Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, approved a Dh370 million Venture Capital Fund to finance small to medium startup projects, supporting their development in Dubai and gradual expansion to global markets.
This will emerge Dubai a city of entrepreneurs. The crown prince said, “We are committed to creating a vibrant business environment and providing the opportunities to promote excellence”.
“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,” Sheikh Hamdan said.
The Dubai International Financial Centre will govern the fund in partnership with international organizations. Jitendra Gianchandani, chairman and managing partner of Jitendra Consulting Group, termed this initiative of the government a major step for the finance sector.
The executive council also accepted the establishment of a centre to empower and cater for the needs of vulnerable groups. The centre concentrates on offering shelter to dependent citizens who need care through quality programmes and services. This also includes rehabilitation for the children addicted to drugs.
