• Loading stock data...
 DFDF Invests in 14 Start-Ups and Funds in 2023

Picture Courtesy: Dubai Media Office

DFDF Invests in 14 Start-Ups and Funds in 2023

The Dubai Future District Fund (DFDF) on Thursday said that it has made strategic investments across 14 start-ups and funds in 2023, bringing the total number of projects supported to 25 leading to a substantial broadening of its investment portfolio and achieving an impressive 84% increase in talent within these ventures.

At its annual general meeting, DFDF said that with an initial allocation of $272 million, the Fund has been instrumental in energising the local venture ecosystem. It has made strategic investments across 14 start-ups and funds, comprising 5 new start-ups, 3 follow-on investments, and 6 fund commitments.

DFDF also allocated 20% of its $272 million fund to help accelerate sustainable technology and innovation start-ups and scale-ups. The progress further underscores the Fund’s commitment to the UAE’s sustainability objectives and the ambitious ‘We the UAE 2031’ strategy to escalate the nation’s GDP to AED 3 trillion by 2031.

The meeting reviewed the Fund’s remarkable progress in its second year of operation, which was attended by government officials, investors, and top executives from leading national corporations, the UAE Ministers Abdullah bin Touq Al Marri abd Omar Sultan Al Olama, DIFC Governor Essa Kazim, DFDF Chairman Khalfan Belhoul, and DIFC CEO Arif Amiri, and others.

Opportunities in Circular Economy

In his keynote speech on “Sustainability in Finance and Climate,” Abdullah bin Touq Al Marri said that in pursuit of its strategic goal, the UAE aims to double the national economy’s GDP over the next decade.

The Ministry of Economy, alongside its partners, is dedicated to achieving this objective, focusing on sectors such as the circular economy, sustainability, and entrepreneurship. In these sectors, the UAE has crafted a sustainable economic strategy grounded in foundational pillars such as research and development, innovation, and technology, he said.

He added: “The UAE is focused on activating opportunities within the circular economy, clean energy, smart transportation, sustainable aviation, and agricultural technology sectors with the aim of transitioning towards a diversified, knowledge-based economy. The UAE offers a number of incentives and initiatives to support small and medium-sized companies and venture capitalists in the green economy sectors. In addition, it supports strengthening partnerships and enhancing the private sector’s competitiveness to foster innovation.”

‘We the UAE 2031’ strategy aims to double the UAE’s GDP to $820 billion by 2031, focusing on social, economic, investment and development aspects to enhance its global economic influence and attractiveness.

It presents a unified strategy for government and private sector collaboration to foster development, support leading companies, and encourage new ventures, all while integrating sustainability across all economic activities.

Khalfan Belhoul underscored Dubai’s enduring commitment as a global hub for future technologies and novel economic ventures. He hailed DFDF as a key player in connecting innovative thinkers with financial backers, thereby acting as a dynamic engine for new economic opportunities in Dubai by supporting entrepreneurs and their visionary projects.

Arif Amiri emphasised Dubai’s appeal to regional and international companies, attributing this to its dynamic, supportive business environment and future-forward infrastructure.

He noted that initiatives like DFDF are instrumental in nurturing companies focused on future economies and technology, positioning Dubai as a nurturing ground for ambitious projects by attracting significant investments and top talent.

Global Business Magazine

Global Business Magazine

Related post

Leave a Reply

Your email address will not be published. Required fields are marked *