Dubai launches US$ 136 million venture capital fund designed to finance technology startups



DUBAI, UAE - Media OutReach - 10 November 2023 - Under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the 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 the growth of SMEs 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.

His Highness 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," His Highness concluded.

One of the fund's core objectives is to address the existing gaps in corporate finance, particularly during these crucial developmental stages.

Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, said: "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."

He added: "We remain committed to achieving our strategic priorities by attracting international businesses and investments to Dubai and supporting the continuous growth of the digital economy. We greatly value DIEZ's initiative, which represents an advanced step towards enhancing Dubai's global competitiveness in attracting and financing technology startups."

Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, said: "Oraseya Capital's core values include effective engagement, support for modern technology and the cultivation of creative ideas. The emphasis is on fostering a collaborative ecosystem for innovative entrepreneurs to exchange ideas, knowledge and resources. This initiative prioritises adaptability by remaining open to new opportunities and contemporary technologies that align with the fund's objectives. Integrity stands at the forefront, with a commitment to upholding the highest standards of transparency, all in service of supporting and financing technology companies at the emirate's level.

"The VC fund's primary focus lies in the strategic investment of startups exhibiting substantial growth potential. Our goal is to empower entrepreneurs from various corners of the world to nurture and establish innovative enterprises. This endeavour 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," he added.

The VC fund excels at providing support to companies that are part of its investment portfolio by adopting a direct guidance approach and active participation to help companies ensure their success and growth instead of investing in assets only.

Oraseya Capital official website, provides a platform for business owners to submit financing applications, targeting local companies within the city, and international enterprises seeking to establish their operations in Dubai. www.oraseyacapital.com



Hashtag: #Dubai

The issuer is solely responsible for the content of this announcement.
SOURCE:

Dubai Media Office

CATEGORY:

Business

PUBLISHED ON:

10 Nov 2023

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