Dubai Techno Park, the Dubai Government’s technology initiative, said it had agreed to base the first Asia Gulf Horizons Fund Technology Center at its premises. The free zone will also sponsor the launch of the KTIC Jasper Asia Gulf Horizons Fund in Dubai.
Dubai Techno Park is managed by DP World. Jasper Capital, a financial and fund services company with operations in Dubai, Abu Dhabi and throughout the Gulf region, is the architect behind the design and establishment of the fund.
The fund will be managed by Korea Technology Investment Corporation (KTIC), a veteran private equity management company with 22 years of experience based in Seoul, South Korea, including more than 100 initial public offerings of Asian technology companies.
The basing of the $300-million (Dh1.1trn) fund in the Dubai Techno Park will result in approximately 10 to 15 Asian and European technology companies establishing research, development and commercial operations in Dubai in the next two years.
These companies will be focus on life sciences, information and telecommunications technology, environmental technology, energy, water and infrastructure, and industrial sectors and are considered essential to Dubai’s long-term technology development plan. This will also be the largest private equity initiative to be launched in the GCC, with the aim of driving technology development and commercialisation.
“Dubai Techno Park believes the KTIC Jasper Asia Gulf Horizons Fund represents the most innovative private equity approach to regional technology expansion ever seen in the Gulf,” said Hamad Al Hashemi, Dubai Techno Park’s Managing Director.
“The combination of Jasper Capital’s longstanding presence in the Gulf coupled with KTIC’s history of successfully growing hundreds of venture and late-stage technology companies will be vital for the Techno Park in achieving our objectives”.
“The goal of the fund is to produce high returns for investors through acquisitions and profitable growth in the Asian, European and Gulf markets,” said Jonathan Holley, Chief Executive of Jasper Asset Management.
Techno Park in $300m technology fund deal