New Dhs 1 billion fund to support tech startups in Dubai

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A Dhs1bn Dubai Future District fund to support growing early stage tech startups was launched in the city by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Governor of Dubai, Deputy Prime Minister and Minister of Finance and Chairman of Dubai Securities and Senior Trade Committee.

The fund would be designed to implement the directives of Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the United Arab Emirates and ruler of Dubai, to establish 1,000 technology companies in the country within five years, from encourage them to register in the Financial markets and the Dubai Stock Exchange, and will also increase start-up investments from Dh 1.5 billion to Dh 4 billion.

The new fund aims to invest in local and regional funds, as well as attract leading international venture capital funds to establish a presence in Dubai. He seeks to create an innovation-driven startup ecosystem to improve the global competitiveness of Dubai’s future economy. As part of his tenure, he will invest in several initiatives including Dubai Future Accelerators, DIFC FinTech Hive and Venture Builder Studios.

To achieve its objectives, the Fund will leverage emerging technologies, such as AI, cybersecurity, blockchain, data analytics, software as a service (SaaS) / platform as a service (PaaS ), cloud solutions, 5G, IoT, augmented reality and robotics.

Sharif El-Badawi has been appointed CEO of the Dubai Future District Fund. He will oversee the funding of DFD’s innovation ecosystem in addition to overseeing the implementation of the fund’s short and long-term strategic goals.

El-Badawi was a founding managing partner of Plus Venture Capital (+ VC). Previously, he co-founded and managed the first US-based venture capital firm with a dedicated MENA fund. In his role, he managed the MENA start-up fund, 500 Falcons, which has invested in more than 180 startups in 15 countries.

In addition, El-Badawi sits on the board of directors of San Francisco Bay-based nonprofit TechWadi, where he served as chairman of the board from 2015 to 2019, helping to build meaningful bridges between startups from around the world. the MENA region and Silicon Valley. He also sits on several advisory boards for startups, organizations and governments in the MENA region and Silicon Valley.

Prior to his career in investing, he was Partner Lead of VCs and Startups at Google, where he worked with leading VCs and their most promising startups on strategies that bring Google’s capabilities to their businesses.

Along with the fund’s announcement on Monday, a website was also launched to support the initiative.

“The formation of the Dubai Future District Fund is an important step in the emirate’s journey to become a global entrepreneurship hub, accelerating our agenda of developing the new economy ahead of most other countries in the new normal. ‘today. Providing capital to startups and scale-ups in the innovation and technology ecosystem positions Dubai as a magnet not only for top talent but also for the international investment community, ”said Helal Saeed Al Marri, Director General of the Dubai Department of Economics and Tourism.

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