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Abu Dhabi/ Emirates Business
The UAE Government announced that it has completed the legal system for venture capital funds as one of the first projects approved by the Government Accelerators initiative launched by HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai in line with the goals of the UAE National Agenda.
The legal system was formulated by a joint effort from the Government Accelerators team consisting of the Ministry of Economy and the Securities and Commodities Authority, which involves necessary regulations and obligations governing the venture capital fund. It also aims to facilitate the work of innovators and attract venture capital funds to the country so as to bolster the UAE’s innovation enablers and strengthen its position in the international innovation index ranking.
HE Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, explained that adoption of regulations and obligations related to legal system of venture capital funds is the result of a close cooperation and partnership between the public and private sectors to boost opportunities for financing innovation-based projects in the UAE, which is essential in achieving the country’s vision of diversified and competitive knowledge-based economy and leadership in innovation.