The Dubai Future District Fund (DF2) oversight committee met upon completion of its first year of investment operations. The committee reviewed DF2’s first full year of operations in the meeting and emphasized the rapid progress that had been made. DF2 completed 13 fund and start-up investments from an initial funding commitment of AED1billion.
Minister of State for artificial intelligence, digital economy and remote work applications Omar Sultan Al Olama, chaired the DF2 committee. He explained that Dubai looks to provide an ecosystem to create the next generation of start-ups and global unicorns. Currently, the UAE leadership is focusing on driving significant growth in the economy and enhancing the UAE‘s global competitiveness.
DF2 focuses on early-stage, high-growth technology start-ups for emerging markets in the region, it is the first venture capital fund of its kind. Since its inception, more than 1,000 start-ups and other funds have reached out to DF2 seeking to expand their capital base. The fund has made 13 investments since it began.
The Government of Dubai launched the fund in an effort to centralise its participation in the digital economy alongside the private sector. The Dubai International Financial Centre (DIFC), the leading financial centre in the Middle East, Africa and South Asia region, anchors DF2. The Dubai Future Foundation (DFF) also anchors the fund, which plans to make Dubai a leading city of the future.
Al Olama praised the efforts of the committee to attract global businesses, supporting start-ups to establish them in Dubai and providing them with state-of-the-art solutions in easing their journey to success. The minister of state believes the impact of these companies will become apparent in the near future. The company’s presence in Dubai can support sustainable economic growth and enhance prosperity.
‘Attracting innovative and emerging technology companies’
Essa Kazim, governor of the DIFC, said: “The results of our first full year of operations are promising. As an anchor investor in the Dubai Future District Fund, we will continue to shape the emirate’s reputation as a global hub for technology and innovation and support start-ups through our comprehensive, world-class ecosystem.
“In line with our vision to drive the future of finance, which is also an important pillar of the fund, our efforts are attracting innovative and emerging technology companies and talent from around the world. We now look forward to capitalising on this through 2023 and attracting even more start-ups and positively impacting the economy.”
Arif Amiri, CEO of the DIFC Authority, also commented on the fund. Amiri said: “The global economy is expected to more than double by 2050, enabled by the rise in innovative technologies. The Dubai Future District Fund and DIFC are ensuring Dubai captures a significant share of this growth by providing start-ups, investors, the public sector and private firms with a new opportunity to work together.
“Funding future-focused start-ups will help shape sustainable economic growth in Dubai and the region. Additionally, the investments made by the fund will result in a broader positive impact on millions of people and economies globally. As the fund’s investment portfolio grows, we look forward to seeing more start-ups prosper while cementing Dubai’s reputation as a leading global hub for innovation and technology.”