Dubai International Financial Centre (DIFC) in Dubai. DIFC has signed a Memorandum of Understanding (MoU) with the Dubai Future Foundation (DFF) to drive the future of finance in the region. Image Credit: Gulf News Archives

Dubai: Dubai International Financial Centre (DIFC) has signed a Memorandum of Understanding (MoU) with the Dubai Future Foundation (DFF) to drive the future of finance in the region.

The agreement between the two forward-looking counterparts will advance the innovation agenda within Dubai and engage the financial technology community through scaling and training opportunities.

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DIFC’s priorities align with DFF’s mission which is to collectively imagine, inspire and design Dubai’s Future. Financial services sector is the third largest economic activity contributing to Dubai’s GDP today and this is expected to grow in the coming years. DIFC will also be a major part of the Dubai Future District, the region’s largest future economy focused district.

“As the leading financial hub in the MEASA region, our eyes are firmly on the future. We are committed to driving the growth in the finance sector by embracing innovation, technology and training. Investing in human capital initiatives with the Dubai Future Foundation is incredibly important,” said Arif Amiri, Chief Executive Officer of DIFC Authority.

The entities will partner on a combined technology acceleration programme. It will identify and supporting blockchain and AI-driven start-ups from the region, placing them on an aggressive growth trajectory. The move will aid the execution of the Dubai 10X vision, which enables the Government of Dubai to be 10 years ahead of all other cities by embracing disruptive innovation.

DFF will actively promote the recently introduced DIFC Innovation License to their partners and programme participants. This demonstrates DFF’s commitment to work with DIFC on driving the future of finance.

The MoU also outlines plans to introduce technical training programmes at the DIFC Academy. This includes coding courses such as Full-Stack Web Development and App Development. They will ultimately support the Dubai Future Foundation’s One Million Arab Coders initiative, which was launched in 2017 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

“Through our strategic partnership with DIFC, we are confident that the positive outcomes would create impact not only for the respective organizations but also for the region and its economic growth. By working closely with DIFC, we seek to accelerate business opportunities for the region, attract start-ups and talents, employ innovation and technology to further-enhance and generate a robust financial sector and provide the right tools and skillsets to enable a future-ready generation,” said Khalfan Belhoul, Chief Executive Office of Dubai Future Foundation.