Dubai: Dubai Holding said on Monday it plans to support the development of young innovative businesses in the Middle East and North Africa (Mena).

The new company called Dubai Holding Future Investments (DHx) has been formed, and that intends to leverage the parent company’s networks, assets and strategic regional position to enable new businesses to access capital, and specific industry expertise to grow their enterprises from smaller operations into larger, global entities, Dubai Holding said in a statement.

“The Mena region is still in early stages compared to more developed markets in terms of investment into new ventures, especially in the technology sector. This has to change if we are to help the next generation build the successful businesses that will support our future economies,” stated Ahmad Bin Byat, Vice-Chairman and Managing Director of Dubai Holding.

Khalfan Belhoul has been appointed Chief Executive Officer of DHx. “The start-up and technological potential of the region is immense; where Dubai has firmly established itself as the epicentre for commercial activity in the region,” stated Belhoul. “DHx seeks to be the catalyst in rapidly accelerating the growth of the ecosystem, and work hand-in-hand with the stakeholders in our sector.”