Dubai Fund commits 1 billion dollars to technology start-ups

Dubai Future District Fund established by the Dubai International Financial Centre (DIFC) and the Dubai Future Foundation (DFF) invested 28 million dollars in 16 start-ups in 16 months of its existence.

The Fund has set a 1 billion dollars target to invest in technology start-ups by the end of  2024, a fourfold increase since  2021.
It is anticipated that the fund investments will create 185,000 jobs and 20 billion dollars in gross domestic product contribution.
According to the industry platform Wamda, start-ups in the Middle East doubled the capital raised in February compared to the same period last year.  

Despite the volatility of the global technology sector, the emirate's government strives to provide a comfortable environment for start-ups turning Dubai into a global testing ground for innovation.

(The National, March 21, 2023)