financial centres in Dubai, Abu Dhabi as well as Bahrain have launched several FinTech programmes to attract venture capital and drive innovation into their economies. Earlier this month, Abu Dhabi Global Market, the UAE capital’s financial free zone, concluded its third round of applications for its Regulatory Laboratory (RegLab) programme.
FinTech Hive at DIFC, a start-up accelerator in Dubai’s financial free zone, last month invited applications for its 2018 programme starting May 20. The programme was launched last year in partnership with Accenture, the New York-listed technology firm, and is one of the first FinTech accelerators in the Middle East, Africa and South Asia region.
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Silicon Valley’s Plug and Play woos Gulf banks for deals with its fintech start-ups
DIFC’s FinTech Hive expands accelerator programme
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DIFC’s newly launched programme with Startupbootcamp will focus on “providing the necessary guidance and mentorship to support the qualifying early stage startups during their incubation period,” the parties said in a statement.
They will look also look to jointly “nurture” local and regional venture capital ecosystem,
“This collaboration will help stimulate the development of complementary products and services and promote the entrepreneurial surge in the UAE, which will attract more venture capital into the region,” the DIFC added in the statement.
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EShaffra%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2023%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDIFC%20Innovation%20Hub%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Emetaverse-as-a-Service%20(MaaS)%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3Ecurrently%20closing%20%241.5%20million%20seed%20round%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-seed%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%20Abu%20Dhabi%20and%20different%20PCs%20and%20angel%20investors%20from%20Saudi%20Arabia%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3Enine%3C%2Fp%3E%0A
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Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The specs: 2018 Dodge Durango SRT
Price, base / as tested: Dh259,000
Engine: 6.4-litre V8
Power: 475hp @ 6,000rpm
Torque: 640Nm @ 4,300rpm
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Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. Top%2010%20most%20competitive%20economies
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THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
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A MINECRAFT MOVIE
Director: Jared Hess
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The White Lotus: Season three
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
