Dubai’s financial hub, the Dubai International Financial Centre (DIFC), has launched its venture building program called “DIFC Launchpad” with the aim of promoting the growth of innovative startups and scaleups in the region. The state-run news agency, WAM, reports that this initiative supports the Dubai Economic Agenda D33, which seeks to double the size of the city’s economy and consolidate its position as one of the world’s top four financial centers in the next decade.
DIFC’s Governor, Essa Kazim, expects the venture-building platform to support the launch of over 200 new ventures, with more than 100 of them being scale-ups that will collectively create over 8,000 new jobs and attract more than $544m in venture capital. The program is supported by multinational experts specialized in new venture creation, corporate innovation, and emerging technologies. They will work closely with DIFC’s investor bases and corporate partners, including Mashreq, Mastercard, and Commercial Bank of Dubai, to launch the next generation of global fintech startups in the city.
To expand activity across a range of verticals, DIFC Launchpad has attracted some of the world’s leading venture studios, including R/GA, Antler, BIM Ventures, and Futurelabs, to Dubai. The program’s Talent Partner is the Career Development Centre at Saïd Business School at the University of Oxford, which will connect members with world-class talent and expertise within the school, thus further accelerating Dubai’s position as a global, inclusive, and forward-thinking talent hub.
Additionally, DIFC is in talks with over 50 hedge funds that jointly manage over $1tn worth of assets to license and set up in the financial center hub. Dubai has become a preferred destination for hedge fund traders because of the city’s ease of doing business, tax-free status, and allure as a global tourism hub.