6 days ago
- Business
- Business Recorder
Dubai Future District Fund supported 190 startups in 2024
The Dubai Future District Fund (DFDF) reported over $1.65 billion in capital commitments and support for more than 190 portfolio companies in 2024.
The support came in the form of both direct investments and 12 'Fund of Funds' initiatives, which DFDF in a statement on Tuesday said aligns with the Dubai Economic Agenda (D33).
The figures were released during the Fund's Annual General Meeting.
DFDF, whose founding shareholders are Dubai International Financial Centre and Dubai Future Foundation and whose fund size is AED 1 billion, said its efforts reinforced its role in advancing technology, talent, and venture capital in the region.
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Khalfan Belhoul, DFDF Board of Directors Chairman and CEO of the Dubai Future Foundation, said: 'These achievements underscore the central role that the Dubai Future District Fund plays in driving the growth of Dubai's digital economy – one that thrives on innovation and leverages the latest future technologies across key sectors.'
Meanwhile Arif Amiri, DFDF Board Member and Chief Executive Officer of DIFC Authority said, that 'as the Fund continues to position Dubai as a global pioneer for innovation, we are more committed than ever to cultivating collaboration with partners globally who are also committed to driving future economic growth.'
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In 2024, DFDF 'went beyond its core investment activities' to showcase how venture capital can serve as a conduit for public-private collaboration and scalable innovation, it said.
DFDF invest in funds in early to growth stages, across key sectors in technology that align with Dubai's Economic Agenda D33, including PropTech, HealthTech, LogisticsTech, DeepTech, Circular Economy and Web3.
According to its website, it aims to do this 'by boosting venture capital availability through our Fund of Fund investments into local, regional, and international funds, as well as co-investing in their portfolio of startups.'
The website explains that DFDF's fund structure is evergreen, which means 'we are not beholden to the 10-year lifespan of a typical VC fund, which allows us to focus on investing into opportunities with various return horizons and take a longer-term view on returns.'
