Crown Prince of Dubai approves venture capital fund of Dh370 million to support businesses

The Dubai government, on Wednesday, 27 April, launched a major initiative to strengthen the position of the emirate as a global hub for innovation, financial technology and venture capital. 

The Dubai government, on Wednesday, 27 April, launched a major initiative to strengthen the position of the emirate as a global hub for innovation, financial technology and venture capital. 

The Crown Prince and Chairman of the Executive Council of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, authorised a Dh370 million Venture Capital Fund to provide financial support to small to medium startup projects supporting their establishment in Dubai and their expansion slowly to global markets. 

Advertisement

The fund will be coming into effect from June 2022. It will contribute almost Dh3 billion to the emirate’s GDP in the execution period, which will be running for eight years, and is extendable for two additional years. It will give around 8,000 jobs to emerging talents.

Sheikh Hamdan stated, “We authorised the launch of the ‘Venture Capital Fund for Startups’ today under the directions of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai, Vice-President and Prime Minister of the UAE, to spearhead financial diversification and ignite sustainable economic growth.”

The Dubai International Financial Centre, a 15% contributor to this initiative, will manage the fund in collaboration with international organisations. 

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said, “We are determined to create a dynamic business environment and provide the opportunities to encourage excellence.”

Chairman and managing partner of Jitendra Consulting Group, Jitendra Gianchandani, welcomed the government initiative and called it a significant step for the fintech sector. 

Gianchandani said, “Though startups and SMEs are regarded as the backbone of the economy, they are leftover by the government and banks when it comes to the funding. I think venture fund is a fine idea and will support startups to establish and lure more investors and entrepreneurs worldwide.”

Advertisement

The Crown Prince said, “Dubai has attracted the best talent and investors worldwide to forge collaborations and mutually benefit from the tremendous opportunities. In short, Dubai promotes bold ambitions.”

Tariq Saeed

Read More

Dubai’s Emirates Road Repair Nears Completion Ahead of New School Year

Dubai’s Roads and Transport Authority is finalizing resurfacing and restructuring works on Emirates Road, a 14-kilometre stretch, ensuring smoother traffic and improved safety before schools reopen. The project, completed in stages, minimizes disruptions while tackling heavy truck-related road wear

Leaders of UAE, India, Israel, US holds first virtual summit ‘I2U2’

The President of the United Arab Emirates met the leaders of Israel, India and the United States in a virtual summit held on Thursday, July 14.

Know your authors: Edward Said – renowned middle east writer quotes

Edward Wadie Said was one of the well-known authors of the middle east who shined their name at the international level. He was a...

Recent

Abu Dhabi: Minor dies after being in locked car for long time

Abu Dhabi: A child suffocated and died after his father forgot him inside the car for a long time as a result of his father being busy with a work-related phone call.

Dubai: World famous Italian fashion institute “Istituto Marangoni” opens new campus

The world's number one leading fashion and design school, Istituto Marangoni, has officially inaugurated its new campus in the Dubai International Financial District on Tuesday.

UAE Achieves Milestone with 1 Million Air Traffic Movements in 2024

betturkey giriş trbet yeni giriş The UAE’s aviation sector has reached a major milestone, with air traffic movements exceeding one million in 2024. According to the...
admin

Too Many Requests