You’re reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.
The Dubai Integrated Economic Zones Authority (DIEZ) has launched a venture capital (VC) fund worth US$500 million that will primarily focus on investing in tech startups. The fund was launched under the patronage of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
The announcement of the fund’s launch was made during the Dubai Business Forum -an event organized by Dubai Chambers from November 1-2, 2023- and was done during the presence of H.H. Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai. “The launch of DIEZ’s investment fund reflects Dubai’s growing position as a leading destination for investments and a global hub for financing technology startups,” H.E. Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, said. “The Dubai Business Forum thus creates the ideal platform to announce ambitious initiatives of this kind that support the objectives outlined in the D33 agenda, and advance the global economy.”
This new fund is the first investment program launched under Oraseya Capital, DIEZ’s venture capital arm that specializes in startup venture investment. The VC fund is therefore expected to support tech startups ranging from the pre-seed investment stage to the Series B phase.
H.E. Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, during the launch of the VC fund at the Dubai Business Forum. Source: DIEZ
“This qualitative strategic initiative supports the efforts of DIEZ to enhance its contribution to Dubai’s economy and the growth of the small and medium enterprise (SME) sector, which is a vital segment of the economy and serves the overarching goal of achieving comprehensive and sustainable development,” H.H. Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum said. “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. We are confident in the capabilities of the expert team at Oraseya Capital, who are well-versed in supporting startups in emerging sectors and cutting-edge technology. Our aim is to see these startups join the esteemed ranks of unicorn companies, beginning their journey right here in the emirate, a key player in shaping the global economy.”
Oraseya Capital’s Board of Directors, led by H.E. Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, comprises industry experts in financial funds, corporate establishment, business development, and investment consulting, each bringing over 15 years of experience in the startups field. The newly launched VC fund, therefore, will also be geared towards furthering the vision with which DIEZ’s investment arm was built, i.e. to support the global expansion goals of startups, and investing in cutting-edge technology.
A snapshot of the announcement ceremony that saw the launch of DIEZ’s new VC fund during the Dubai Business Forum. Source: DIEZ
“Oraseya Capital’s core values include effective engagement, support for modern technology and the cultivation of creative ideas,” Dr. Al Zarooni said. “The emphasis is on fostering a collaborative ecosystem for innovative entrepreneurs to exchange ideas, knowledge and resources. The VC fund’s primary focus lies in the strategic investment of startups exhibiting substantial growth potential. This endeavor is instrumental in strengthening Oraseya Capital’s standing as a premier venture investment company for startups, eagerly sought after by both entrepreneurs and investors alike, all of whom aspire to reshape the landscape and future of advanced technology sectors.”
Business owners and startup founders can apply to the VC fund using Oraseya Capital’s official website. Dubai-based companies, as well as international firms looking to set up base in the Emirate, are invited to submit their applications.
Related: Dubai Business Forum Concludes By Highlighting Dubai’s Role In Creating Visionary Businesses
Read the full article here
