A new fund, aimed at promoting Dubai as a global hub for financial technology (FinTech), has been approved by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council.
The AED370 million 'Venture Capital Fund for Start Ups' will finance small to medium projects, supporting their development in Dubai and gradual expansion to global markets.
Announced following yesterday's meeting of the Executive Council, it will be managed by the Dubai International Financial Centre, which is also a 15% contributor, and will create an integrated funding system with a number of suitable options that can cater to the needs of enterprises.
The Fund is set to bolster Dubai's GDP by around AED3 billion during the implementation period, which will run for eight years, extendable for two additional years.
It will also provide more than 8,000 jobs for emerging talents, thus strengthening Dubai’s position as a regional centre for entrepreneurship and FinTech, innovation and venture capital, and ensuring that it attracts investors and entrepreneurs from around the world.
The Fund will come into effect starting June 2022.
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