Dubai launches $100m startup VC fund

Dubai crown prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has overseen the launch of the Venture Capital Fund for Startups.

The fund will have a starting capital of AED370 million (US$101 million) and is set to come into effect in June 2022.

It will also focus on the fintech sector and is designed to increase the number of viable startups and fortify the emirate’s status as a fintech hub for the region.

This in turn, will “help develop and foster a stimulating environment for the establishment of funds or similar financing instruments.

The fund will be governed by the Dubai International Financial Centre, which is also contributing 15% to the fund.

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