Consider these factors to benefit from the advantages of EV
Dubai government on Wednesday introduced a major initiative to fortify the emirate’s position as a global hub for financial technology, innovation and venture capital.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, approved a Dh370 million Venture Capital Fund to finance small to medium startup projects, supporting their development in Dubai and gradual expansion to global markets.
The fund, which will come into effect from June 2022, is set to contribute around Dh3 billion to the emirate’s GDP during the implementation period, which will run for eight years, extendable for two additional years. It will provide more than 8,000 jobs for emerging talents.
“We approved the launch of the ‘Venture Capital Fund for Startups’ today under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to spearhead economic diversification and ignite sustainable economic growth,” Sheikh Hamdan said.
DIFC to supervise the fund
The Dubai International Financial Centre, a 15 per cent contributor to the initiative, will govern the fund in partnership with the international organisations.
“We are committed to create a vibrant business environment and provide the opportunities to promote excellence,” the Crown Prince said.
Jitendra Gianchandani, chairman and managing partner of Jitendra Consulting Group, welcomed the government initiative and termed it a major step for fintech sector.
“Though startups and SMEs are considered backbone of the economy, but when it comes to funding they are leftover by the government and banks. I think venture fund is a good idea and will support startups to establish and attract more investors and entrepreneurs around the world,” Gianchandani said.
Dubai emerges city of entrepreneurs
Referring to a flexible legislative system, robust financing tools, an effective regulatory environment, and most importantly, dynamic public and private sectors, Sheikh Hamdan said Dubai has established itself as the city of entrepreneurs and risk-tolerant investors. “Dubai has been able to attract the best talent and investors from around the world to forge partnerships and mutually benefit from the tremendous opportunities offered. In short, Dubai nurtures bold ambitions,” the Crown Prince said.
In another initiative, the Executive Council also approved the establishment of a centre to empower and cater to the needs of vulnerable groups.
The centre will offer shelter services and permanent or temporary institutional care to improve the quality of life of dependent individuals who need care through the provision of quality programmes and services. It will be devoted to vulnerable groups including people of determination, senior citizens, the elderly and those deprived of adequate family care.
In addition, children subjected to abuse, neglect or exploitation, who will be prioritised and primarily provided with adequate care within 24 hours including rehabilitation, personal care, and orthopedic checks, will also benefit from the centre.
— muzaffarrizvi@khaleejtimes.com
Consider these factors to benefit from the advantages of EV
Every nook and corner in the capital city has a story to tell
Sojourns to soak in creativity
A huge shoutout to these splendid movies that were ignored in the nominations
shashi-tharoors-world-of-words
There are numerous words in other languages to express ideas and emotions for which there is no English equivalent
Stuff that has everyone all agog with excitement
While ordering out at work can be tempting, there are quicker, cheaper and more convenient options that can be prepared at home
Building up a culture and habit of eating seasonal vegetables and fruits helps one stay connected to the natural cycle of produce. Local experts weigh in on why it is not only good for our bodies, but also for the environment