The Dubai Integrating Economic Zones Authority (DIEZ), under the auspices of His Royal Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and the Prime Minister of the United Arab Emirates and the Ruler of Dubai, has announced the opening of a US$136 million venture capital (VC) fund. AETOSWire/Dubai creates a US$ 136 a million venture capital firm to support technology entrepreneurs.
The fund was introduced in front of His Excellency Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, The second Deputy Ruler of Dubai. Its purpose is to support the growth of SMEs in various emerging sectors and finance technology startups, in line with the goals of the Dubai Economic Agenda, D33.
Under the guidance of HH Sheikh Mohammed bin Rashid Al Maktoum, Dubai Chambers organized the Dubai Business Forum, at which the new fund was introduced. The fund of funds is an initial investment initiative to be introduced under the Oraseya Capital brand, which is the venture capital division of DIEZ that specializes in startup venture investment activities. It will be essential in helping entrepreneurs from the pre-seed phase all the way through to the Series B funding stage.
The Honorable Chairman of DIEZ Sheikh Ahmed bin Saeed Al Maktoum has stated that the establishment of Oraseya Capital and a US$136 million venture capital fund for tech startups is a calculated action in line with His Highness’s instructions. Mohammed Sheikh