Under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, who serves as the Vice President, Prime Minister, and Ruler of Dubai, the Dubai Integrated Economic Zones Authority (DIEZ) has officially unveiled a substantial venture capital (VC) fund with a total value of AED500 million (Around Rs 11,332). 

This significant announcement took place in the presence of H.H. Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, who holds the position of Second Deputy Ruler of Dubai. The primary objective of this fund is to provide financial support to technology startups and contribute to the economic goals set forth in the Dubai Economic Agenda, known as D33. It aims to facilitate the growth of small and medium-sized enterprises (SMEs) operating within various emerging sectors. 

The launch of this new venture capital fund coincided with the Dubai Business Forum, an event organized by Dubai Chambers under the patronage of Sheikh Mohammed bin Rashid. 

The newly established fund marks the inaugural investment program introduced by Oraseya Capital, the venture capital subsidiary of DIEZ that specialises in startup investment activities. This fund is set to play a pivotal role in bolstering start-ups, covering the entire spectrum from the pre-seed stage to the Series B investment stage. 

Sheikh Ahmed bin Saeed Al Maktoum, who serves as the Chairman of DIEZ, emphasised that the launch of Oraseya Capital and the establishment of an AED500 million venture capital fund dedicated to technology startups signify a strategic step that aligns with the directives of Sheikh Mohammed bin Rashid Al Maktoum, focusing on nurturing the growth of Dubai's digital economy sector. 

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ said, “The creation of this venture capital (VC) fund represents a significant catalyst for established companies aiming to expand globally. It is poised to play a crucial role in reinforcing Dubai's reputation as a fertile ground for the world's most innovative, advanced, and creative enterprises. The leadership has expressed strong confidence in the expertise of the Oraseya Capital team, who have a strong track record in supporting startups in emerging industries and cutting-edge technology. The ultimate goal is to witness these startups ascending to the prestigious status of 'unicorn' companies, with their journey commencing right here in the emirate, which stands as a key player in shaping the global economy.” 

The Dubai Business Forum was inaugurated at Madinat Jumeirah, Dubai, with the theme "Shifting Economic Power: Dubai and the Future of Global Trade." This forum serves as a gathering point for the global business community, facilitating meaningful discussions on business expansion and international collaboration. 

Spanning two days, the event will feature top-tier plenary sessions and keynote speeches, offering attendees valuable insights from prominent public sector officials, business magnates, industry specialists, investors, and economists. These discussions will delve into the evolving trends that are reshaping the business landscape and influencing the trajectory of global trade.