As per media reports, the Dubai Integrated Economic Zones Authority (DIEZ) on Friday launched a venture capital (VC) fund worth USD 136 million designed to finance technology startups.
Under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the fund was launched to support the economic objectives outlined in the Dubai Economic Agenda.
The fund aims to promote the growth of small and medium-sized enterprises (SMEs) in various emerging sectors. According to Dubai Chambers, nearly 30 per cent of the startup community in Dubai is from India. Indian companies and entities owned by non-resident Indians (NRIs) have contributed to the creation of over one million jobs in the UAE. Currently, there are approximately 83,000 Indian-owned companies registered with Dubai Chambers as of 2022.
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