Dubai has launched a Dh370 million ($100.7 million) VC debt fund, as it looks to support startups looking to expand globally.
The Crown Prince of Dubai and Chairman of Dubai Executive Council The Chairman, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, confirmed the development in a statement on Friday.
According to the council, the venture debt fund will be managed and supervised by the Dubai International Financial Centre (DIFC).
Slated to be deployed in June 2022, the fund is aimed at positioning Dubai as an innovation hub for fintech and other tech-driven startups.
The council further noted that the fund is expected to contribute around $816.9 million to the emirate’s GDP over the eight-year implementation period.
In addition, the development is equally hoped to create more than 8,000 jobs for emerging talent.
Speaking at the launch, Mohammed said:
“We approved the launch of the ‘Venture Capital Fund for Startups’ today under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to spearhead economic diversification and ignite sustainable economic growth. We are committed to creating a vibrant business environment and providing the opportunities to promote excellence.”
He added: “With a flexible legislative system, robust financing tools, an effective regulatory environment, and most importantly, dynamic public and private sectors, Dubai has established itself as the city of entrepreneurs and risk-tolerant investors. Dubai has been able to attract the best talent and investors from around the world to forge partnerships and mutually benefit from the tremendous opportunities offered. In short, Dubai nurtures bold ambitions.”
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