Skip to content Skip to Search
Skip navigation

Dubai launches $136 million venture capital fund

By Gavin Gibbon
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 Reuters
The goal is to create a more financially efficient entity and comprising global expertise across various sectors, said Sheikh Mohammed
  • 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”.

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.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]