Dubai Silicon Oasis Authority, DSOA, the regulatory body for Dubai Silicon Oasis, DSO, the integrated free zone technology park, signed a Memorandum of Understanding, MoU, with global payments technology company, Visa, to jointly support innovative start-ups and exchange knowledge of emerging technologies.

The MoU was signed by Shahla Ahmed Abdulrazak, Deputy CEO of DSOA, and Ihab Ayoub, Visa General Manager for Middle East and North Africa, in the presence of senior management representatives from both sides.

Shahla Abdulrazak, commented, "DSOA is keen on forging agreements with International and global institutions to support the creation of an ecosystem that encourages development of new ideas and innovation, as well as enhancing the technology entrepreneurship landscape in the Middle East. In line with our leadership’s ambitions to transform Dubai into the smartest and happiest city in the world and complementing our government’s strong focus on innovation, we have noted smart payment solutions as one of the key areas for development."

Ihab Ayoub, Visa General Manager for Middle East and North Africa, said, " Dubai Silicon Oasis is an ideal partner for our regional expansion. Combining the technical knowledge and capacity of Visa with the passion and innovation found in UAE’s burgeoning FinTech sector, we hope to educate and, potentially, support some of the start-ups at Dubai Technology Entrepreneurship Centre to develop new smart payment solutions, pushing the UAE towards becoming a cashless society over time."