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.

The Dubai AI and Web 3.0 Campus has announced that it is issuing artificial intelligence (AI) and Web3 licenses supporting activities ranging from Distributed Ledger Technology Services, specialised Artificial Intelligence Research & consultancies, IT infrastructure builders, Technology Research and Development and Public Networking Services.Licenses will be issued by Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, which is currently home to an established ecosystem of tech enablers and start-ups at the DIFC Innovation Hub.The Dubai AI and Web 3.0 Campus is a dedicated campus for AI and Web3 innovation and will provide state-of-the-art physical and digital infrastructure within the DIFC Innovation One new premises, including R&D facilities, accelerator programmes and collaborative workspaces, to attract, build and scale firms in the region. The campus was launched earlier this year and is supported by Dubai’s industry-leading regulatory regime aligned with the emirate’s vision of becoming a global leader in AI and Web3.PwC estimates AI to contribute USD15.7 trn to the global economy by 2030. Another report by McKinsey determines that AI will create about 200,000 jobs in the Middle East alone by 2025. Supporting this growth, the Dubai AI and Web 3.0 Campus is positioned to become the largest cluster of AI & Web3 companies in the region attracting over USD300 mn in capital and creating 3,000 jobs by 2028. The campus will also increase accessibility and participation in Web3 development, backed by a collection of underlying technologies such as blockchain, AI, internet of things and the metaverse. Virtual assets owned in Web3 decentralised infrastructures represented about 40 per cent of the virtual-asset global economy in 2021, according to a report by BCG, and the transaction value of virtual assets is said to range between USD150 billion and USD300 billion by 2025.Mohammad Alblooshi, Chief Executive Officer of the DIFC Innovation Hub, said: “We are thrilled to announce that we are now granting innovative AI and Web3 companies licenses out of DIFC. The campus will foster a world-class nurturing environment that enables business growth and development. We are confident that by granting these licenses, we will attract more global talent and investment to the region and create a culture of collaboration and innovation. This is a notable milestone for the Dubai AI and Web3 Campus and will strengthen Dubai’s position as the business destination of choice for technology-focused companies and attract more world class talent and diversified investors to the region.”

Dubai: Dubai is set to host the first-ever Dubai FinTech Summit on May 8 and 9 under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE. The Summit will be organised by Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa, and South Asia (MEASA) region. The event will take place at Madinat Jumeirah and will bring together over 5,000 global FinTech C-suite executives and technology experts to discuss the latest innovations and challenges in the sector. The global FinTech sector is rapidly growing and is predicted to be valued at $305 billion globally by 2025, according to Research and Markets, an intelligence and market analysis firm. In the MEASA region, the industry is expected to double in value from $135.9 billion in 2021 to $266.9 billion in 2027, according to the 2022 report by DIFC FinTech Hive. The Dubai FinTech Summit will offer a unique platform for startups, investors, and industry leaders to connect and capitalise on the growing FinTech market in the region and beyond. The MENA region’s FinTech startup and venture capital landscape is booming, with over 800 FinTech startups worth $15.5 billion, according to data by dealroom.co. Dubai alone is home to over 20% of the world’s FinTech businesses, according to the UAE Fintech Market – Growth, Trends, and Forecasts (2023 - 2028) Report by Mordor Intelligence. The FinTech Summit will feature a series of panel discussions, fireside chats, and over 100 FinTech exhibitors. Mastercard’s 2022 Digital Payments Index report reveals that digital payments are gaining traction in the MENA region. More than 85% of respondents reported using at least one emerging payment method in the past 12 months, indicating a shift away from cash-based transactions. Among MENA countries, the UAE stands out as being ready to embrace a cashless society. According to the event’s co-host sponsor Visa, 52% of UAE consumers are already cashless or plan to be by 2024. The Summit will feature a lineup of distinguished speakers from both local and international arenas. Notable speakers include HE Abdulla bin Touq Al Marri, UAE Minister of Economy; Bill Winters, Group Chief Executive of Standard Chartered; Brad Garlinghouse, CEO of Ripple; Piyush Gupta, CEO of DBS Bank Singapore; Jenny Johnson, President and CEO of Franklin Templeton; and Brian Armstrong, CEO and Co-Founder of Coinbase, among others. Mohammad Alblooshi, Head of DIFC Innovation Hub and FinTech Hive, underscored the importance of the Dubai FinTech Summit. “Nearly 60% of all FinTech companies in the GCC are currently based in the city. With the industry growing at an unprecedented rate, it is crucial for stakeholders to gather and discuss the challenges and opportunities that lie ahead. The Dubai FinTech Summit promises to bring together the most prominent figures in the industry, with an agenda that will captivate and inspire audiences worldwide.” The Summit will offer attendees a platform to participate in discussions and exchange ideas on emerging trends, regulatory frameworks, and future possibilities. The event will feature discussions on a range of topics, including ‘Building the Economies of the Future’, ‘Crypto and the Evolving Regulatory Framework’, ‘The World of Finance: Where are the Women?’, and ‘Building a Resilient and Sustainable Financial Sector in the Age of Disruption’. Participants will have the opportunity to gain valuable insights on these critical issues from industry leaders and experts. The panel discussions will offer a platform for experts to share their insights on current and future issues in the FinTech industry and explore how they can shape the future of the financial sector. The agenda promises to be informative and insightful, providing valuable opportunities for networking and collaboration among participants. 

Riyadh: The Kingdom of Saudi Arabia (KSA) continues to lead the real-time payments revolution in the Middle East as the region’s largest real-time payments market. 352 million real-time payment transactions were recorded in 2022, forecasted to climb to 1.2 billion in 2027, a compound annual growth rate (CAGR) of 26.1%, according to the 2023 Prime Time for Real-Time report, published by ACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical, real-time payments software, in partnership with GlobalData, a leading data and analytics company.In light of the government’s support to advance the real-time payments modernization of the national payments infrastructure, Saudi Arabia has seen an accelerated shift towards non-cash payments in recent years. In 2027, the majority of payments in the Kingdom are expected to be electronic, with 7.4% being real-time payments and 48.6% other forms of electronic payments.The report also reveals that Saudi Arabia has broken into the global Top 10 for mobile wallet adoption - taking spot number 9 - with 80% of consumers in Saudi Arabia stating they are avid mobile wallet users. This can be partly attributed to the Kingdom’s response to COVID-19, as the government urged consumers to adopt new forms of cashless payments.Much of Saudi Arabia’s real-time payments success can be credited to the Kingdom’s Vision 2030 plan, which promotes the modernization of the country’s payments infrastructure and the adoption of digital payments to foster economic growth and financial inclusion.“With two-thirds of the population under the age of 25, real-time payments are going to continue to flourish and pave the way for more economic growth and financial prosperity across Saudi Arabia,” said Santhosh Rao, Senior Vice President, MEASA, ACI Worldwide. “As an early adopter of real-time payments infrastructure, the market has seen outstanding growth over the last few years, and this is only set to continue as the country focuses on its Vision 2030 agenda. ACI has worked across the world to support governments and banks as they roll out real-time payments, and we are delighted to be a leading provider in the Middle East to help countries in the region reap the benefits of real-time payments.” The report finds that the Middle East is the fastest-growing real-time payments market globally, with transactions expected to grow from $675 million in 2022 to $2.6 billion by 2027, a CAGR of 30.6%. Saudi Arabia is currently the biggest market in the region, closely followed by Bahrain. As governments and regulators in the Middle East are setting new mandates for adoption, countries including UAE, Qatar, Kuwait and Oman are expected to launch domestic real-time schemes soon, with innovative features and new services for consumers and businesses high on the agenda.The ACI Worldwide report confirms Saudi Arabia's position as an emerging fintech hub and highlights its commitment to promoting financial inclusion, supporting innovation and driving economic growth in the region. ACI Worldwide powers 25 domestic and pan-regional real-time payment schemes across six continents — including nine central infrastructures — providing solutions to central banks, participant banks, fintechs and other payment service providers. The Middle East is among the company’s leading regional markets — ACI is currently supporting three countries in the region to build domestic real-time payment infrastructures. This adds to ACI’s long history of success in Asia, where ACI powers the central infrastructures for Indonesia, Malaysia and Thailand and supports many real-time payment schemes across the APAC region, including Singapore, Philippines and Australia.

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)