Dubai Integrated Economic Zones Authority (DIEZ) launches a $136 million VC fund

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) announced the launch of a venture capital (VC) fund worth $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 outlined in the Dubai Economic Agenda D33 by promoting SMEs growth in various emerging sectors.

The new fund was launched on the sidelines of the Dubai Business Forum, which was organized by Dubai Chambers under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum.

Why does it matter?

The fund is the first investment programme launched under the name of Oraseya Capital, the venture capital arm of DIEZ, specializing in venture investment operations in startups. It will play a pivotal role in supporting startups from the pre-seed stage and extending all the way to the Series B investment stage.

Also, the new fund will adopt a direct guidance approach and active participation to help companies ensure their success and growth instead of investing in assets only. Its launch aligns with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum to support the growth of Dubai's digital economy sector.

On the record

"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," said His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ. "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," H.H. concluded.

"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," added Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers. "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."

"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," added Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ. "This endeavor 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."