Dubai PR Network, Online Press Release from Dubai and Middle East
Technology, Computers & IT(Technology)
Filter PR by

Dubai Future District Fund Drives the Future of Finance and Economies with Focus on Innovation and Sustainability

Dubai Future District Fund Drives the Future of Finance and Economies with Focus on Innovation and Sustainability

Dubai, February 8, 2024: The Oversight Committee of Dubai Future District Fund (DFDF) met to assess the Fund's significant achievements to date and outline future strategies aimed at enhancing the entrepreneurial ecosystem in Dubai and the broader UAE.

The Oversight Committee reviewed DFDF’s completion of over 25 investments since its inception in 2022 and discussed the AED 1 billion fund’s mission to enhance Dubai's venture capital ecosystem by driving sustainable finance and innovation on a global scale.

Launched by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, and President of Dubai International Financial Centre (DIFC), DFDF is a collaborative effort between the DIFC and the Dubai Future Foundation (DFF).

The meeting saw the participation of His Excellency Essa Kazim, Governor of DIFC; His Excellency Khalfan Belhoul, Chairman of the Dubai Future District Fund's Board of Directors and CEO of the Dubai Future Foundation; Arif Amiri, CEO of the Dubai International Financial Center Authority and board member of the Dubai Future District Fund; Jacques Visser, Chief Legal Officer at the DIFC Authority; and Sharif El-Badawi, CEO of the Dubai Future District Fund.

DFDF further reinforced its commitment to sustainability and climate technology by earmarking up to 20 percent of its AED 1 billion fund for supporting climate technology and innovation in December 2023, a move that was welcomed by the Oversight Committee and aligned with the Dubai Clean Energy Strategy 2050 and the UAE Net Zero 2050 strategy.

As DFDF embarks on its third year of operations, the Oversight Committee acknowledged the fund’s key achievements of the past year, including 14 new investments in five startups and three follow-on investments as well as six fund investments that are innovating in the Future of Finance and Future Economies sectors in Dubai.

The Oversight Committee also hailed the fund’s capacity building efforts of the inaugural DFDF Venture Fellows programme, where 12 aspiring Emirati professionals and entrepreneurs participated in the Venture Capital Fund Simulation programme which drew 40 participants from the UAE venture capital ecosystem.

The Committee emphasised the importance of supporting startups in their growth journey to become successful, internationally active scale-ups and underscored the role of venture capital investment in supporting startups, not only through funding but also by creating value in the portfolio companies, scaling operations, and strengthening corporate governance.

The meeting also highlighted the collaborative efforts of government and private sector leaders to drive innovation, support startups, contributing to the UAE's transition to a sustainable future. DFDF remains a key player in this journey, actively shaping the landscape of innovation and investment in the region.

His Excellency Essa Kazim, Governor of DIFC, commented: “DFDF’s growth journey is encouraging and epitomises the vision for Dubai’s venture capital landscape by pioneering sustainable finance, catalysing global innovation, and aligning with strategic missions such as the Dubai Clean Energy Strategy 2050 and UAE Net Zero 2050. The Oversight Committee’s recognition of DFDF’s role in fostering scale-ups and the collaborative drive toward a sustainable future underscores the pivotal partnership between public and private sectors in shaping Dubai’s innovation trajectory.'

His Excellency Khalfan Belhoul, CEO of the Dubai Future Foundation and Chairman of DFDF, confirmed that DFDF contributed significantly during the previous period to strengthening the entrepreneurship scene in the city of Dubai in fulfillment of the leadership’s vision that Dubai is the best destination for emerging companies and entrepreneurs and the ideal incubator for business expansion in the region and the world starting from Dubai.

He added: “During the coming period, the Fund will focus on continuing its efforts to provide an integrated system to support emerging companies and provide financing, expertise, guidance, and other support programmes such as business accelerators and capacity building initiatives, in a way that contributes to enhancing their ability to grow and benefit from the business-friendly environment that stimulates innovation.”

Arif Amiri, Chief Executive Officer, DIFC Authority and Board Member of DFDF, said: 'DFDF stands as a beacon in Dubai's venture capital landscape, co-anchored by Dubai International Finance Centre. The fund’s commitment to climate technology, coupled with a strong investment strategy, has propelled over 25 ventures and continues to nurture international and Emirati talent through its bespoke venture-building programmes. This steadfast dedication marks DFDF as a driving force in shaping the future of sustainable innovation, talent and growth.'

Sharif El-Badawi, Chief Executive Officer, Dubai Future District Fund, said: 'In 2023, DFDF championed the fusion of sustainable finance with global innovation, proudly contributing to Dubai's emergence as a venture capital powerhouse. Our collaborations with DIFC and Dubai Future Foundation have been pivotal, aligning with the Dubai Clean Energy Strategy 2050 and UAE Net Zero 2050 to propel over 25 ventures and cultivate a diverse talent pool. As we advance, our commitment deepens to nurturing startups and driving sustainable growth, ensuring DFDF's role in shaping a vibrant, innovation-driven future for Dubai. With steadfast dedication, we look forward to a year of transformative impact, reinforcing our promise to foster a sustainable and prosperous tomorrow.'

UAE startups account for an impressive 52 percent of all venture deals in the MENA region, with 44 percent of all venture capital having a presence in the UAE.

Posted by : Editorial Team
Viewed 8958 times
PR Category : Technology
Posted on : Thursday, February 8, 2024  1:48:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of
Previous Story : Oman's Smart Vision Summit Gains Momentum with as Glo...
Next Story : Global Cyber Security leader ZENDATA joins Ministry of Econo...
Email this article Print this article

Share this article with your friends and followers
Back to Section Home

Related Stories

Most Viewed Press Release posted in the last 7 days
Mitch Evans Looks For Another Italian Triumph As Formula E Descends On Rimini Debut - Wher... [22935-Views]
Khabib's Official Training Gloves Will Be Sold at Tooba Charity Auction in Dubai [22423-Views]
Oliver rowland wins misano e-prix opener after antonio felix da costa disqualification [20188-Views]
Victory for Pascal Wehrlein after last Lap Heartbreak for Rowland [18532-Views]
Formula E and FIA to unveil new gen3 evo race car at upcoming monaco E-prix [15420-Views]
Henry Jacques launches Collection de l'Atelier [10332-Views]
Tag Heuer Monaco Split-Seconds Chronograph: Watches & Wonders 2024 [8922-Views]
The Tortue Watch: A Perpetually Reinvented Timepiece [8799-Views]
Nikai unveils next-generation Google TVs redefining home entertainment [8430-Views]
South Indian Cinema Megastars Rana Daggubati, Rockstar DSP Akul Balaji, Vijay Raghavendra,... [8257-Views]
Mansour bin Mohammed congratulates Hamdan bin Mohammed on the Qatar-UAE Super Shield crown [8032-Views]
Goodbye to the Grrr-Eight One: Jeep® Brand Announces 2024 Wrangler Rubicon 392 Final Editi... [6560-Views]
Sivakov takes final stage of Giro D'Abruzzo [6421-Views]
Kia wins prestigious 2024 Car Design Award for Brand Design Language with ‘Opposites Unit... [6138-Views]
Abt Joins Forces With Lola And Yamaha For Formula E's Ground-Breaking Gen3 Evo Era [5707-Views]
Swiss International School Dubai students get seven-star work experience at Burj Al Arab [5654-Views]
World Future Energy Summit Opens with Collective Call for Collaboration on ‘Pathway to 1.5... [5572-Views]
Hitachi Energy unveils cutting-edge solutions at Middle East Energy 2024 [5531-Views]
Zone in with oakley® latch panel: Take Control Of The Chaos With New Lifestyle Sunglasses [5531-Views]
Parmigiani Fleurier – New TORIC Collection [5445-Views]
Turkish Airlines closes 2023, carrying 83.4 million passengers with a 23.5% increase in do... [5314-Views]
AUS secures top spots in academic and employer reputation in UAE, announces QS World Unive... [5277-Views]
Heritance Aarah Maldives: Your Summer Culinary Getaway [5207-Views]
Eternal Elegance: Casadei Unveils The Enchanting 2024 Bridal Collection [5166-Views]
Jan Christen takes first professional victory at Abruzzo [5162-Views]
RSS Facebook Twitter LinkedDin on Instagram
Top Sections
Top Stories