Dubai Future District Fund to invest $1B in tech startups
The fund will divide the investment equally for startups and locally oriented VCs.
The Dubai Future District Fund will invest $1 billion in startups and locally-oriented venture capital funds in the MENA region by the end of 2024.
The announcement was made during the first annual general meeting attended by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai; and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance of the UAE, as reported by Fast Company Middle East.
The meeting hosted discussions on supporting early-stage tech startups, boosting their future projects, and helping them reach their initial public offering stage.
The fund aims to achieve three to five times the returns across cycles of up to 15 years.
Founded in 2021, the fund also hopes to have $7 billion under management and $1.7 billion in equity value in its portfolio. It aims to invest in 180 portfolio firms and 55 venture funds with a portfolio of $43 billion in the next 10 years.
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Edited by Kanishk Singh
