Bedu Goes into Partnership with Dubai Future Foundation
2 october, 2022
The launch of the Start-up Venture Capital Fund has been approved by Sheikh Hamdan Bin Mohammed, Crown Prince of Dubai, after he led a meeting of the Executive Council. The investment will amount to around AED 370 million ($100.7 million).
During a meeting of @TECofDubai, we approved the launch of an AED370 million 'Venture Capital Fund for Startups' that aims to reinforce Dubai's status as a leading fintech innovation hub. @DIFC will oversee the new fund.
- Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai (@HamdanMohammed)
The fund will be launched in June 2022. The main objectives are to contribute to the emirate's economic growth and strengthen its position as a global centre for financial technology and investment capital innovation.
The statement said the fund is supposed to contribute around Dh3 billion to Dubai's gross domestic product over the implementation period, which will last for eight years with the possibility of extension for another two years.
The fund will be managed by the Dubai International Financial Centre in partnership with international organisations.
The new VC fund is expected to provide more than 8,000 jobs, strengthen Dubai's position as a regional hub for entrepreneurship and FinTech and help attract investors.
Dubai is actively developing capacity in venture capital investment. It is among the 35 most attractive cities in the world when it comes to attracting venture capital and financing start-ups, according to the first Business Innovation Index from Finom, a financial platform for businesses in Europe.
The emirate ranked 30th in its ability to attract venture capital and 32nd in the category assessing how well start-ups are funded, says the global index, which assesses more than 100 cities around the world.
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