The Banking Executive Magazine - February 2022

DIFC GreenOak Advisors (UK) LLP, DP World Financial Services, Dual Cor- porate Risks Limited, General Rein- surance AG, Howden Insurance Brokers Limited, Hines, Mamopay, Richemont and Thunderbird Global Innovation Center. Essa Kazim, Governor of DIFC, com- mented: "Dubai’s economy re- bounded more quickly than many global economies following the im- pact of the COVID-19 pandemic. DIFC has helped drive this new phase of growth and we are proud to be a significant contributor to Dubai’s GDP. Our focus in 2022 will be on driving the future economy by attracting more financial sector in- vestment into the UAE." Arif Amiri, Chief Executive Officer of DIFC Authority, said: "DIFC had an exceptional 2021 and delivered its 2024 Strategy growth targets three years ahead of schedule. The per- formance was impressive for any fi- nancial centre against the current global macroeconomic environment. We expect DIFC’s approach will help Dubai continue to build its reputa- tion as a hub for technology and in- novation, as well as allow us to fur- ther differentiate ourselves as the re- gion’s leading global financial centre." Spearheading Dubai’s future eco- nomic growth Further to DIFC’s suc- cess in delivering its 2024 growth targets three years ahead of schedule, the last year also saw the approval of Strategy 2030. The new strategy re- flects DIFC’s important role in sup- porting sustained economic growth and further differentiating Dubai as a global hub for financial institutions, FinTech businesses and innovation companies. The strategy embraces Law No. (5) of 2021 relating to the expanded duties and responsibilities of DIFC and promotes the values of efficiency, transparency and integrity. As part of the Centre’s Strategy 2030, the last year witnessed the launch of the DIFC Innovation Hub, the largest cluster of FinTech and innovation companies in the region. Following the Innovation Hub’s immense suc- cess, DIFC will nearly triple the size of the Hub to 315,000 sq. ft. by the end of 2023. More than 500 technol- ogy and innovation firms, ranging from start-ups to global unicorns, are now based in DIFC, representing over 60 per cent of all those across the GCC. The Centre also established the DIFC Innovation Panel, which brings to- gether global and regional thought leaders in the Future of Finance from industry, academia and regulation. An AED 1 billion venture capital fund was also launched by DIFC and Dubai Future Foundation as the Dubai Future District Fund to anchor Dubai as a global start-up and ven- ture capital hub. Whilst DIFC is already the region’s leading global financial centre, the ambitious 2030 strategy will see it become a global hub for business and innovation, which will enable the Centre to double in size and its economic contribution to Dubai’s GDP. Over 900 applications were received for the sixth cohort of DIFC FinTech Hive’s accelerator programme. The 44 finalists selected for the pro- gramme are active in the areas of FinTech, RegTech and Islamic Fin- Tech. They address key technology innovation themes including Open Banking, SME banking, InsurTech, RegTech, Wallets & Payments, ESG, Credit Scoring and more. The 2021 cohort saw participation from USA, UK, India, Singapore, France and the UAE. A total of 163 technology firms have been through the programme since 2017. Startups that were previously part of the DIFC FinTech Hive’s accelerator programme have collectively raised over USD 530 million, an increase of 76 per cent from last year (USD 298.8 million), which enabled the ventures to scale up quickly. Market leading legal and regulatory frameworks DIFC introduced and updated laws and regulations to sup- port the centre’s position as the lead- ing global financial centre in the MEASA region. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, issued Law No. (5) of 2021 concerning the DIFC. This law replaced Dubai Law 9 of 2004, which was the original founding law of the DIFC, and expanded the ob- jectives by providing greater clarity on the duties and responsibilities of the President, the Governor and the centre bodies in DIFC. This was to ensure the DIFC’s operational, finan- cial and administrative independ- ence. Employment Law Amendment Law No. (4) of 2021 was enacted, which clarified the application of limitation periods to claims made under the Employment Law. Amendments to the employment regulations brought the Qualifying Scheme regime under the Employment Law, in line with DFSA’s Employee Money Purchase ISSUE 158 FEBRUARY 2022 the BANKING EXECUTIVE 29