Emirates Integrated Telecommunications, operating under the Du brand in the UAE, has initiated a $50M venture capital fund aimed at accelerating the growth of regional startups.
The fund, managed by Abu Dhabi-based Shorooq, will target innovative firms in sectors such as fintech, artificial intelligence, cybersecurity, cloud services, loyalty programmes, gaming, enterprise software and customer service technologies across the UAE and GCC countries.
Du Ventures seeks to enhance the commercialisation of emerging technologies by leveraging Du’s extensive infrastructure and enterprise capabilities.
This development is indicative of a broader trend in the Gulf region, where institutions and sovereign wealth funds are increasingly viewing venture capital as a fundamental asset class rather than a peripheral investment option.
Analysts have noted that the venture capital landscape is shifting from a focus on early-stage experimentation to a more strategic pursuit of opportunities, with firms eager to secure access to innovative startups before they gain widespread recognition. This evolution underscores a growing awareness of the potential returns from investing in technology-driven companies.
In its latest financial results, Du reported a 7% increase in quarterly revenues year on year, reaching AED 4.1B (approximately $1.1B), which has supported a 16% uptick in net profit to AED 834M.
The Emirates Investment Authority, the UAE’s wealth fund, holds a 50.1% stake in Du, underscoring the alignment of national interests with the operator’s strategic objectives.
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