TDB: With the issuance of specialised licensing solutions for tech firms by the DIFC now, how is Dubai AI and Web 3.0 Campus seeking to foster innovation and next-gen technology enablement and what has been the response from participants so far?
Arif Amiri: DIFC’s Strategy 2030 is centred around driving the future of finance through cutting-edge technology, innovation, talent attraction and partnerships. DIFC’s community of 811 FinTech and Innovation firms represent the largest cluster of its kind in the region. Working with the 4,949 companies across DIFC’s broader ecosystem, these firms are collectively using the Centre’s growth-enabling platform to drive the future of finance. FinTech and Innovation is the fastest growing sector in DIFC, up 35 per cent year-on-year as of 31 July 2023. We see positive response in the growth figures of companies establishing within the centre as well as the ambitious entrepreneurs we engage with at DIFC Innovation Hub and the wider DIFC community of over 39,000 individuals.
TDB: What makes the Dubai AI and Web 3.0 Campus unique in the region and how is this powering the formation of a new ecosystem through collaboration with key stakeholders in the financial services industry?
Arif Amiri: The Dubai AI and Web 3.0 Campus is a dedicated campus for AI and Web 3.0 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 Web 3.0.
At DIFC we believe that being at the forefront of tech innovation and AI advancement is imperative as we pave the way for a digitally empowered future of finance. The Dubai AI & Web 3.0 Campus will act as a catalyst for growth by attracting global innovators, start-ups, venture capitalists, and industry leaders, as we establish MENA’s largest ecosystem for the AI and Web 3.0 sectors. By nurturing a collaborative environment, the Dubai AI & Web 3.0 Campus will accelerate the development of future-forward technologies and empower organisations to unlock the true potential of AI and Web 3.0.
TDB: The FinTech Accelerator Programme has also been well received and gained considerable traction among the start-up community. What are some key success stories that have emerged from the Programme that you would like to highlight?
Arif Amiri: The DIFC FinTech Accelerator recently launched its 9th cohort where we will onboard 20 start-ups to participate in the 3-month programme where they will be exposed to a series of bootcamp workshops, mentorship sessions and meetings with industry leaders. The accelerator has received more than 3,500 applications since its inception in 2017, with over 200 start-ups successfully graduating including, Sarwa, Tarabut Gateway, Wellex, Zywa, and many more.
TDB: DIFC has proactively established a “Path to COP28” programme for the global finance community championing a more sustainable future to address climate change. What is the path forward for success particularly for new start-ups seeking to balance competing priorities of profitability and social responsibility?
Arif Amiri: DIFC’s “Path to COP28” programme in partnership with GEFI exemplifies a forward-thinking approach towards aligning the global finance community with sustainable practices to mobilise climate change. For new start-ups navigating the delicate balance between profitability and social responsibility, success often hinges on adopting a strategic, multidimensional approach. Firstly, integrating sustainability into the core business model is crucial. This involves incorporating eco-friendly practices, renewable resources, and responsible supply chain management from the outset. Additionally, leveraging FinTech innovations that promote sustainability, such as green financing solutions or carbon-tracking technologies, can provide a competitive edge. Moreover, forging strategic partnerships with organisations and initiatives leading on sustainability can open doors to resources, expertise, and potential clientele. Finally, demonstrating a genuine commitment to social responsibility through transparent reporting, ethical governance, and active community engagement will not only build trust but also attract conscious consumers and investors. By prioritising sustainability alongside profitability, start-ups can position themselves as leaders in the evolving landscape of responsible business, driving long-term success and positive impact.
At DIFC, we recognise that finance is a powerful tool for positive change, and by unlocking opportunities for the sector to connect, through events like the upcoming Future Sustainable Finance Forum in Dubai on 4-5 October 2023, we continue to drive the transformational shift needed to accelerate a sustainable future for all.
TDB: Building financial literacy and awareness has been an ongoing challenge in some emerging and frontier markets. What role can FinTech companies play in meaningfully bridging this gap and how is DIFC helping them facilitate that?
Arif Amiri: FinTech firms play a pivotal role in enhancing financial literacy and awareness in emerging and high-growth markets by leveraging technology to provide accessible, user-friendly, and informative financial services. Through innovative solutions, such as mobile banking apps, budgeting tools, and educational content, FinTech firms empower individuals to make informed decisions about saving, investing, and managing their finances.
DIFC contributes to this by fostering an ecosystem that encourages FinTech innovation and collaboration. By providing a supportive regulatory environment, access to a diverse pool of talent, and facilitating partnerships between FinTech start-ups and established financial institutions, DIFC creates an environment where these companies can thrive and develop solutions tailored to address the specific financial literacy needs of emerging markets. This collaborative approach not only accelerates the pace of financial inclusion but also contributes to the economic growth and stability of these markets in the long run.
TDB: What is next for the DIFC Innovation Hub and how are you planning to carry this strong growth momentum forward consolidating Dubai’s position as a finance and innovation hub?
Arif Amiri: DIFC Innovation Hub is playing a key role in driving collaboration between early-stage and growth start-ups, tech unicorns and big tech firms to accelerate success. It was set up to boost economic growth by fostering the development of innovation, enterprise and talent across several sectors, especially in future-focused industries. A catalyst in building entrepreneurial culture within the innovation ecosystem, the Hub provides accelerator programmes through collaborations from world-class institutions and leading companies.
Supporting innovation and growth, DIFC Innovation Hub also introduced its venture-building platform, DIFC Launchpad, that seeks to develop a robust venture-building model that promotes the growth of innovative start-ups and scale-ups in the region. The platform expects to support the launch of more than 200 new ventures and create over 8,000 jobs.
DIFC Innovation Hub also provides access to best-in-class learning for undergraduates, post-graduates and executives through the DIFC Academy, one of the region’s leading executive learning environments.
We are also ready and set to build the largest cluster of Artificial Intelligence and tech companies in the MENA region. The Dubai AI & Web 3.0 Campus will open its doors at the DIFC Innovation One premises, with ambitious plans to expand into a dedicated campus spanning over 100,000 sq. ft. in the next 5 years. The Dubai AI & Web 3.0 Campus will focus on the use of AI and Web 3.0 in the financial services industry, it will be home to exceptional teams of visionary entrepreneurs, disruptors and engineers who possess a deep passion for emerging technologies.
