The Dubai Integrated Economic Zones Authority (DIEZ) has announced the launch of a venture capital (VC) fund worth $136 million.
DIEZ said in a statement on last Friday that 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 small and medium-sized enterprises (SMEs) in various emerging sectors.
According to the statement, the fund is the first investment program launched under the name of Oraseya Capital, the venture capital arm of DIEZ specializing in venture investment operations in startups.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, said the launch of Oraseya Capital and the creation of a $136 million VC fund for technology startups represents a strategic move that aligns with the directives of Sheikh Mohammed bin Rashid Al Maktoum (Vice President and Prime Minister of the United Arab Emirates [UAE] and Ruler of Dubai), to support the growth of the Dubai’s digital economy sector.
“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,” said Sheikh Mohammed.
According to him, the establishment of this VC fund serves as a major boost for accomplished companies looking to build a global presence.
According to the statement, 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.
“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,” he said.
“The emphasis is on fostering a collaborative ecosystem for innovative entrepreneurs to exchange ideas, knowledge and resources,
“This initiative prioritizes adaptability by remaining open to new opportunities and contemporary technologies that align with the fund’s objectives,” he said.
He also said that 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.
According to him, 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 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,” he added.
According to the statement, 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.