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FinancialNews
28-04-22
Dubai: Sheikh Hamdan agrees on Dh370 million investment to support startups
(MENAFN) On Wednesday, Dubai administration presented a main initiative to reinforce the emirate’s stance as a worldwide center for economic technology, innovation and venture capital.
Crown Prince of Dubai and Chairman of the Executive Council of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, agreed on a Dh370 million (USD100.7 million) Venture Capital Fund to fund minor to average startup projects, assisting their improvement in Dubai and gradual development to worldwide markets.
The investment, which is going to come into conclusion from June this year, is set to fund about Dh3 billion (USD816.7 million) to the emirate’s GDP throughout the operation period, which is going to run until 2030, with two additional years’ extension possible, however, it is going to offer at least 8,000 jobs for emerging talents.
Sheikh Hamdan stated that, “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.”
MENAFN28042022000045014228ID1104111917
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