Dubai continues to solidify its position as a global hub for innovation and technology with the recent launch of a $136 million venture capital (VC) fund by the Dubai Integrated Economic Zones Authority (DIEZ). Under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister, and Ruler of Dubai, the fund aims to boost accomplished enterprises seeking global expansion, ultimately contributing to Dubai's goal of becoming a center for the world's most innovative and progressive companies.
The fund, which His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai, unveiled at the Dubai Business Forum, focuses on financing technology startups and encouraging the expansion of small and medium enterprises (SMEs) in emerging sectors. This initiative aligns with the Dubai Economic Agenda, D33, and supports the overall vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum for Dubai's digital economy.
Oraseya Capital, DIEZ's venture capital arm, manages this groundbreaking fund, representing the inaugural investment program that spans from pre-seed to Series B investment stages. The Chairman of DIEZ, Sheikh Ahmed bin Saeed Al Maktoum, emphasized that this strategic initiative supports efforts to bolster Dubai's economy, with a specific focus on the vital SME sector crucial for comprehensive and sustainable development.
The fund's creation addresses the financing shortfalls faced by companies, particularly during critical development phases. This injection of capital is expected to play a pivotal role in positioning Dubai as a leading investment destination and a global financing hub for technology startups.
Dubai Chambers Chairman Abdul Aziz Abdulla Al Ghurair commended DIEZ's investment fund, highlighting its significance in enhancing Dubai's global competitiveness in attracting and financing technology startups. The commitment to achieving strategic priorities, including supporting the growth of the digital economy, remains a central focus.
Dr. Mohammed Al Zarooni, DIEZ Executive Chairman, emphasized the importance of effective engagement, modern technology, and creative ideas in Oraseya Capital's approach. The project prioritizes collaboration within an ecosystem that fosters innovation and information sharing, with a commitment to integrity and transparency in supporting and financing technological enterprises at the emirate level.
Oraseya Capital distinguishes itself by focusing on strategic investments in high-growth firms and actively guiding and participating in the success and expansion of its portfolio companies. Entrepreneurs, both local and international, are encouraged to apply for financing through Oraseya Capital's website, signaling an open invitation for innovative businesses to be part of Dubai's journey towards technological advancement.
