Silicon Valley of Dubai to set up its Venture Capital fund

Dubai Silicon Oasis, a technology free zone in Dubai, plans to launch it venture capital fund by second quarter of 2010 targeting technology and telecom startup companies, according to UAE newspaper Emirates Business.

"The five-point agenda is to convert DSOA as the silicon valley of the region mainly targeting universities, establishing R&D centres, hiring engineers to design products, incubate startup companies and create a VC fund for the region by also inviting other VC fund companies to set up offices in DSOA premises", Ray Milhem, Chief Technology Officer, Technology Investment at DSOA told Emirates Business. Read the details here.