The Dubai Integrated Economic Zones Authority (DIEZ) has unveiled a substantial venture capital (VC) fund, amounting to $136 million. The fund’s primary objective is to provide financial backing to technology startups, aligning with the economic goals outlined in the Dubai Economic Agenda, D33. This initiative seeks to foster the growth of small and medium-sized enterprises (SMEs) in various emerging sectors.
Operated under the banner of Oraseya Capital, DIEZ’s dedicated venture capital arm for startup investment, the fund’s mission extends from supporting startups in their pre-seed stage to facilitating their progress up to the Series B investment phase.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, stressed the strategic significance of launching Oraseya Capital and establishing the $136 million VC fund for technology startups. This endeavor is in line 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, aiming to bolster Dubai’s digital economy sector.
The establishment of this VC fund not only aids accomplished companies in building a global presence but also strengthens Dubai’s position as a hub for innovative and creative enterprises. Moreover, the fund addresses critical gaps in corporate finance, particularly during crucial developmental stages, further solidifying Dubai’s status as an attractive destination for investments in technology startups.
Oraseya Capital’s core values encompass effective engagement, support for modern technology, and the nurturing of creative ideas within a collaborative ecosystem. The initiative prioritizes adaptability to contemporary technologies and emphasizes transparency, all in the service of supporting and financing technology companies at the emirate’s level. The VC fund primarily focuses on strategically investing in startups with substantial growth potential.
