Dubai International Financial Centre said on Tuesday it has partnered with UK-based Startupbootcamp for the development of a FinTech venture capital ecosystem in the region.
"To date we have invested in and accelerated more than 200 FinTech and InsurTech startups. We are now excited about expanding our global FinTech and InsurTech footprint to Dubai and look forward to collaborating with DIFC,” said Carsten Koelbek, Chairman of Startupbootcamp said in a statement.
The partnership will look to set up multiple programmes for early-stage startups in the fields of FinTech, InsurTech and RegTech, the companies said.
Gulf financial centres in Dubai, Abu Dhabi as well as Bahrain have launched several FinTech programmes to attract venture capital and drive innovation into their economies. Earlier this month, Abu Dhabi Global Market, the UAE capital’s financial free zone, concluded its third round of applications for its Regulatory Laboratory (RegLab) programme.
FinTech Hive at DIFC, a start-up accelerator in Dubai’s financial free zone, last month invited applications for its 2018 programme starting May 20. The programme was launched last year in partnership with Accenture, the New York-listed technology firm, and is one of the first FinTech accelerators in the Middle East, Africa and South Asia region.
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DIFC’s newly launched programme with Startupbootcamp will focus on “providing the necessary guidance and mentorship to support the qualifying early stage startups during their incubation period,” the parties said in a statement.
They will look also look to jointly “nurture” local and regional venture capital ecosystem,
“This collaboration will help stimulate the development of complementary products and services and promote the entrepreneurial surge in the UAE, which will attract more venture capital into the region,” the DIFC added in the statement.
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Draw
Quarter-finals
Real Madrid (ESP) or Manchester City (ENG) v Juventus (ITA) or Lyon (FRA)
RB Leipzig (GER) v Atletico Madrid (ESP)
Barcelona (ESP) or Napoli (ITA) v Bayern Munich (GER) or Chelsea (ENG)
Atalanta (ITA) v Paris Saint-Germain (FRA)
Ties to be played August 12-15 in Lisbon
Coal Black Mornings
Brett Anderson
Little Brown Book Group
New Zealand 21 British & Irish Lions 24
New Zealand
Penalties: Barrett (7)
British & Irish Lions
Tries: Faletau, Murray
Penalties: Farrell (4)
Conversions: Farrell
Tenet
Director: Christopher Nolan
Stars: John David Washington, Robert Pattinson, Elizabeth Debicki, Dimple Kapadia, Michael Caine, Kenneth Branagh
Rating: 5/5