To catalyze the growth of tech startups, the Dubai Integrated Economic Zones (DIEZ) has introduced Oraseya Capital. This $136 million venture capital (VC) fund was unveiled during the Dubai Business Forum.
DIEZ comprises Dubai Airport, Silicon Oasis and CommerCity free zones.
For startups in UAE and beyond
Oraseya Capital will offer comprehensive support to tech startups. These cover businesses that are in the pre-VC stage to those in the critical Series B funding round stage.
Apart from giving resources and guidance, it will facilitate collaboration between innovators and entrepreneurs. Specifically, the goal is to enhance adaptability and keep them at the forefront of technological advancements.
However, Mohammed Alzarooni emphasized that the VC fund will support tech startups not only within the United Arab Emirates (UAE) but also on a broader scale. He is the executive chairman of DIEZ.
“[The] 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,” remarked AlZarooni.
Additionally, he shared, “Our vision is to cultivate a diverse economic landscape with investment opportunities and an environment that welcomes and supports businesses.” Furthermore, he acknowledged the significant potential inherent in startups. He said that they play a pivotal role in driving economic growth and innovation across various industries.
Read: Economy Middle East Tips: Mistakes startups need to avoid
Robust regional hub
StartupBlink’s Global Startup Ecosystem Index 2023 ranked the UAE as the second-best startup hub for entrepreneurship in the Middle East. Globally, it secured the 28th spot. Leading the way in the country is Dubai’s startup ecosystem.
According to the Dubai Chamber of Digital Economy, the UAE’s digital economy will reach $140 billion by 2031. A significant portion of this achievement is expected to rely on startups based in Dubai. In fact, startups operating in Dubai have already attracted approximately 96 percent of all funds raised in the UAE since 2017.
UAE Minister of Economy Abdulla bin Touq previously underscored that startups will help the country achieve its goal of doubling its gross domestic product by 2031.
Under its landmark Future 100 initiative, the top 100 startups in the UAE will be receiving substantial support. These startups will come from various emerging industries. These include advanced manufacturing, fintech, intelligent mobility, renewable energy, cybersecurity, blockchain and 3D printing, among others.
“The initiative champions the UAE’s economic sectors that will shape the economic landscape, with particular focus on nurturing the start-up sector,” stated the minister.
“Our objectives are very clear: accelerate the growth of [small and midsize enterprises] into the future economy and stimulate private investment in the future economy,” he added.
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