Crescent Enterprises, the Sharjah-based diversified conglomerate, has launched a $68 million (AED 250 million) venture-building programme to expand CE-Creates, its internal venture studio focused on developing high-growth and impact-driven businesses.
The new investment marks one of the largest commitments by a corporate venture builder in the region. CE-Creates, established in 2018, operates under Crescent Enterprises’ sustainability and innovation mandate, backing ventures from idea stage through commercialization. The studio has already incubated companies such as Kava & Chai, ION, and BreakBread, and will now scale new ventures across mobility, sustainable consumption, and digital platforms.
As part of the expansion, Crescent Enterprises appointed Rakhil Fernando, a veteran of emerging-market fintech and former CEO of Yabi and founder of Koko, to lead CE-Creates. Fernando previously served as Managing Director at Daraz, the Alibaba-owned e-commerce platform, and is tasked with driving the studio’s next growth phase from its UAE headquarters.
Crescent Enterprises CEO Badr Jafar said the new funding reinforces the company’s commitment to “develop ventures that are competitive on a global scale while contributing to the region’s innovation ecosystem.” The programme’s structure follows a stage-gated model — starting from concept validation to prototype, pilot, and scale-up — combining patient capital with in-house operational expertise.
The initiative also aligns with the UAE’s ambition to become a global entrepreneurship hub. According to the Global Entrepreneurship Monitor 2024-25, the UAE ranked first among 56 economies for entrepreneurial framework conditions. Venture funding in the Emirates surpassed $1.5 billion in 2024, with an increasing number of corporates launching in-house venture studios to complement traditional VC funds.
CE-Creates will use the new investment to build partnerships with universities, government entities, and strategic investors to attract founders and talent into its pipeline. The programme will also explore cross-border co-development models, allowing UAE-based startups to expand into other emerging markets in Asia and Africa.
UAE corporate giant Crescent Enterprises launches $68M venture-building initiative