In November last year, $100 Million was raised at Dubai’s free zone. DIFCand MEVP agreed to use this Fintech fund to develop the regional technology venture capital ecosystem.
It offers a global platform that connects Dubai
The Dubai international Financial center is a top-rated financial organization and one of the best financial hubs in (MAESA) the Middle East, Africa, and South Asia. It offers a global platform that connects Dubai’s marketplaces to the European, American, and Asian economies. It is also responsible for the development of South-South trade and investment. The center is the safest, most stable, and mature platform for banking institutions to conduct their wholesale ventures.
There are 1750 registered companies
DIFC has all the aspects of the most lucrative financial ecosystems in the whole world such as proactive business community, global financial exchange, independent regulatory and judiciary, and awe-inspiring architecture featuring modern office designs, art galleries, apartments, restaurants, and retail outlets. Situated between global financial centers of Hong Kong, New York, Singapore, and London, DIFC time zone (GMT +4) bridges the gap between the working hours of the major marketplaces. According to the blueprint which was launched in 2015, DIFC wants to boost the flow of investment across the South-South commercial avenue which encompasses Africa, Latin America, Southern Asia, and the Middle East by the year 2024. Today, there are 1750 registered companies that operate from the center with an integrated personnel base of 21611 people.
MEVP is a huge venture capital firm in the MENA region which manages tech-based venture capitals which are over $220million in terms of assets and $100million co-investment funds. The MEVP consists of 23 investors with over 40 portfolio firms in Turkey and all over MENA.
Partnership will also allow the exploitation of co-management opportunities
The main agenda of the MoU between the two organizations is to bring about a competitive investment arena that will stimulate the growth of Dubai’s venture capital firms. This exciting partnership will also allow the exploitation of co-management opportunities which the $100 Fintech fund presents.
Walid Hanna, a founder, and CEO at MEVP confirmed that they were in dialogue with an influential institution of the Saudi government to co-invest in Fintech startups in the greatest economy of Arab. Hanna further stated that their firm will join hands with Saudi Telecom Company to strike a deal to invest in the startups.