RIYADH: As Dubai aims to become a fintech hub, the emirate has announced a new $100-million venture capital finance fund to boost the startup ecosystem and support fintech companies.
Set to be launched in June 2022, the venture capital fund for startups was approved by Crown Prince of Dubai, Sheikh Hamdan bin Mohammed, after a meeting held with the executive council, the National News reported.
“We are committed to create a vibrant business environment and provide the opportunities to promote excellence,” Sheikh Hamdan said in a statement issued by the Dubai Media Office.
The fund is expected to contribute around 1 billion dirhams ($815 million) to the country's GDP during the eight-year implementation period, extendable to two years.
The venture capital fund, to be managed by the Dubai International Financial Centre, in partnership with international organizations, is expected to create “more than 8,000 jobs for emerging talents, it added.
