Dubai Regulator Gives Asset Management License

by Forbes Middle East Forbes Middle East - Business News

Middle East Venture Partners (MEVP) says it has received an asset management license from the Dubai Financial Services Authority (DFSA).

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The Dubai-based venture capital firm, which has $220 million in assets under management, says the license allows it to operate within the venture capital regulatory framework announced by the U.A.E. government last year, and that its among the first venture capital firms to secure such a license from the DFSA.
The development reflects the changing regulatory attitude in the U.A.E. towards venture capital. Last year the U.A.E. government established basic reporting and operational principles for the industry, which followed a new legal system regulating venture capital funds created by the U.A.E.s Securities and Commodities Authority in 2016. Last year the regulator for the Abu Dhabi Global Market also introduced a regulatory framework for venture capital.