The Dubai International Financial Centre (DIFC) has unveiled a $10 million fintech fund for start-ups in the Middle East and North Africa (MENA).
According to Essa Kazim, governor at DIFC, the approximate size of the wealth and asset management industry in DIFC equals $424 billion. ” Put into context, it is the equivalent to roughly 30% of the combined GDP of all GCC countries.”
Fund managers Wamda Capital and Middle East Venture Partners commented: “we are looking forward to working closely with our partners at DIFC to develop a vibrant fintech ecosystem serving the needs of our wider region. This partnership to launch a dedicated fintech fund is the first step towards catalysing innovation in this sector.”
According to a study by Mena Research Partners (MRP), start-ups are expected to attract $2 billion in investments over the next decade. This compares to $150 million worth of private-funding investments in such start-ups over the past ten years, while the number of fintech companies across MENA will rise from 130 to 260, a rise of more than 50%.
DIFC is known for it FinTech Hive at DIFC accelerator, a 12-week programme for ambitious early and growth-stage firm in FinTechs, InsurTechs, RegTechs, and Islamic FinTechs.
Recent success stories to come from their hive include Addenda, Virtual I, and Backup Buddy.
