(MENAFN- Emirates News Agency (WAM))
DUBAI, 1st November, 2023 (WAM) -- Under the patronage of His Highness sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and ruler of Dubai, the Dubai Integrated Economic Zones Authority (DIEZ), today announced the launch of a venture capital (VC) fund worth AED500 million.
Launched in the presence of H.H. 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 outlined in the Dubai Economic Agenda, D33 by promoting the growth of small and medium-sized enterprises (SMEs) in various emerging sectors.
The new fund was launched on the sidelines of the Dubai Business Forum, which is being organised by Dubai Chambers under the patronage of His Highness Sheikh Mohammed bin Rashid.
The fund is the first investment programme launched under the name of Oraseya Capital, the venture capital arm of DIEZ specialising in venture investment operations in startups. It will play a pivotal role in supporting startups, starting from the pre-seed stage, and extending all the way to the Series B investment stage.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, said the launch of Oraseya Capital and the creation of a AED500 million VC 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
He said,“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 Dubai's 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 Dubai's status as a nurturing ground for the most innovative, advanced and creative enterprises worldwide. We are confident in the capabilities of the expert team at Oraseya Capital, who are well-versed in supporting startups in emerging sectors and cutting-edge technology. Our aim is to see these startups join the esteemed ranks of 'unicorn' companies, beginning their journey right here in emirate, a key player in shaping the global economy,” he concluded.
One of the fund's core objectives is to address the existing gaps in corporate finance, particularly during these crucial developmental stages. The initiative reflects Dubai's commitment to keeping pace with the world's leading economies in the field of startup investment, recognising the potential these companies hold for contributing to the growth, advancement and reinforcement of the national economy.
DIEZ established Oraseya Capital to reinforce capability and competency building. The initiative is geared towards facilitating the global expansion aspirations of startups and making investments in cutting-edge technology. These endeavours collectively serve to strengthen Dubai's status as a rapidly growing hub and an attractive destination for companies and enterprises alike.
Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, leads the Board of Directors of this enterprise. Its members include specialists in financial funds, corporate establishment, business development, and investment consulting, each bringing over 15 years of experience in the startups field, specifically within the UAE and Dubai. Leveraging the extensive experience of DIEZ and its economic zones, spanning nearly a quarter of a century, brings added depth and perspective to this initiative.
Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, said,“The launch of DIEZ's investment fund reflects Dubai's growing position as a leading destination for investments and a global hub for financing technology startups. The Dubai Business Forum creates the ideal platform to announce ambitious initiatives of this kind that support the objectives outlined in the D33 agenda and advance the global economy.”
Al Ghurair added,“We remain committed to achieving our strategic priorities by attracting international businesses and investments to Dubai and supporting the continuous growth of the digital economy. We greatly value DIEZ's initiative, which represents an advanced step towards enhancing Dubai's global competitiveness in attracting and financing technology startups.”
Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, said,“Oraseya Capital's core values include effective engagement, support for modern technology and the cultivation of creative ideas. The emphasis is on fostering a collaborative ecosystem for innovative entrepreneurs to exchange ideas, knowledge and resources. This initiative prioritises adaptability by remaining open to new opportunities and contemporary technologies that align with the fund's objectives. Integrity stands at the forefront, with a commitment to upholding the highest standards of transparency, all in service of supporting and financing technology companies at the emirate's level.
“The VC fund's primary focus lies in the strategic investment of startups exhibiting substantial growth potential. Our goal is to empower entrepreneurs from various corners of the world to nurture and establish innovative enterprises. This endeavour is instrumental in strengthening Oraseya Capital's standing as a premier venture investment company for startups, eagerly sought after by both entrepreneurs and investors alike, all of whom aspire to reshape the landscape and future of advanced technology sectors,” Dr. Al Zarooni added.
Oraseya Capital has introduced its official website, providing a platform for business owners to submit financing applications to the VC fund. This initiative targets local companies within the city, as well as international enterprises seeking to establish their operations in Dubai.
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.
DIEZ, with its overarching aim to elevate Dubai's standing as a regional and global investment hub across all sectors, is dedicated to realising Dubai's strategic priorities related to integrated economic zones. This overarching strategy seeks to enhance economic growth and formulate a comprehensive economic blueprint for the city. This blueprint envisions a diverse economic landscape, fostering a myriad of investment opportunities, and promoting a business-friendly environment.
The Dubai Business Forum was launched today at Madinat Jumeirah, Dubai, under the theme“Shifting Economic Power: Dubai and the Future of Global Trade”. The Forum brings together the global business community to engage in rich dialogue on business growth and international cooperation.
The two-day event will host high-level plenary sessions and keynote addresses, creating exciting opportunities for participants to hear from influential public sector figures, business leaders, industry experts, investors, and economists as they explore the emerging trends transforming business and shaping the future of global trade.
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