DIEZ Launches venture capital (VC) fund worth US$136 million

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) has announced the launch of a venture capital (VC) fund worth US$136 million.The fund, launched in the presence of His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai, 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.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, stated that the launch of Oraseya Capital and the creation of a US$136 million VC fund for technology startups represents a strategic move aligning with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum to support the growth of Dubai's digital economy sector. He emphasized that this initiative supports DIEZs efforts to enhance its contribution to Dubai's economy and the growth of the SME 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 Dubais 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 Dubais status as a nurturing ground for the most innovative, advanced, and creative enterprises worldwide,' His Highness concluded.One of the funds core objectives is to address existing gaps in corporate finance, particularly during these crucial developmental stages. Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, stated that the launch of DIEZ's investment fund reflects Dubais growing position as a leading destination for investments and a global hub for financing technology startups.Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, highlighted that Oraseya Capital's core values include effective engagement, support for modern technology, and the cultivation of creative ideas. 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.
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