UAE’s Diez announces $136 Million VC fund for startups

Dubai's critical economic agency, the Dubai Integrated Economic Zones Authority (DIEZ), has unveiled its venture capital (VC) fund named Oraseya Capital, amassing a substantial AED 500 million (roughly $136 million) to bolster startups.

This versatile fund is crafted to back startups from the nascent pre-seed phase to their Series B rounds. The central motive behind this venture is to stimulate the expansion of small to medium-sized businesses in several burgeoning industries and aid in the international growth aspirations of these emerging companies, with a keen focus on groundbreaking technology.

This significant initiative was inaugurated under the auspices of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and the reigning Ruler of Dubai. His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Dubai's Second Deputy Ruler, also graced the event with his presence.

Commenting on the launch, His Excellency Abdul Aziz Abdulla Al Ghurair, Chairman of the Dubai Chambers, mentioned, "This new VC fund by DIEZ is a testament to Dubai's evolving stature as a prime locus for investments and its ascendancy as a global nexus for funding tech-driven startups. The Dubai Business Forum offers the perfect setting to unveil visionary endeavors that align with the goals set in the D33 blueprint and propel the worldwide economy."

Representing the maiden investment venture under Oraseya Capital, DIEZ's VC wing, the fund intends to bridge the financial void startups often face during pivotal growth phases. This move further cements Dubai's resolve to stay at the forefront of global startup investment spheres and acknowledges the role of startups in fortifying the nation's economic vigor.

In addition, Oraseya Capital has rolled out its dedicated website, inviting entrepreneurs to pitch their financing requisitions. The fund is unique in its commitment to hands-on mentorship and a proactive engagement strategy, moving beyond a mere capital-centric investment standpoint.

In the grand scheme of things, DIEZ aspires to fortify Dubai's reputation as a preeminent investment epicenter both regionally and globally. This resonates with the city's overarching strategies emphasizing cultivating a multifaceted economic environment with diverse investment prospects.