The Dubai Integrated Economic Zones Authority (DIEZ) has initiated a significant step in fostering innovation and entrepreneurship with the launch of a venture capital (VC) fund amounting to $136 million. This fund is designed to support startups in their early stages, ranging from pre-seed to series B, with a particular focus on tech companies displaying substantial growth potential and aspirations for global expansion.
Under the umbrella of Oraseya Capital, DIEZ’s venture capital arm, this fund is the inaugural investment program introduced by the authority. The fund’s primary objective is to contribute to Dubai’s evolution into a prominent hub for innovative and globally impactful enterprises. Sheikh Ahmed bin Saeed Al Maktoum, the chairman of DIEZ, expressed optimism about the fund’s role in elevating Dubai’s status on the global innovation map.
Prior to the formal launch of the fund, Oraseya Capital had already engaged in strategic investments, featuring companies such as the generative AI platform Writer, solicitor marketplace Lawhive, and workspace booking firm LetsWork in its portfolio. These early investments underscore the commitment of Oraseya Capital to identifying and supporting ventures with promising potential.
A noteworthy aspect of DIEZ’s efforts in promoting startup growth is the Sandbox accelerator, an initiative facilitated by Oraseya. This five-month program is tailored for tech entrepreneurs in the pre-seed to seed-stage phases. Over three cohorts, the accelerator has seen the active participation of more than 38 startups, showcasing DIEZ’s commitment to nurturing innovation from its nascent stages.
DIEZ, as a government administration entity, plays a crucial role in providing companies with access to a multifaceted ecosystem, a global network, and comprehensive business solutions. The introduction of the $136 million VC fund adds a pivotal dimension to DIEZ’s strategy, aligning with Dubai’s broader vision of becoming a thriving center for innovation and a catalyst for global entrepreneurial endeavors.
The fund’s specific focus on technology startups is in line with the broader trend of Dubai positioning itself as a tech-forward city. By supporting startups through their early growth phases, Dubai aims not only to encourage local innovation but also to attract global talent and emerging enterprises seeking a conducive environment for expansion.
With the launch of the Oraseya Capital fund, DIEZ envisions a dynamic influx of investments into Dubai’s startup ecosystem, fostering a culture of innovation, collaboration, and global competitiveness. The fund’s commitment to startups at various stages of development reflects a comprehensive approach to building a resilient and diverse entrepreneurial landscape in Dubai, bolstering its reputation as a destination for forward-thinking businesses and groundbreaking ideas.