Raiven Capital today announced the launch of a new venture capital fund with a target size of USD125 mn in Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region. The fund will focus on founders developing tech in Artificial Intelligence (AI), Internet of Things (IoT) and Distributed Ledger Tech, with a particular emphasis on digital platforms disrupting value chains in FinTech, cybersecurity and sustainability-focused sectors.  Investing in innovation in early and growth-stage tech companies in the GCC, South Asia, and North East Africa and enabling them to blossom into leaders by connecting them to markets and capital pools in Europe and North America, via Raiven’s new Dubai hub, is what we are most excited about, noted General Partner, Raiven Capital, Paul Dugsin.“The fund will serve the needs of the local startup ecosystem, enabling them to become regional and global competitors, while at the same time, Raiven’s existing community of startups and investors will now have access to all advantages of the Middle East and the broader region that arcs between East Africa to India for their own ventures.”Arif Amiri, Chief Executive Officer, DIFC Authority, said: “We welcome Raiven Capital to DIFC. Raiven’s focus on nurturing early and growth-stage AI, IoT and distributed ledger tech startups through the launch of this new venture capital fund shows strong confidence in Dubai’s economy, talent-base and future-forward entrepreneurial ecosystem. The firm’s presence in DIFC will not only benefit the local startup community in taking the future of tech to new heights, but also provide Raiven’s global network of founders and partners with access to a wealth of resources in the MEASA region and beyond.”General Partner, Raiven Capital, Supreet Manchanda noted the fervour around Dubai’s ecosystem and the opportunities it presents: “We are thrilled to be in a place growing exponentially. Founders are eager to contribute to global innovation. The government’s robust support for entrepreneurship is impressive, and unlike any other place at this time. We look forward to meeting the best and brightest in Dubai and DIFC in particular. There are great things ahead.”The Toronto-based fund is creating bridges between its home country and Dubai, an exciting development. “We are thrilled that Raiven Capital, a Canadian venture capital fund, is the first-of-its-kind to obtain a licence to operate its second fund in DIFC in Dubai. Raiven has ambitious plans for the region connecting Canada, the UAE and other high growth tech ecosystems. We look forward to working with them,” said Tracy Reynolds, Canada’s Consul General in Dubai.The tech industry in the UAE and regionally has recently seen substantial expansion. Yet, funding is falling behind the quick speed of change and technological adoption. This is drawing global technology businesses and international venture capitalists to the region. Raiven’s fund further accelerates growth of the venture ecosystem to meet the increasing demand for technology products and services.MENA venture capital funding in the third quarter of 2023 saw USD250 mn raised across 78 deals, a 32 per cent increase compared to the second quarter of 2023, according to MAGNiTT’s MENA Venture Investment Premium Report.

Dubai International Financial Centre (DIFC) today announced the launch of the ‘DIFC Metaverse Platform’, in line with the Dubai Higher Committee for Future Technology and Digital Economy’s aim to attract technology innovators from around the world.The platform is part of a comprehensive strategy being developed by Dubai International Financial Centre, the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, to accelerate Dubai’s status as a global metaverse leader.The DIFC Metaverse Platform is aligned with the Dubai Metaverse Strategy, which aims to add $4 billion to Dubai's GDP, support 40,000 virtual jobs by 2030 and attract 1,000 companies specialised in blockchain and metaverse technologies. The platform also supports the objective of the recently launched Dubai Economic Agenda D33 to generate economic value worth AED100 billion from digital transformation annually.Commenting on the announcement, Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Chairman of the Dubai Chamber of Digital Economy, Vice Chairman of the Dubai Higher Committee for Future Technology and Digital Economy, stated that the UAE adopts advanced technologies in its aim to keep pace with global changes, reflecting the directives of its leadership, in transforming the country and Dubai to become a leading hub for utilizing the best technology and developing capabilities.Al Olama added that this Metaverse platform is the first in a series of initiatives that aim to strengthen Dubai's position as a global platform for the latest digital trends and accelerate the pace to achieve the objectives of the Dubai Metaverse Strategy.Arif Amiri, CEO of DIFC Authority, said: “The Dubai government has shown great foresight in introducing a metaverse strategy that has the objective of making the emirate a global hub for technology and innovation. The development of the integrated DIFC Metaverse Platform will accelerate the achievements of Dubai’s aspirations in this sector. The initiative is a natural extension of our Innovation Hub proposition that has shaped the technology and innovation landscape in the Middle East, Africa and South Asia region.”The DIFC Metaverse Platform includes three key initiatives. The first is an accelerator programme with a dedicated physical studio for metaverse technology that will promote the development of a creator community and venture building. The platform will also address the metaverse policy development and legislation on open data, digital identity and company law frameworks in the metaverse. Further, the initiative will foster the development of a metaverse community that will explore ways to enhance the metaverse experience for customers.The Metaverse Accelerator Programme, the first initiative to be launched under the umbrella of the platform, will start accepting applications this month. In the coming years, the programme seeks to attract more than 500 applications, identify 50 of the most promising graduates from the programme and stimulate investment opportunities that will help the sector grow.The programme demonstrates DIFC’s commitment to support innovative metaverse start-ups by introducing them to the region’s largest players. The programme also helps them explore partnerships, gain exposure to investors, access a regulatory sandbox and obtain marketing support.In early November, the region’s first and largest FinTech Accelerator – DIFC FinTech Hive – hosted its annual Investor Day on the Metaverse Platform, giving the region’s finance ecosystem a first-hand experience of the technology. DIFC Fintech Hive also partnered with Emirates NBD to launch and co-create their own Metaverse Accelerator programme, which received more than 100 global applicants.The Metaverse Accelerator Programme will run over a period of six months, during which the cohort of start-ups will be introduced to training and workshops to upskill and reskill themselves in both technical and intrapersonal aspects of the metaverse. The programme also aims to facilitate partnerships between start-ups and corporates to create proofs-of-concept and new metaverse solutions.For more information, please visit: Metaverse Accelerator Programme (difc.ae)

On behalf of the UK Government and Dubai International Financial Centre (DIFC), the UK Minister of State for Media, Data and Digital Infrastructure, Julia Lopez MP, and Arif Amiri, Chief Executive Officer of DIFC Authority, issued a joint statement on a shared commitment to deepening their data partnership and the promotion of the trustworthy use and exchange of data between the UK and DIFC.DIFC is the first financial centre in the MEASA region to engage with the UK Government on an adequacy assessment.DIFC welcomes the recent and noteworthy progress made by our respective officials to facilitate the free and secure flow of personal data between the UK and DIFC and will prioritise the successful conclusion of the assessment of DIFC in these discussions.International data transfers underpin modern-day business transactions and financial services. They help streamline supply chain management and allow for financial inclusion, so that businesses anywhere, particularly those in the Middle East, Africa and South Asia (MEASA) region with ties to the UK, can scale and trade globally. There are as many as 5,000 British companies operating in the UAE, many of which depend on safe data transfers.Arif Amiri, CEO of DIFC Authority, said: “DIFC is a destination for culture and commerce, but its key distinguishing factor is its legal and regulatory framework. The sound infrastructure built by our legislation is adaptable yet resilient enough to cater to essential, innovative legal principles and best practices that support key business activities in DIFC. The DIFC Data Protection Law 2020 is a prime example of that, and the joint statement issued today with the UK government confirms it.”Jacques Visser, Chief Legal Officer and Commissioner of Data Protection at DIFC, added: “I am pleased to share that our team has been working in partnership with the Department for Digital, Culture, Media & Sport (DCMS) team to build a reliable, scalable yet robust “data bridge” between our jurisdictions. The joint statement issued today is a signal that the UK is taking its place as a leader in innovative data protection policy, and the evaluation of the DIFC Data Protection Law is a key part of the overall policy framework on international transfers. We look forward to completing the assessment in the near future.”Julia Lopez, UK Minister of State for Media, Data and Digital Infrastructure, said: “Trusted data transfers can unlock huge potential for trade, investment and innovation around the world. The UAE has always been an important destination for UK businesses, and I look forward to strengthening our partnership through the free and secure flow of data in the future.”The UK and DIFC share a deep commitment to high data protection standards fit for the digital age, which are underpinned by the trustworthy use of data. We are both working to ensure that our data protection laws facilitate responsible innovation, reduce burdens on businesses and deliver better, lower risk outcomes.