DIFC Launches Venture Building Platform – News
Published: Tue Mar 21, 2023 4:36 pm The Dubai International Financial Center (DIFC) officially launched its venture-building program “DIFC Launchpad” on Tuesday, which aims to help launch over 200 new ventures in Dubai. The initiative aims to develop a strong venture building model that fosters the growth of innovative start-ups and scale-ups in the region, and is expected to have a far-reaching impact on the region’s economic growth. The launch was attended by Essa Kazim, Governor of the DIFC, and a host of dignitaries, business leaders and partners. The event focused on the significant role that FinTech and innovation companies play in Dubai’” economy and how DIFC and its partners are contributing to the growth. DIFC launched the launch of more than 200 new companies, over 100 of which will attract over US$544 million (AED2 billion) in venture capital, and the launch was accompanied by the announcement of the ‘DIFC Venture Studio Regulations’, the world’�s first legal framework for venture building. The platform offers a unique platform to access global networks, expertise, funding, mentoring and a range of other resources that will help them succeed through DIFC launch.
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DIFC Launchpad is designed to help launch over 200 new ventures in Dubai
With DIFC Launchpad, Dubai is well positioned to become the global hub for venture building. – KT file
The Dubai International Financial Center (DIFC), the leading global financial center in the Middle East, Africa and South Asia (MEASA) region, officially launched its venture-building program “DIFC Launchpad” on Tuesday. The initiative aims to develop a strong venture building model that fosters the growth of innovative start-ups and scale-ups in the region.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Finance Minister of the UAE and President of the Dubai International Financial Center (DIFC), said Dubai is strengthening its position as a global hub for innovation and FinTech and a key destination for talent and entrepreneurship. Guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, we aim to strengthen Dubai’s status as a leading platform for innovative companies from around the world and establish the city as the digital capital economy, said Sheikh Maktoum.
“The launch of ‘DIFC Launchpad’ is expected to attract more innovative companies and enhance the emirate’s appeal as a city that supports business growth and prosperity. The launch of the platform also serves as an important step towards realizing the goals of the Dubai Economic Agenda D33, which aims to double the size of Dubai’s economy and solidify its position as one of the top four financial centers in the world over the next decade. It also supports efforts to implement the DIFC’s 2030 strategy to boost job creation and economic development in both the financial and non-financial services sectors,” said Sheikh Maktoum.
The opening ceremony was attended by Essa Kazim, Governor of the DIFC, and a host of dignitaries, business leaders and partners. The DIFC Launchpad program is expected to support the launch of more than 200 new companies, over 100 of which are scale-ups, which together will attract over US$544 million (AED2 billion) in venture capital, he noted.
The event focused on the significant role that FinTech and innovation companies play in Dubai’s economy and how DIFC and its partners are contributing to the growth of the sector. DIFC FinTech and innovation companies raised over US$600 million (Dh2.2 billion) in 2022 alone, making it the fastest growing sector in DIFC. A total of 291 new FinTech and innovation companies joined the DIFC last year, which corresponds to an increase of 36 percent over the previous year to 686.
With DIFC Launchpad, Dubai is well positioned to become the global hub for venture building and the program is expected to have a far-reaching impact on the region’s economic growth.
Essa Kazim said: “We are delighted to officially launch ‘DIFC Launchpad’ with our partners, an initiative aligned with the DIFC’s broader 2030 strategy to drive the growth of innovation and entrepreneurship in the region. The DIFC offers its partners a unique platform to access global networks, expertise, funding, mentoring and a range of other resources that will help them succeed through DIFC Launchpad. We are excited to see the impact this platform will have in supporting the next generation of FinTech and innovation companies and driving economic growth in Dubai and beyond.”
A highlight of the event was the announcement of the “DIFC Venture Studio Regulations”, the world’s first legal framework for venture building. The new regulations will simplify doing business within the venture studio model and help create a bespoke ecosystem for venture builders, entrepreneurs, startups and investors.
AbdulAziz Al Ghurair, Chairman of Mashreq said, “DIFC Launchpad” represents an incredible opportunity for us to come together to advance the digital transformation of the financial sector here in the UAE and around the world. Through our contributions to the development of SMEs and as a leading advocate of open banking, we recognize the importance of working together and are committed to helping others realize their potential and unleash the entrepreneurial spirit. We are very excited to be collaborating with our corporate partners on ‘DIFC Launchpad’ and nurturing new ideas and emerging talent.”
Arif Amiri, CEO, DIFC, commented: “Innovation is at the core of transformative change. The DIFC Launchpad offers a unique opportunity for entrepreneurs, venture studios and companies from around the world to access the support and resources they need to grow and thrive, powered by the DIFC Innovation Hub. DIFC Launchpad creates a platform that leverages our unique position in the ecosystem to help members identify and structure impactful partnerships, investments and co-creation opportunities.”
The DIFC Launchpad program will be supported by multinational experts specializing in the creation of new companies, business innovation and new technologies, who will work closely with DIFC’s investor bases and corporate partners, Mashreq, Mastercard and Commercial Bank of Dubai, to to create and launch the next generation of global FinTech startups in Dubai. To expand venture building activities across a range of industries, DIFC Launchpad attracted some of the world’s leading venture studios to Dubai including R/GA, Antler, BIM Ventures and Futurelabs.
The Career Development Center at Oxford University Saïd Business School is the talent partner of DIFC Launchpad. This groundbreaking talent bridge between Oxford and Dubai will connect the members of DIFC Launchpad with the world-class talent and expertise of Saïd Business School. The partnership will further strengthen Dubai’s position as a global, inclusive and forward-thinking talent hub.