The Dubai Integrated Economic Zone (DIEZ) has announced the official launch of Oraseya Capital, a venture capital fund that will invest in financial technology (fintech) startups in the gulf nation.
This strategic initiative, announced during the Dubai Business Forum, aligns with the Dubai Economic Agenda D33, which aims to foster the growth of SMEs in various burgeoning sectors in the country, according to the announcement.
The Dh500 million ($136 million) fund will invest in fintech startups from the pre-Seed stage to Series B. It seeks to address financing gaps for startups, facilitate global expansion and investments in advanced technologies.
The fund is led by DIEZ’s Executive Chairman, Dr. Mohammed Al Zarooni, and a team of experts with over 15 years of experience in the startup ecosystem.
His Highness Sheikh Ahmed bin Saeed Al Maktoum emphasized the fund’s alignment with Dubai’s economic advancement goals and its focus on enhancing the SME sector, a crucial economic pillar. Oraseya Capital is expected to propel companies toward achieving ‘unicorn’ status and reinforcing Dubai’s global economic influence.
“This qualitative strategic initiative supports the efforts of DIEZ to enhance its contribution to Dubai’s economy and the growth of the SME sector, which is a vital segment of the economy and serves the overarching goal of achieving comprehensive and sustainable development. This will ensure the continued sustainability and progress of Dubai’s economy in the decades to come,” he said.
Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, highlighted the fund’s reflection of Dubai’s position as a prime investment destination and a global tech startup hub. DIEZ’s initiative is seen as a significant step towards enhancing Dubai’s competitive edge in the global market.
Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, said the goal is to “empower entrepreneurs from various corners of the world to nurture and establish innovative enterprises”.
“This endeavour is instrumental in strengthening Oraseya Capital’s standing as a premier venture investment company for startups, eagerly sought after by both entrepreneurs and investors alike, all of whom aspire to reshape the landscape and future of advanced technology sectors,” Al Zarooni stressed.
Oraseya Capital has introduced its official website, providing a platform for business owners to submit financing applications to the VC fund. This initiative targets local companies within the city, as well as international enterprises seeking to establish their operations in Dubai.
