The Dubai Future District Fund has set a $1 billion target for assets under management by the end of 2024, a fourfold increase since its was established in 2021 to invest in technology start-ups.
While a market correction globally is squeezing the tech sector, shrinking valuations and cutting jobs, investment in the Middle East is surging.
Start-ups in the Middle East and North Africa more than doubled the capital raised year-on-year in February, with the vast majority of deals done by regional rather than foreign investors, according to industry platform Wamda.
“We're not here to turn a quick buck,” Sharif El Badawi, chief executive of the Dubai Future District Fund, said.
The target is to process three to five times the returns in up to 15-year cycles, a longer time scale than the average venture capital investment period, and with an emphasis on deep tech.