Dubai

DIEZ Launches AED500 Million Venture Capital Fund for Startups

Dubai Integrated Economic Zones Authority (DIEZ) announced the launch of a venture capital (VC) fund worth AED500 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 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 and 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.

His Highness Sheikh Ahmed bin Saeed Al Maktoum 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, Vice President and Prime Minister of the UAE and Ruler of Dubai to support the growth of the Dubai’s digital economy sector.

H.H Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum

His Highness 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 the emirate, a key player in shaping the global economy,”

His Highness 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.

His Excellency 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.

Mohammed Al Zarooni

His Excellency 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.

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.