Under the Patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Dubai Integrated Economic Zones Authority (DIEZ) Introduces AED500 Million Venture Capital Fund in the Presence of His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai, to Fuel Technology Startups and Advance SME Growth in Line with Dubai’s Economic Agenda, D33
The Launch of this groundbreaking fund took place during the Dubai Business Forum, organized by Dubai Chambers, under the esteemed patronage of HH Sheikh Mohammed bin Rashid. This venture marks the debut of Oraseya Capital, the venture capital arm of DIEZ dedicated to nurturing startups through a comprehensive investment program. The fund’s reach will encompass support for startups at the initial pre-seed stage, extending all the way to the pivotal Series B investment phase.
In the words of His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ
The establishment of Oraseya Capital and the initiation of an AED500 million VC fund dedicated to technology startups exemplify a strategic endeavor that perfectly aligns with the visionary directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum. This initiative serves as a testament to Dubai’s unwavering commitment to fostering the growth of the digital economy sector.
“His Highness articulated, “This pivotal strategic endeavor underscores DIEZ’s dedication to augment its role in bolstering Dubai’s economic landscape and fortifying the SME sector, a cornerstone of our economy, in alignment with the overarching vision of achieving holistic and enduring development. Such concerted efforts ensure the sustained prosperity and advancement of Dubai’s economy for the forthcoming decades.”
“The establishment of this VC fund represents a significant catalyst for accomplished firms striving to forge a global footprint. It will play a central role in fortifying Dubai’s position as a fertile ground for the world’s most inventive, progressive, and imaginative enterprises. We have full faith in the prowess of the seasoned team at Oraseya Capital, adept at nurturing startups within emerging sectors and pioneering technology. Our aspiration is to witness these startups ascend to the prestigious league of ‘unicorn’ companies, commencing their remarkable journey right here in the emirate, a pivotal contributor to shaping the global economic landscape.”
One of the fund’s primary aims is to bridge the prevalent gaps in corporate finance, with a special emphasis on these critical phases of development. This endeavor underscores Dubai’s unwavering dedication to aligning itself with the world’s foremost economies in the realm of startup investments, acknowledging the significant potential that these companies bear in fortifying the growth, progress, and resilience of the national economy.
The formation of Oraseya Capital by DIEZ is a strategic step aimed at enhancing the development of capabilities and competencies. This initiative is strategically aligned with the objective of fostering the global expansion ambitions of startups and channeling investments into cutting-edge technology. Collectively, these efforts work in concert to bolster Dubai’s position as a burgeoning hub, rendering it an enticing haven for companies and enterprises seeking growth and opportunity.
Heading the Board of Directors of this venture is His Excellency Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, who brings his vast expertise to lead this enterprise. The board comprises distinguished professionals with backgrounds in financial funds, corporate building, business evolution, and acquisition consultancy, each boasting more than 15 years of hands-on experience in the realm of startups, particularly within the UAE and Dubai. The vast experience of DIEZ, spanning almost a quarter of a century and enriched by its economic zones, lends a profound deep and stand to this groundbreaking industry.
His Excellency Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, expressed:
“The introduction of DIEZ’s investment fund underscores Dubai’s burgeoning stature as a premier investment destination and a worldwide epicenter for financing technology startups. The Dubai Business Forum serves as the ideal stage for unveiling such ambitious initiatives that not only align with the objectives laid out in the D33 agenda but also propel the global economy forward.”
Al Ghurair further emphasized
“Our unwavering commitment lies in the realization of our strategic goals, which involve drawing international businesses and investments to Dubai and sustaining the dynamic growth of the digital economy. We hold DIEZ’s initiative in high regard, recognizing it as a forward-looking stride in bolstering Dubai’s global competitiveness in the sphere of enticing and financing technology startups.”
His Excellency Dr. Mohammed Al Zarooni, the Executive Chairman of DIEZ, articulated
“The core values of Oraseya Capital encompass fostering meaningful engagement, championing cutting-edge technology, and nurturing creative ideation. Central to this mission is the creation of a collaborative ecosystem where innovative entrepreneurs can seamlessly exchange ideas, knowledge, and resources. This initiative places a paramount focus on adaptability, remaining receptive to fresh prospects and modern technologies that align with the fund’s overarching purposes. Integrity takes precedence, with a steadfast devotion to maintaining the most elevated measures of clarity, all dedicated to the noble cause of supporting and funding technology enterprises on the emirate’s stage.
The primary thrust of the VC fund centers on strategic investments in startups demonstrating substantial growth potential. Our aspiration is to empower entrepreneurs from diverse corners of the globe, enabling them to cultivate and establish groundbreaking enterprises. This collective endeavor is instrumental in cementing Oraseya Capital’s reputation as an exclusive venture acquisition entity for startups, actively most demanding by both entrepreneurs and investors who share the common ambition of reshaping the future terrain of cutting-edge technology sectors.”
Oraseya Capital has unveiled its dedicated official website, offering a user-friendly forum for business owners to present their financing applications to the VC fund. This initiative is tailored to cater to both local companies within the city and international enterprises looking to set up their operations in Dubai.
What sets this VC fund apart is its commitment to extending support beyond mere financial backing. Instead of solely investing in assets, it adopts a proactive approach, providing hands-on guidance and active involvement to ensure the success and growth of the companies within its investment portfolio.
DIEZ is steadfast in its commitment to bolster Dubai’s position as a premier regional and global investment hub, spanning all sectors. The organization is unwavering in its pursuit of Dubai’s strategic priorities concerning integrated economic zones. At the core of this holistic strategy lies the aspiration to augment economic growth and construct a comprehensive economic framework for the city. This blueprint envisions a multifaceted economic terrain, cultivating a plethora of investment prospects and cultivating a business environment that is not only welcoming but also conducive to growth and innovation.