In a momentous event, the Dubai Integrated Economic Zones Authority (DIEZ) has unveiled the launch of an unprecedented venture capital (VC) fund valued at $136 million. With the gracious patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, this initiative signifies a remarkable stride towards invigorating and strengthening Dubai’s burgeoning startup landscape. The distinguished ceremony, graced by the presence of His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai, underscored the city’s steadfast commitment to fostering innovation and bolstering the growth of small and medium-sized enterprises (SMEs) across various emerging sectors.
The newly established fund, named Oraseya Capital, represents a pivotal move by DIEZ to facilitate and finance technology startups, from the initial pre-seed phase through to the Series B investment stage. Its strategic focus aligns with the ambitious Dubai Economic Agenda, D33, emphasizing the critical role of promoting SME growth and nurturing an ecosystem conducive to entrepreneurship and technological advancements. The comprehensive investment program is poised to serve as a beacon of hope for aspiring entrepreneurs and forward-thinking startups, aiming to solidify Dubai’s position as a global hub for pioneering and innovative enterprises. The initiative not only reflects the visionary leadership’s commitment to fostering a dynamic and diversified economy but also signifies a strategic leap forward in advancing the city’s prominence on the global stage.
