Komal Joshi · Oct 19, 2020 . 6min read
Dubai’s DIFC and DFF Join Hands to Promote AI and Blockchain Startups
The global financial centre DIFC inks agreement with DFF to make Dubai the leading city in the future by enhancing finance sector.
By Komal Joshi · Sep 14, 2020 . 5min read
Dubai International Financial Center (DIFC) has formed a partnership with Dubai Future Foundation (DFF) by inking an agreement. Both firms have collaborated to promote both Blockchain and Artificial Intelligence-based (AI) startups. Dubai International Financial Centre (DIFC) is a global financial centre. It is the leading financial hub for the MEASA (Middle East, Africa, and South Asia), covering 72 countries.
According to Khalfan Belhoul, chief executive of DFF, the firm closely collaborates with DIFC to expedite business opportunities. Along with this, it is also striving to draw startups and talents to the firm. It is seen that the financial services appear as the third biggest sector, which is adding to the gross domestic product in Dubai.
Emirates, the financial hub in the Middle East, has been drawing and expanding FinTech businesses. Moreover, in the first half of this year, the number of firms operating in DIFC developed by 25%. It has lured 310 companies in Q1 2020 and is now houses more than 200 FinTech firms.
DFF Will Introduce DIFC Innovation License
The firms will collaborate on a combined technology acceleration program. It will recognize and promote blockchain and AI-driven startups from the region, setting them on a dynamic growth trajectory. The move will support the Dubai 10X vision’s execution, allowing the Government of Dubai to be ten years preceding all other cities by adopting disruptive innovation. It intends to make Dubai the leading city of the future.
DFF will actively support the newly introduced DIFC Innovation License to its associates and program participants. This shows DFF’s pledge to work with DIFC on driving the future of finance. Simultaneously, a proposal to introduce the firm’s academy’s technical training program has also been highlighted. In this training program, there will be coding courses and app development courses. This will also promote the One Million Arab Coders initiative of DFF, which the firm started in 2017. Both firms will also associate with the research and development programs.
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