DIEZ launches Dhs500m venture fund to finance tech startups

Image courtesy: Rustam Azmi/ Getty Images

The Dubai Integrated Economic Zones Authority (DIEZ) has launched a Dhs500m venture capital fund to finance tech startups and supports the economic objectives outlined in the Dubai Economic Agenda (D33).

The fund will support D33, Dubai’s 10-year economic plan, by promoting the growth of small and medium-sized enterprises (SMEs) in various emerging sectors.

“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,” said Sheikh Ahmed bin Saeed Al Maktoum, the chairman of DIEZ.

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 to the Series B investment stage.

The new fund was launched on the sidelines of the Dubai Business Forum. “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,” said Abdul Aziz Abdulla Al Ghurair, chairman of Dubai Chambers.

“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.”

DIEZ drives sustainable growth

The newly launched VC fund’s core objective 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 while recognising the potential these companies hold for contributing to the growth and advancement 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.

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 the city’s strategic priorities related to integrated economic zones.

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