FinTech Abu Dhabi Festival Kicks Off With Investor Forum

ABU DHABI, United Arab Emirates, Oct. 22, 2019 /PRNewswire/ -- Global investors are increasingly looking to the Middle East and North Africa for the next unicorn and high return investments, delegates in Abu Dhabi heard as the third edition of FinTech Abu Dhabi opened with the Investor Forum.
More than 400 people gathered at Abu Dhabi Global Market (ADGM) Authorities Building for the inaugural FinTech Abu Dhabi Investor Forum day where the growth of the FinTech industry in MENA was lead topic. Prominent regional and international entrepreneurs shared their expertise on growing a thriving start-up ecosystem in the region, how to spot a unicorn and the possibility of another financial crisis in 2020.

FinTech Abu Dhabi Festival continues tomorrow at Abu Dhabi National Exhibition Centre (ADNEC) with His Excellency Ahmed Ali Al Sayegh, Minister of State (UAE) and Executive Chairman of ADGM, giving the opening speech.

Recap of Day One – Investor Day on 21 Oct 2019

Opening the festival, Richard Teng, CEO of Financial Services Regulatory Authority of ADGM, confirmed more than 5,000 people will attend the consecutive two-day FinTech Abu Dhabi event commencing on 22 October at ADNEC. He also outlined how the UAE, and the FinTech industry, are having a positive impact in the region. 

He said: "In the first half of 2019, the MENA region saw close to half a billion USD of VC (Venture Capital) funding in start-ups, excluding Souq and Careem. This is a 66% increase compared to the same period last year. More than a quarter of the funding was invested in the UAE, with the FinTech industry being the most vibrant sector, accounting for 17% of all deals done."

"Moving ahead, close to 500 FinTech companies in the Middle East will raise over USD 2 billion in venture capital funding in the next 3 years, based on a Milken Institute Report. And Abu Dhabi will be at the epicentre of this exciting development."

He added: "Great strides for FinTech have already been made in the MENA region, but there are massive opportunities for more. And there is no substitute for face-to-face meetings like today's Forum to build closer ties, and find new ways to create value."

Mubadala Launches $250 Million MENA Tech Fund

Mubadala Capital today announced its first MENA-focused tech investment funds. With a total of US$250 million (AED 918 million), the Mubadala MENA tech investment funds will boost the growing start-up scene while empowering tech talent in the UAE and across the region. The funds include a US$150 million (AED 550 million) "fund of funds" program, which will invest in funds that are committed to supporting the Abu Dhabi-based Hub71 ecosystem, including investing in companies that leverage Hub71 for regional expansion and growth.