عربي English Türkçe اردو فارسى
Logo
Latest News
Business

UAE-Israeli Agreement on Financial Technology Cooperation

The agreement is the first of its kind for the UAE and Israel. WAM
The agreement is the first of its kind for the UAE and Israel. WAM
TT
TT

UAE-Israeli Agreement on Financial Technology Cooperation

The agreement is the first of its kind for the UAE and Israel. WAM
The agreement is the first of its kind for the UAE and Israel. WAM

DIFC FinTech Hive, part of Dubai International Financial Center (DIFC), has signed a landmark agreement with Israel’s FinTech-Aviv, Emirates News Agency reported Saturday.

FinTech Aviv was established in 2014 and serves the needs of the Israeli FinTech ecosystem and counts more than 6,000 startups and 300 research and development centers as members, it said.

The agreement is the first of its kind for the UAE and Israel, and strengthens DIFC’s position as MEASA’s number one FinTech hub and one of the world’s top 10 FinTech hubs.

The agreement announced will enable DIFC to further support the UAE in facilitating economic growth from the technology and innovation sectors.

Both parties will work together on events, knowledge sharing, talent development and facilitating mutual introductions and referrals for firms keen to expand in each respective jurisdictions.

More than 50 percent of all FinTech businesses in the GCC now operate from DIFC. The first half of 2020 witnessed DIFC FinTech Hive triple in size with the opening of a larger space in Gate Avenue supporting start-ups, scale-ups and entrepreneurs.

"Like Dubai, Israel is well regarded for its approach to innovation and embracing FinTech so it is important to collaborate now to share knowledge and develop the sector further. We are pleased to have partnered with FinTech-Aviv as we can achieve great things together. DIFC is now home to more than 240 FinTech related firms and the opportunities for growth are endless,” WAM quoted Executive Vice President of DIFC FinTech Hive Raja Al Mazrouei as saying.

"In this unprecedented time, we’re honored to initiate this unique collaboration in order to facilitate the export of Israeli technologies to new markets,” said Nir Netzer, the Chairman of FinTech-Aviv.

"The FinTech-Aviv community and its 30,000+ Israeli and worldwide members, proudly hold the torch of this exciting initiative and are humbled to be leading Israeli FinTech companies towards the exploration of new horizons with our new business partners,” he added.

Most Viewed

 
 
Business

Oil Rises on Upbeat China Data, Shaky Israel-Lebanon Ceasefire

FILE - Pump jacks work in a field near Lovington, N.M., April 24, 2015. (AP Photo/Charlie Riedel, File)
FILE - Pump jacks work in a field near Lovington, N.M., April 24, 2015. (AP Photo/Charlie Riedel, File)
TT
TT

Oil Rises on Upbeat China Data, Shaky Israel-Lebanon Ceasefire

FILE - Pump jacks work in a field near Lovington, N.M., April 24, 2015. (AP Photo/Charlie Riedel, File)
FILE - Pump jacks work in a field near Lovington, N.M., April 24, 2015. (AP Photo/Charlie Riedel, File)

Oil prices rose on Monday, supported by strong factory activity in China, the world's second-largest oil consumer, and heightened tensions in the Middle East as Israel resumed attacks on Lebanon despite a ceasefire agreement.
Brent crude futures climbed 57 cents, or 0.79%, to $72.41 a barrel by 0700 GMT while US West Texas Intermediate crude was at $68.58 a barrel, up 58 cents, or 0.85%.
"Oil prices have managed to stabilize into the new week, with the continued expansion in China's manufacturing activities reflecting some degree of policy success from recent stimulus efforts," said Yeap Jun Rong, market strategist at IG.
This offered slight relief that oil demand from China may hold for now, he added.
A private-sector survey showed China's factory activity expanded at the fastest pace in five months in November, boosting Chinese firms' optimism just as US President-elect Donald Trump ramps up his trade threats.
Still, traders are eyeing developments in Syria, weighing if they could widen tension across the Middle East, Yeap said.
A truce between Israel and Lebanon took effect on Wednesday, but each side accused the other of breaching the ceasefire.
In a statement, the Lebanese health ministry said several people were wounded in two Israeli strikes in south Lebanon. Air strikes also intensified in Syria, as President Bashar al-Assad vowed to crush insurgents who had swept into the city of Aleppo.
Last week, both benchmarks suffered a weekly decline of more than 3%, on easing concerns over supply risks from the Israel-Hezbollah conflict and forecasts of surplus supply in 2025, even as OPEC+ is expected to extend output cuts.
The Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, postponed its meeting to Dec. 5, sources told Reuters last week.
This week's meeting will decide policy for the early months of 2025.
Since the group's production hike had been widely expected, the market's focus may be on the extent of delay to sway crude prices, said IG's Yeap.
"An indefinite delay may be the best case for oil prices, given that earlier rounds of delays by a month or so have failed to drive higher oil prices in line with what OPEC+ intended."
Brent is expected to average $74.53 per barrel in 2025 as economic weakness in China clouds the demand picture and ample global supplies outweigh support from an expected delay to a planned OPEC+ output hike, a Reuters monthly oil price poll showed on Friday.
That is the seventh straight downward revision in the 2025 consensus for the global benchmark, which has averaged $80 per barrel so far in 2024.