Dubai International Financial Centre unveils launchpad for innovative startups
This programme is backed by multinational experts, investors, and corporate partners such like Mastercard, Mashreq, and Commercial Bank of Dubai.
The Dubai International Financial Centre (DIFC) has launched DIFC Launchpad, a venture-building programme.
This is in a bid to build a strong venture model that will promote innovative startups and scaleups in the region, it said according to a report by Gulf Business.
The DIFC Launchpad is in line with the objectives of the Dubai Economic Agenda D33, which aims to put Dubai among the financial centres of the world and double the size of the city’s economy, as per the report.
DIFC Launchpad is expected to bring opportunities for about 200 new ventures, create more than 8,000 jobs, and attracting around $544 million (AED 2 billion) in venture capital, according to the Deputy Ruler of Dubai and President of DIFC, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, who shared details of the launchpad in a tweet.
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This programme is backed by multinational experts, investors, and corporate partners such as Mastercard, Mashreq, and Commercial Bank of Dubai.
The launchpad is among the many steps taken by DIFC in recent times. DIFC is in talks with about 50 hedge funds that jointly manage assets worth over $1 trillion to have bases in Dubai; it is offering licences to these firms at a reduced fee.
In 2022, the operating profits of DIFC rose by 19% with its assets valued well over $4 billion (AED 15.3 billion).
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Edited by Akanksha Sarma
