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  • Writer's pictureMiddle East Center for Reporting an Analysis

DIFC FinTech Hive and Israel's FinTech-Aviv in pathbreaking agreement

November 28 - Dubai International Financial Centre (DIFC)'s DIFC FinTech Hive and Israel's FinTech Aviv, entered an agreement on November 28. The agreement follows a number of firsts between Israel and the Gulf, including delegations to the UAE and Bahrain, The Watergen - al-Dahra agreement, and investors flocking from Israel to the UAE. There have been banking milestones and a trip by the Israeli Federation of Chambers of Commerce.

FinTech Aviv was established in 2014 and the report says it "caters to the needs of the Israeli FinTech ecosystem and whose members include over 6,000 startups and 300 research and development centres." With DIFC's DIFC FinTech Hive, "the largest fintech hub in the Middle East, Africa and South Asia," the two can cooperate on various levels. "Over 50 per cent of all fintech businesses in the GCC now operate from the DIFC," news agency WAM says.

The agreement comes as the first Fly Dubai flight arrived in Israel and after the first venture capitalist investment by Maniv was announced in the firm Fenix. A recent conference by Calcalist, Bank Leumi and Channel 13 highlighted the new opportunities between Israel and the UAE and there are already agreements moving forward between El Al and Etihad and other airlines that will begin flights. Read more here.

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