Under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the Dubai Integrated Economic Zones Authority (DIEZ) launched a venture capital fund worth US$136m.
The fund, launched on the sidelines of the Dubai Business Forum, which was organised by Dubai Chambers under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, is designed to finance technology startups and supports the economic objectives outlined in the Dubai Economic Agenda, D33, by promoting SMEs growth in various emerging sectors.
It is the first investment program launched under the name of Oraseya Capital, the venture capital arm of DIEZ specialising in venture investment operations in startups. The vehicle aims to play a pivotal role in supporting startups from the pre-seed stage, and extending all the way to the Series B investment stage.
Oraseya Capital’s official website provides a platform for business owners to submit financing applications, targeting local companies within the city, and international enterprises seeking to establish operations in Dubai.