DIEZ Launches $136 Million VC Fund for Startups

Published 7 months ago

The Dubai Integrated Economic Zones Authority (DIEZ) has unveiled a venture capital (VC) fund worth Dh500 million ($136 million) for startups. The fund, titled Oraseya Capital, is sector agnostic and will invest in startups from the pre-Seed stage to Series B.

The fund aims to facilitate the global expansion aspirations of startups and invest in innovative technology. The initiative aligns with the economic objectives outlined in the Dubai Economic Agenda, D33, promoting the growth of small and medium-sized enterprises (SMEs) in various emerging sectors.

Boost for Tech Startups

Launched under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the fund is designed to finance technology startups. The launch took place at the Dubai Business Forum, organized by Dubai Chambers under the patronage of HH Sheikh Mohammed bin Rashid.

Sheikh Ahmed bin Saeed Al Maktoum emphasized that the creation of the VC fund for technology startups is a strategic move that supports the growth of Dubai’s digital economy sector. This initiative aims to enhance DIEZ’s contribution to Dubai’s economy and the growth of the SME sector, which is a vital segment of the economy.

Bridging the Finance Gap

The fund will address existing gaps in corporate finance, especially during crucial developmental stages. The initiative reflects Dubai’s commitment to keeping pace with the world’s leading economies in the field of startup investment.

DIEZ established Oraseya Capital to reinforce capability and competency building. The initiative is designed to facilitate the global expansion aspirations of startups and invest in cutting-edge technology.

Expert Team at the Helm

The Board of Directors of Oraseya Capital, led by His Excellency Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, includes specialists in financial funds, corporate establishment, business development, and investment consulting, each with over 15 years of experience in the startups field. The Board aims to build on the extensive experience of DIEZ and its economic zones, spanning nearly a quarter of a century, to add depth and perspective to this initiative.

A Platform for Financing Applications

Oraseya Capital has launched its official website, providing a platform for business owners to submit financing applications to the VC fund. This initiative targets local companies in the city, as well as international enterprises looking to establish their operations in Dubai.

The VC fund aims to provide support to companies that are part of its investment portfolio, adopting a direct guidance approach and active participation to help companies ensure their success and growth.

Elevating Dubai’s Investment Standing

DIEZ, dedicated to raising Dubai’s standing as a regional and global investment hub across all sectors, seeks to enhance economic growth and formulate a comprehensive economic blueprint for the city. Through Oraseya Capital, DIEZ aims to foster a diverse economic landscape, promoting a myriad of investment opportunities, and creating a business-friendly environment.

The Dubai Business Forum, under the theme ‘Shifting Economic Power: Dubai and the Future of Global Trade,’ was launched at Madinat Jumeirah, Dubai. The Forum brings together the global business community to discuss business growth and international cooperation.