Dubai launches US$ 136 million venture capital fund designed to finance technology startups.
10 November 2023, 12:00 AM
31 December 2023, 12:00 AM
Dubai Integrated Economic Zones Authority (DIEZ) announced the launch of a venture capital (VC) fund worth US$136 million.
Launched in the presence of His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai, the fund is designed to finance technology startups and supports the economic objectives outlined in the Dubai Economic Agenda, D33 by promoting SMEs growth in various emerging sectors.
The new fund was launched on the sidelines of the Dubai Business Forum, which was organised by Dubai Chambers under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum. The fund is the first investment programme launched under the name of Oraseya Capital, the venture capital arm of DIEZ specialising in venture investment operations in startups. It will play a pivotal role in supporting startups from the pre-seed stage, and extending all the way to the Series B investment stage.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, said the launch of Oraseya Capital and the creation of a US$136 million VC fund for technology startups represents a strategic move that aligns with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum to support the growth of the Dubai’s digital economy sector.
H.H. added: “This qualitative strategic initiative supports the efforts of DIEZ to enhance its contribution to Dubai’s economy and the growth of the SME sector, which is a vital segment of the economy and serves the overarching goal of achieving comprehensive and sustainable development. This will ensure the continued sustainability and progress of Dubai's economy in the decades to come.”
“The establishment of this VC fund serves as a major boost for accomplished companies looking to build a global presence. It will play a pivotal role in strengthening Dubai's status as a nurturing ground for the most innovative, advanced and creative enterprises worldwide,” H.H. concluded.
One of the fund's core objectives is to address the existing gaps in corporate finance, particularly during these crucial developmental stages.