DIEZ Launches AED500 Million Venture Capital Fund for Startups in Dubai
Dubai Integrated Economic Zones Authority (DIEZ) has announced the launch of a venture capital (VC) fund worth AED500 million. This fund aims to provide financial support to technology startups and contribute to the economic objectives outlined in the Dubai Economic Agenda, D33. The launch was officiated by His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, the Second Deputy Ruler of Dubai.
The fund, named Oraseya Capital, is the first investment program under DIEZ that focuses on venture investment operations in startups. It will play a crucial role in supporting startups from the pre-seed stage to the Series B investment stage. The objective of this initiative is to promote the growth of small and medium-sized enterprises (SMEs) in various emerging sectors.
His Highness Sheikh Ahmed bin Saeed Al Maktoum stated that the launch of Oraseya Capital and the establishment of a AED500 million VC fund for technology startups is in line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. This initiative aims to support the growth of Dubai’s digital economy sector.
In his statement, His Highness emphasized the strategic significance of this initiative in enhancing DIEZ’s contribution to Dubai’s economy and the growth of the SME sector. He expressed confidence in the capabilities of the expert team at Oraseya Capital to support startups in emerging sectors and cutting-edge technology. The goal is to see these startups become global players and contribute to shaping the global economy.
The VC fund’s core objectives include addressing gaps in corporate finance, particularly during crucial developmental stages. This initiative demonstrates Dubai’s commitment to keeping pace with leading economies in the field of startup investment and recognizing the potential of these companies in contributing to the national economy.
His Excellency Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, leads the Board of Directors of Oraseya Capital. The board comprises specialists in financial funds, corporate establishment, business development, and investment consulting, each with over 15 years of experience in the startups field.
Dr. Mohammed Al Zarooni highlighted the core values of Oraseya Capital, which include effective engagement, support for modern technology, and the cultivation of creative ideas. This initiative aims to foster a collaborative ecosystem for innovative entrepreneurs to exchange ideas, knowledge, and resources. The fund remains open to new opportunities and contemporary technologies that align with its objectives, prioritizing integrity and transparency.
Oraseya Capital has launched its official website, providing a platform for business owners to submit financing applications to the VC fund. The initiative targets local companies within Dubai and international enterprises seeking to establish their operations in the city.
Unlike traditional VC funds that focus solely on investing in assets, Oraseya Capital adopts a direct guidance approach and actively participates in the success and growth of the companies in its investment portfolio.
With the launch of this AED500 million VC fund, Dubai continues to solidify its position as a hub for innovation and entrepreneurship in the region. This initiative aims to support startups and contribute to the sustainable development of Dubai’s economy in the coming decades.
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