Banking & Finance Dubai launches $136 million venture capital fund By Gavin Gibbon November 1, 2023 Reuters Dubai's ruler Mohammed bin Rashid Al Maktoum launched the Economic Agenda to double the size of the emirate's economy. Oreseya Capital will contribute to this aim AED500m fund to support tech startups Oraseya Capital launched by DIEZ Part of Dubai Economic Agenda Dubai Integrated Economic Zones Authority has launched a venture capital fund, backed by a AED500 million ($136 million) pot, to support tech startups. Oraseya Capital was announced at the Dubai Business Forum on Wednesday by Dr Mohammed Alzarooni, executive chairman of DIEZ Authority. He said Oraseya Capital’s key aim is to “foster innovation and drive the growth of startups in the UAE and beyond”. Mena startup exit shortage looming – VC fund CEO Investment in Mena climate tech hits record $270m in 2022 Neom investment fund backs US futuristic transport firms Established in 2021, DIEZ is made up of Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai CommerCity. The authority is home to more than 5,000 registered companies across 20 industries. Dubai’s new venture capital fund will offer assistance from pre-seed stage “ensuring entrepreneurs have the resources and guidance they need right from the beginning”, through to the Series B investment phase. “Their success is our success and their innovations will shape Dubai’s future as a thriving hub for technology and partnerships,” said Alzarooni. Oraseya Capital will contribute towards a central goal of the Dubai Economic Agenda (D33). The agenda was launched at the start of this year by Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai, to double the size of the emirate’s economy over the next decade and consolidate its position among the top three global cities. The inaugural edition of the Dubai Business Forum is being held by Dubai Chambers, which attracted 69 startups to the emirate in the first half of the year. Last month the Dubai Chamber of Digital Economy launched the Business in Dubai programme, designed to attract and support digital-focused startups. The initiative brings together seven partners – the Dubai World Trade Centre, du, Dubai Islamic Bank, Mashreq, Commercial Bank of Dubai, Tacoma Group’s startup incubator in5 and workspace platform Letswork.