DIEZ launches $136mn VC Fund to support startups

By Arya M Nair, Official Reporter
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DIEZ VC Fund launching ceremony
Rep.Image | Courtesy: WAM

The Dubai Integrated Economic Zones Authority (DIEZ), has launched a venture capital (VC) fund worth $136 million, designed to finance technology startups and supports the economic objectives outlined in the Dubai Economic Agenda, D33.

The new fund was launched on the sidelines of the Dubai Business Forum, which is being organized by Dubai Chambers under the patronage of His Highness Sheikh Mohammed bin Rashid.

The fund is the first investment program 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, starting from the pre-seed stage, and extending all the way to the Series B investment stage.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, said that the launch of Oraseya Capital and the creation of a $136 million VC fund for technology startups represents a strategic move that aligns with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum to support the growth of Dubai’s digital economy sector.

Sheikh Ahmed bin Saeed Al Maktoum_DIEZ launches VC fund
Sheikh Ahmed bin Saeed Al Maktoum

“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,” Sheikh Saeed Al Maktoum 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, recognizing the potential these companies hold for contributing to the growth, advancement and reinforcement 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 endeavors collectively serve to strengthen Dubai’s status as a rapidly growing hub and an attractive destination for companies and enterprises alike.

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 startup 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.

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 realizing Dubai’s strategic priorities related to integrated economic zones. This overarching strategy seeks to enhance economic growth and formulate a comprehensive economic blueprint for the city. This blueprint envisions a diverse economic landscape, fostering a myriad of investment opportunities, and promoting a business-friendly environment.

The Dubai Business Forum was launched today at Madinat Jumeirah, Dubai, under the theme “Shifting Economic Power: Dubai and the Future of Global Trade”. The Forum brings together the global business community to engage in rich dialogue on business growth and international cooperation.

The two-day event will host high-level plenary sessions and keynote addresses, creating exciting opportunities for participants to hear from influential public sector figures, business leaders, industry experts, investors, and economists as they explore the emerging trends transforming business and shaping the future of global trade.

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