The United Arab Emirates' Tawazun announced on 16 November that it had bolstered the funding available to the Strategic Development Fund (SDF) for use in venture capital investments by USD150 million for both domestic and international targets.
Abdulla Naser Al Jaabari, SDF Managing Director and CEO, said “We are targeting emerging companies in specific strategic sectors that have high growth potential and global scalability, especially in the markets of the UAE, the Middle East, the European Union, the United Kingdom, and other potential markets.”
According to an SDF statement, the organisation has already closed AED110 million (USD29.9 million) in investments, with three direct and one indirect investment made in companies ranging from the United States to Israel.
These investments have included space-based sensor and analytics firm HawkEye360, satellite communications firm hiSky, and short-wave infrared (SWIR) sensor manufacturer TriEye. A further two investments are expected by the end of 2021, with the remaining funds expected to be deployed over a period of 18–30 months.
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