PHOTO
Oraseya Capital, a new AED 500 million ($136 million) venture capital fund launched in Dubai, is expected to drive the growth of tech businesses.
The fund is the new venture capital arm of Dubai Integrated Economic Zones (DIEZ), which encompasses Dubai Airport, Silicon Oasis and CommerCity free zones.
Announcing the new fund at the Dubai Business Forum on Wednesday, Mohammed Alzarooni, executive chairman of DIEZ, said its key aim was to foster innovation and drive the growth of start-ups in the UAE and beyond.
“Today’s launch is a testament to DIEZ’s commitment to contribute to achieving Dubai’s economic agenda D33 and elevate Dubia’s rank as a regional and global investment hub across all sectors,” he said.
“Our vision is to cultivate a diverse economic landscape with investment opportunities and an environment that welcomes and supports businesses.”
Alzarooni said the initiative acknowledges the immense potential held by startups that play a critical role in driving growth and innovation across economies, adding: “Their success is our success and their innovations will shape Dubai’s future as a vibrant hub for technology and partnership.”
Oraseya will provide support from the pre-VC stage until the critical Series B funding round stage, with resources and guidance, and create collaboration between innovators and entrepreneurs to foster adaptability and stay at the forefront of technological advancements, he added.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
