Diez Launches $136 Million Venture Capital Fund for Fintech Startup Support

• ByStartupStory     |    November 4, 2023

The Dubai Integrated Economic Zones Authority (DIEZ) has introduced a $136 million venture capital fund named Oraseya Capital, aimed at investing in fintech startups from their early stages to Series B funding rounds. This initiative is under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE.

The fund’s primary objective is to provide financial support to technology startups while aligning with Dubai’s Economic Agenda, D33, to facilitate the growth of small and medium-sized enterprises (SMEs) in emerging sectors. It will play a crucial role in bridging corporate finance gaps during the developmental stages of startups, aligning with Dubai’s commitment to promoting startup investments and recognizing the potential of these companies to contribute to the nation’s economic growth and development.

The launch of this venture capital fund occurred during the Dubai Business Forum, an event with the theme “Shifting Economic Power: Dubai and the Future of Global Trade.” The forum serves as a platform for the global business community to engage in discussions about business growth and international cooperation. The fund is the inaugural investment program introduced by Oraseya Capital, DIEZ’s venture capital arm specializing in startup investments.

Oraseya Capital has also launched a website for business owners to submit financing applications to its VC fund, targeting both local and international enterprises in Dubai. The fund will actively guide and participate in these startups to ensure their success and growth. DIEZ’s aim is to elevate Dubai’s status as a regional and global investment hub, fostering a diverse economic landscape and creating a business-friendly environment.

Mohammed Al Zarooni, Executive Chairman of DIEZ, emphasized the importance of fostering a collaborative ecosystem for innovative entrepreneurs. He said, “The emphasis is on fostering a collaborative ecosystem for innovative entrepreneurs to exchange ideas, knowledge, and resources. This initiative prioritizes adaptability by remaining open to new opportunities and contemporary technologies that align with the fund’s objectives.”

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The two-day Dubai Business Forum event includes plenary sessions and keynote addresses by prominent figures from the public sector, business leaders, industry experts, investors, and economists. These discussions focus on emerging trends that are transforming the business landscape and shaping the future of global trade.

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