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Dubai Future Finance Week day three: 600 wealth firms, a Mizuho bridge and Islamic finance’s connection problem

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Dubai Future Finance Week day three: 600 wealth firms, a Mizuho bridge and Islamic finance’s connection problem

On Wednesday, Dubai Future Finance Week moved its focus from fintech to wealth, fixed income, insurance and Islamic finance. DIFC began the day with another milestone. The centre is now home to more than 600 wealth and asset management firms, well ahead of any other centre in the region by its own count, as family offices and institutional investors set up regional headquarters in Dubai. The DealCatalyst Fixed Income Alternatives programme brought European and US asset managers and structured credit investors together with regional banks and sovereign funds to discuss private credit, structured finance and new funding models.

The Japanese partnership that Arif Amiri, chief executive of DIFC Authority, trailed on stage on Tuesday now has a name. DIFC has signed a strategic partnership with Mizuho Financial Group that will give up to 6,000 of the bank’s startup clients access to the DIFC Innovation Hub and Ignyte, its digital innovation platform, with market entry and soft landing support across the Middle East, Africa and South Asia. Amiri signed for DIFC and Suneel Bakhshi, deputy group CEO, signed for Mizuho, with DIFC Governor Essa Kazim as witness.

The deal builds on a 20-year relationship. DIFC hosts the UAE’s only cluster of Japanese financial firms, 19 companies employing 560 people, including Mizuho, SMBC , MUFG , Nomura and the Japan Bank for International Cooperation . Mizuho says it has provided around JPY 1trn in financing to Japanese startups over the past three years and has more than 400 specialists supporting them.


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