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The Dubai International Financial Center (DIFC) has joined forces with the Middle East Venture Partners (MEVP) to facilitate an improved ecosystem for the emirate’s up-and-coming financial services companies. The two entities signed a memorandum of understanding (MoU) aimed at providing a better platform for the exchange of information on the latest trends in the FinTech and financial services industry.

Among other perks, the MoU between DIFC and MEVP will also enable the two bodies to enhance their cooperation while simultaneously stimulating the growth of the region’s venture capital tech ecosystem.

The MoU will particularly focus on paving the way for a better framework which enables both DIFC and MEVP to synchronize their efforts while launching new initiatives and future regulations. The ultimate objective is to raise an attractive, competitive, and fair environment for an increasingly tech-focused entrepreneurial base in the region.

The MoU was signed in the presence of the top bosses from both parties, including DIFC governor Essa Kazim and MEVP board chairperson Mohamed Alabbar.

“Increased cooperation between both parties will be key in stimulating growth and investment activity in Dubai’s venture capital sector,” said Arif Amiri, CEO of DIFC Authority.

Founder and CEO of MEVP, Walid Hanna, added: “The significant increase in venture capital funding for startups witnessed by the UAE in recent years has further energized young innovators and opened doors for them to convert their ideas to tangible and viable business propositions.”