The Banking Executive Magazine - February 2022

DIFC Scheme, so that only a single layer of regulation is applied to these schemes. The Board of Directors of the DIFC Authority also issued new IP regula- tions. This supports the DIFC’s focus on fostering innovation by identify- ing and protecting intellectual prop- erty rights, which is of key importance to technology compa- nies. During 2021, DIFC’s regulated com- munity continued to grow with the DFSA authorising 50 firms. The DFSA also introduced a regulatory framework for investment tokens and consulted on the introduction of credit funds, both of which will en- able further growth in the centre. The DFSA continued to support and engage with firms in DIFC through targeted outreach programmes, such as the Cyber Risk Forum, RegTech Live and the Annual Audit Outreach. Collaborating for Dubai and the in- dustry’s benefit During the year, 16 MoUs were signed with strategic partners to strengthen the partnership with the Ministry of Economy, Mo- hammed Bin Rashid Space Centre, MENA Fintech Association, Master- card (Cyber and Intelligence Solu- tions), Department of Economic Development (now called DET) and Centre for the Fourth Industrial Rev- olution (C4IR) with Dubai Financial Services Authority (DFSA). DIFC will continue to strengthen the UAE’s competitiveness by collaborat- ing closely with the Central Bank of the UAE to drive the digitisation of the UAE’s financial sector. This was formalised by both governors signing a memorandum of understanding at the Future of Finance event at Expo 2020 to cooperate in the field of Fin- Tech and digital transformation of the financial sector including events and industry forums, joint projects and initiatives such as advancing Open Finance, development of a co-sand- box and FinTech talent development. Reflecting upon the importance of environment, social and governance (ESG) principles, and to position Dubai as the region’s leading sustain- able finance city, DIFC has been driving collaboration between indus- try players through the Dubai Sus- tainable Financial Working Group, which has published industry guides on sustainable investing and sustain- able issuing, and launched in a vir- tual event with the 20 members and representation of the UN Global Compact. In addition, DIFC has con- ducted hybrid events and trainings on ESG-related topics and is support- ing the Sustainable FinTech Alliance. A magnet for financial talent Employ- ment grew by 11 per cent to 29,700, with a net increase of around 3,000 employees, indicating the highest net growth in over a decade. These jobs represent a high-skilled workforce, across 150 nationalities who have the highest contribution to GDP per person across all economic sectors in Dubai. To help industry talent with their pro- fessional development, the DIFC Academy expanded its list of part- ners that focus on compliance and anti-money laundering (AML). The academy partnered with K2 Integrity, a leading US compliance and inves- tigations firm, and the Society of Cor- porate Compliance and Ethics to provide certified programmes for the compliance and ethics profession. 60 per cent growth in number of stu- dents graduating from leading higher education programmes from London Business School, Bayes Business School and the University of Paris 2 Pantheon-Assas are based in DIFC. Additionally, the DIFC Academy signed a partnership agreement with The Emirates Institute for Banking and Financial Studies (EIBFS), a re- gional leader in banking and finance education and training. The Acad- emy now has a total of 31 active global and regional partnerships to support professional development in finance, future of finance, legal and management. In 2021, Innovation Hub One Build- ing project was approved by His Highness Sheikh Maktoum bin Mo- hammed to expand the current inno- vation ecosystem at DIFC and cater to the growing demand from tech start-ups. The project is currently under construction and will be an extension of the existing DIFC Inno- vation Hub at Gate Avenue. The 315,000 sq. ft. hub will accommo- date 1,000 start-ups and 3,000 em- ployees by 2023, making the DIFC Innovation Hub one of the largest hubs for FinTech and Innovation companies globally. Becoming one of Dubai’s leading destinations The destination is quickly gaining recognition as a vi- brant business and leisure commu- nity, thanks to its 367 retail and dining outlets, of which 80 were newly opened in the Centre in 2021. DIFC hosted several art and cultural events at its destination following the easing of the COVID-19 restrictions, including the prestigious Art Dubai, which was the first in-person interna- tional art fair to take place since the pandemic began. Reaffirming the fair’s commitment to providing a physical platform and marketplace for artists and galleries from across the world, visitors were able to ex- plore galleries from across the Mid- dle East and Asia including Lebanon, Palestine, Turkey, Saudi Arabia, India, Vietnam and Philippines dur- ing the month-long event. In 2021, DIFC also welcomed more than 18 fine and casual dining con- cepts as well as a number of interna- tional brands, some of which are exclusive to Dubai. DIFC also entered into an agreement with Dubai Festivals and Retail Es- tablishment to promote Dubai’s key festivals, which will help raise Dubai’s profile as a global destina- tion the BANKING EXECUTIVE 30 ISSUE 158 FEBRUARY 2022