DUBAI, United Arab Emirates – Media OutReach – November 10, 2023 – Under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates 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 set out 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, organized by Dubai Chambers under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum. The fund is the first investment program launched under the name Oraseya Capital, the venture capital arm of DIEZ specializing in venture capital investment operations in startups. It will play a pivotal role in supporting startups from the pre-seed phase to the Series B investment phase.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, said The launch of Oraseya Capital and the creation of a $136 million venture capital 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 Dubai’s digital economy sector.
His Highness added: “This qualitative strategic initiative supports DIEZ’s efforts to strengthen its contribution to Dubai’s economy and the growth of the SME sector, which constitutes a vital segment of the economy and serves the overarching objective to achieve global and sustainable development. will ensure the continued sustainability and progress of Dubai’s economy in the decades to come.”
“The creation of this venture capital fund represents a major boost for accomplished companies seeking to establish a global presence. It will play a pivotal role in strengthening Dubai’s status as a breeding ground for the most successful companies. innovative, advanced and creative people from around the world,” His Highness said. concluded.
One of the fund’s main objectives is to fill existing gaps in business financing, particularly during these crucial stages of development.
Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, said: “The launch of the DIEZ Investment Fund reflects Dubai’s growing position as a leading investment destination and global hub for financing technology startups.
He added: “We remain committed to achieving our strategic priorities in attracting international business and investment to Dubai and supporting the continued growth of the digital economy. We greatly appreciate DIEZ’s initiative, which represents an advanced step towards improving Dubai’s global competitiveness in attraction and financing. technology startups.
Dr AS Mohammed Al Zarooni, Executive Chairman of DIEZ, said: “Oraseya Capital’s core values include effective engagement, supporting modern technology and cultivating creative ideas. The focus 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. contemporary opportunities and technologies that match the fund’s objectives. Integrity is at the forefront, with a commitment to the highest standards of transparency, all in service of supporting and funding technology companies at the emirate level.
“The main objective of the venture capital fund lies in the strategic investment of startups with substantial growth potential. Our goal is to empower entrepreneurs from various corners of the world to nurture and create innovative businesses. This effort helps strengthen Oraseya Capital’s position as a leading company. investment company for startups, highly sought after by both entrepreneurs and investors, all of whom aspire to reshape the landscape and future of advanced technology sectors,” he added.
The venture capital fund excels in supporting companies that are part of its investment portfolio by taking a hands-on approach and active participation to help companies achieve success and growth instead of just investing in assets.
Oraseya Capital’s official website provides a platform for business owners to submit financing applications, targeting local businesses in the city and international businesses looking to establish themselves in Dubai.
www.oraseyacapital.com
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The issuer is solely responsible for the content of this announcement.
