Tuesday, July 23, 2024
spot_img
HomeBusinessEconomyDubai unveils $100M Venture Capital Fund for startups

Dubai unveils $100M Venture Capital Fund for startups

By PYMNTS

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, has approved a $100.7 million venture capital finance fund that’s aimed at helping startups across the region and promoting its plans to become a global FinTech powerhouse, according to a report in The National News.

The Venture Capital Fund for Startups will launch in June with plans to “promote the economic growth of the emirate and consolidate its position as a global center for financial technology (FinTech) and innovation in investment capital,” a tweet from the executive office said.

“We are committed to create a vibrant business environment and provide the opportunities to promote excellence,” said bin Mohammed in a statement issued by the Dubai Media Office. “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,” he added.

The fund, which will be managed by the Dubai International Financial Centre and other international organizations, is expected to contribute about $817 million to Dubai’s gross domestic product during the eight- to 10-year implementation period, the report says.

It will create “more than 8,000 jobs for emerging talents,” according to the statement.

Related: Dubai-Based HealthTech Altibbi Raises $44M, Seeks IPO

Last month, Altibbi, a Middle East-based HealthTech network, raised $44 million in a Series B round to expand its online pharmacy and diagnostic collection business, as well as to go public.

The round was led by Foundation Holdings and the venture capital arm of Hikma Pharmaceuticals, Hikma Ventures, as well as existing investors Global Ventures and Amman-based DASH Ventures. Other Altibbi shareholders include Endeavor Catalyst, Middle East Venture Partners and Al Rashed.

Foundation Holdings senior advisor Jason Kothari will join Altibbi’s board.

spot_img
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img
spot_img
spot_img

Caribbean News

St Lucia announces new law for Piton Management Area

By Caribbean News Global contributor SOUFRIERE, St Lucia - The government of Saint Lucia has demonstrated its commitment to maintaining the Outstanding Universal Value of...

Global News

D-Link unveils the G530 5G NR AX3000 Wi-Fi 6 Router

TAIPEI, Taiwan - D-Link Corporation (TWSE Code: 2332), a global leader in networking solutions, proudly announces the launch of its cutting-edge G530 5G NR AX3000...