Media ININ Economy We Trust
Media IN / Dubai 11-03-2019
The Dubai International Financial Center (DIFC) today announced the launch of the World Financial Forum under the theme “Exploring Opportunities in a Changing World” with 700 decision-makers and prominent figures from various sectors of the financial services industry.
Eisa Kazim, Governor of the Dubai International Financial Center (DIFC), said the size of the DIFC’s asset and asset management sector is currently $ 424 billion, marking the 15th position as the 12th most recent version of the Global Financial Center Index. The record he scored last year.
He added that the DIFC continued its growth, success and outstanding achievements over the course of its 15 years of career as a preferred destination for the global business and investment community, which is reflected in the value of capital raised by its institutions.
He pointed out that the flourishing of the financial services industry anywhere depends on the strength of the wealth management sector and in Dubai. This sector plays an important role in attracting new companies to the emirate and enhancing the contribution of the financial sector as a whole to its GDP, rising from 3% to 3.9% A 30 percent increase over the past five years. He added that this extraordinary momentum represents one of the fruits of the improvements made to the work environment of the center, including amendments to laws and legislation in order to support the growth of their partners.
The forum witnessed the appointment of Middle East Venture Partners and Wamda Capital to manage US $ 10 million of the total value of the DIFC Financial Technology Fund. The fund aims to accelerate the development of financial technology in the region by investing in start-ups from inception to growth.
The signing of a number of agreements aimed at driving the growth and prosperity of the financial sector, including the signing of a memorandum of understanding with the Mohammed bin Rashid Establishment for the Development of Small and Medium Enterprises to support and encourage entrepreneurship in the UAE and contribute to the achievement of the objectives of the National Strategy for Innovation, The first of its kind in the region, has signed memorandums of understanding with new financial technology centers: Vintec Saudi Arabia, Vintec District in Milan and Vientec Istanbul. These new agreements will strengthen the network of strategic partnerships of the accelerator program to include 14 partners from financial technology centers around the world.
The FIFC highlighted opportunities arising from a combination of rapid technological developments, demographic shifts and new trends as well as a growing focus on sustainability in the Middle East, Africa and South Asia.
Speaking at the forum, Dato Mohammed Rafiq Mirikan, Chief Executive Officer of Islamic Banking Group at My Bank and Chief Executive Officer of Mybank Islamic Berhad said that the UAE is the largest trading partner of the Association of Southeast Asian Nations (ASEAN) For the half of the trade flows between the Association and these countries, praising the role of the Dubai Center for the development of the Islamic economy for its contribution to the launch of many initiatives to promote the growth and development of the Halal economy, which is now a benchmark for many countries and institutions.
