Maktoum Bin Mohammed Launches AED1 Billion Dubai Future District Fund To Support Seed- To Growth-Stage Startups #Dubai - Dubai City Guide
Guest Posts, Link Building, SEO, Pay-Per-Click campaigns
Advanced Search
Download our Media Kit

Restaurants

Education


 





Home / News / Local News
Local News
   

Maktoum Bin Mohammed Launches AED1 Billion Dubai Future District Fund To Support Seed- To Growth-Stage Startups
(16 November 2021)

 

Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance and Chairman of the Dubai Securities and Exchange Higher Committee, today launched the Dubai Future District Fund, with an initial purse of AED1 billion, along with the Fund’s website, www.futuredistrictfund.com. The move is part of the Dubai Future District’s (DFD) ongoing efforts to support startups in the field of technology and encourage them to list in the Dubai Financial Markets and stock exchange.

The Fund, an initiative of the Dubai Securities and Exchange Higher Committee, will focus on supporting efforts to implement the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum to establish 1,000 tech companies in the country within five years and increase startup investments from AED1.5 billion to AED4 billion.

His Highness Sheikh Maktoum bin Mohammed said: "Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum and His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum to support the digital economic sector, we launched today the AED1 billion Dubai Future District Fund to invest in startups."

He added: "The Fund aims to realise the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum to establish 1,000 tech companies in the next five years, by supporting Dubai’s digital economy and companies that adopt future technologies and develop new economic sectors of the future."

His Highness Sheikh Maktoum bin Mohammed stressed that the Dubai Future District Fund supports national efforts and strategies aimed at enabling entrepreneurs to reach new horizons, realise Dubai’s aspirations for the new economy, and contribute to enhancing the emirate’s status as a preferred destination for global talent that offers an integrated investment environment and exceptional facilities.

His Highness Sheikh Maktoum also approved the appointment of Sharif El-Badawi as CEO of the Dubai Future District Fund. In this role, the new CEO will drive efforts to support Dubai’s development into a destination for regional and global technology startups and boost its position as a hub for talent and game-changing ideas.

As an enabler of Dubai Future District’s other initiatives, the Fund seeks to fill a funding gap in the MENA venture capital (VC) market by investing in technology startups in the early stages of growth. It aims to invest in local and regional funds, as well as attract leading international VC funds to establish a presence in Dubai.

The Dubai Future District Fund seeks to build an innovation-driven startup ecosystem to enhance the global competitiveness of Dubai’s future economy. As part of its mandate, it will invest in a range of key initiatives, including Dubai Future Accelerators, DIFC FinTech Hive and Venture Builder Studios.

The Fund is ideally positioned to attract startups from the MENA region and beyond that can develop innovative solutions for future local, regional and global challenges. It will also support the scale-up of top-performing startups through growth capital and follow-on rounds of investment and attract VC firms to Dubai through a fund of funds programme.

To achieve its objectives, the Fund will leverage emerging technologies, such as AI, cybersecurity, blockchain, data analytics, software-as-a-service (SaaS)/platform-as-a-service (PaaS), cloud solutions, 5G, IoT, augmented reality and robotics.

The Dubai Future District Fund has named Sharif El-Badawi as its CEO, who will play a pivotal role in quickly ramping up the team and executing the Fund’s strategy of contributing to the economy of the future. He will oversee the provision of financing for DFD’s innovation ecosystem, support promising projects and build partnerships with investment capital funds from around the world, in addition to supervising the implementation of the short- and long-term strategic objectives of the Fund. These include developing Dubai’s startup ecosystem, catalysing its growth by direct investment in startups, and encouraging local, regional and global funds to invest in the ecosystem.

Sharif El-Badawi was a founding Managing Partner of Plus Venture Capital (+VC), one of the leading seed stage investment firms in the Middle East and North Africa region. Previously, he co-founded and managed the first US-based venture capital firm with a dedicated fund for the MENA region. In his role, he managed the startup MENA fund, 500 Falcons, which has invested in over 180 startups across 15 countries.

In addition, Sharif serves on the board of San Francisco Bay Area-based non-profit firm TechWadi, where he was the chairman of the board from 2015 to 2019, helping to build meaningful bridges between MENA startups and Silicon Valley. He also serves on several advisory boards for startups, organisations and governments in the MENA region and Silicon Valley.

Prior to his career in investing, Sharif was the Partner Lead to VCs and startups at Google where he worked with top tier VCs and their most promising startups on strategies that bring Google’s capabilities to their businesses. Sharif earned his Master of Business Administration from University of California, Irvine, Merage School of Business and his Bachelor of Science in Neuroscience from the University of California, Los Angeles.

Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, noted that the launch of the Dubai Future District Fund constitutes a new step in consolidating the UAE’s leadership in digital economy while boosting Dubai’s attractiveness as a global destination for innovators and startups specialised in future technology. It also contributed to the success of many VCs and tech-driven startups such as: Careem, Mumzworld, Souq and others.

We accept Guest Posts


DubaiCityGuide.com is owned and managed by Cyber Gear



  All fields are mandatory
Your Name
Email
City
Country
Your Comments
 Max 250 characters - Word Count :
Image Verification
Change Image

     
 
email print
4235
 

Sponsored By : PressReleaseNetwork.com           Sponsored Opportunities

       
       
   
       

Hotels hotels Check out Hotels in Dubai
Shopping shopping A complete Mall & Store Guide
Dining dining Eating out at the coolest spots
Sightseeing sightseeing Things to see & do
DCG Recommends dcg recommends Best of the best in Entertainment
News Alerts
News Alerts
Stay ahead with dubai news
dcg mobile
dcg Mobile
With you wherever you go
rss feed
RSS Feeds
Get the latest
dubai blog
Dubai Blog
Your space, your voice
sitemap
Sitemap
DCG at a glance