New Delhi, Nov 10 (IANS): The Dubai Integrated Economic Zones Authority (DIEZ) on Friday launched a venture capital (VC) fund worth $136 million designed to finance technology startups.

The fund launched under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai and in the presence of Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai, also designed to support the economic objectives outlined in the Dubai Economic Agenda, D33 by promoting the growth of SMEs in various emerging sectors.

“The establishment of this VC fund serves as a major boost for accomplished companies looking to build a global presence. It will play a pivotal role in strengthening Dubai's status as a nurturing ground for the most innovative, advanced and creative enterprises worldwide,” Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, said in a statement.

As per Dubai Chambers, almost 30 per cent of the startup community in Dubai comes from India. Indian companies and NRI-owned entities have created over one million jobs in the UAE.

As of 2022, almost 83,000 Indian-owned companies are registered with Dubai Chambers.

"The VC fund's primary focus lies in the strategic investment of startups exhibiting substantial growth potential. Our goal is to empower entrepreneurs from various corners of the world to nurture and establish innovative enterprises," said Dr Mohammed Al Zarooni, Executive Chairman of DIEZ.

"This initiative prioritises adaptability by remaining open to new opportunities and contemporary technologies that align with the fund's objectives," he added.