Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, has approved a $100.7 million venture capital finance fund that’s aimed at helping startups across the region and promoting its plans to become a global FinTech powerhouse, according to a report in The National News.
The Venture Capital Fund for Startups will launch in June with plans to “promote the economic growth of the emirate and consolidate its position as a global center for financial technology (FinTech) and innovation in investment capital,” a tweet from the executive office said.
“We are committed to create a vibrant business environment and provide the opportunities to promote excellence,” said bin Mohammed in a statement issued by the Dubai Media Office. “With a flexible legislative system, robust financing tools, an effective regulatory environment and most importantly, dynamic public and private sectors, Dubai has established itself as the city of entrepreneurs and risk-tolerant investors.
“Dubai has been able to attract the best talent and investors from around the world to forge partnerships and mutually benefit from the tremendous opportunities offered,” he added.
The fund, which will be managed by the Dubai International Financial Centre and other international organizations, is expected to contribute about $817 million to Dubai’s gross domestic product during the eight- to 10-year implementation period, the report says.
It will create “more than 8,000 jobs for emerging talents,” according to the statement.
Last month, Altibbi, a Middle East-based HealthTech network, raised $44 million in a Series B round to expand its online pharmacy and diagnostic collection business, as well as to go public.
The round was led by Foundation Holdings and the venture capital arm of Hikma Pharmaceuticals, Hikma Ventures, as well as existing investors Global Ventures and Amman-based DASH Ventures. Other Altibbi shareholders include Endeavor Catalyst, Middle East Venture Partners and Al Rashed.
Foundation Holdings senior advisor Jason Kothari will join Altibbi’s board.