RIYADH: Dubai has launched a Future District Fund with 1 billion dirham ($272 million) to invest in startups, Deputy Ruler Sheikh Maktoum Bin Mohammed said on Twitter.
"The aim of the fund is to support emerging companies in the technology sector and encourage digital companies to list in Dubai's financial markets," Sheikh Maktoum added.
The fund seeks to fill a gap in the MENA venture capital (VC) market by investing in technology startups in the early stages of growth, a statement by the media office said.
Sharif El-Badawi has been appointed as the fund CEO.
