The Crown Prince of Dubai initiates a $100 million venture capital fund aimed at supporting and empowering startups and entrepreneurs.

Dubai's Crown Prince, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, has given the green light for the launch of a substantial $100.73 million (AED 370 million) Venture Capital Fund for Startups. Set to commence operations in June 2022 for an initial eight-year period, with a potential extension of two years, the fund is governed by the Dubai International Financial Centre (DIFC) and aims to invigorate startup initiatives and entrepreneurs within the emirate.

With a 15 percent contribution from the DIFC, the Venture Capital Fund for Startups intends to establish an inclusive funding structure, offering diverse options tailored to meet the unique needs of enterprises. This significant financial injection, totaling $100.73 million (AED 370 million), is directed towards supporting small to medium-sized startup projects, fostering their growth in Dubai and facilitating expansion into global markets.

Sheikh Hamdan bin Mohammed emphasized the venture's role in advancing economic diversification and sustainable growth, aligning with the directives of Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai. The Crown Prince underscored the commitment to creating a vibrant business environment that fosters opportunities for excellence.

Anticipated to contribute around AED 3 billion to Dubai's GDP during the implementation period, the fund is expected to commence operations in June 2022, spanning an initial eight years with the possibility of a two-year extension. Beyond financial impact, the initiative aims to generate over 8,000 jobs for emerging talents, solidifying Dubai's position as a regional hub for entrepreneurship, fintech, innovation, and venture capital. The Executive Council's approval of the venture capital fund underscores Dubai's reputation as a city of risk-tolerant investors and entrepreneurs, attributed to its flexible legislative system, robust financing tools, effective regulatory environment, and dynamic public and private sectors. Sheikh Hamdan bin Mohammed emphasized Dubai's continuous success in attracting top talent and investors worldwide, fostering partnerships, and pursuing ambitious goals for the city's future.