Crescent Enterprises Bets US$68 Million On Homegrown Innovation Engine CE-Creates

UAE-based Crescent Enterprises has committed AED250 million (US$68 million) to expand CE-Creates, its venture-building platform focused on developing homegrown ventures with global reach. 

The capital injection comes alongside a leadership shift, with the appointment of Rakhil Fernando as Head of CE-Creates. The move signals a push to develop startups from the UAE and support their expansion into regional and international markets. 

Fernando joins the team with a background that spans entrepreneurship, fintech, and e-commerce, having previously served as CEO of the UAE-based Yabi, a personal finance platform built on artificial intelligence (AI)-driven financial literacy, and was the founder and CEO of Koko, a buy-now-pay-later (BNPL) and consumer payments platform under Alibaba Group that scaled across South Asia, as well as the Managing Director at the Pakistan-based e-commerce platform Daraz. 

In a statement, Tushar Singhvi, Deputy CEO and Head of Investments at Crescent Enterprises, said, “This AED250 million allocation marks an exciting new chapter for CE-Creates and for regional entrepreneurship. Our model blends disciplined capital deployment with on-the-ground operating support in ways traditional venture funding often does not—creating the conditions for sustainable growth and international scale.” 

Badr Jafar, CEO of Crescent Enterprises, stated, “The UAE has become a launchpad for serious builders, and our collective vision is for the country to be known as the start-up capital of the world. With CE-Creates, our venture-building platform, we’re helping entrepreneurs convert purpose into performance—locally proven, globally competitive.” 

CE-Creates operates as a sector-agnostic venture studio, providing staged capital, operational support, and access to networks. Its process is structured around a stage-gated approach—from idea validation to minimum viable product (MVP) development, market entry, and scaleup—and is evaluated against milestones and performance metrics to reduce risk and sharpen market fit. 

The platform has already supported the development of ventures such as Kava & Chai, which celebrates coffee and tea heritage; ION, a sustainable mobility solutions provider; and BreakBread, a digital food and supper club experience. 

The initiative sits within Crescent Enterprises’ wider focus on innovation, sustainability, and inclusive economic development, aligning with national efforts to reinforce the UAE as a center for entrepreneurship and SMEs.  

The announcement follows the UAE Ministry of Economy and Tourism’s campaign, “The Emirates: The Startup Capital of the World.” The UAE recently ranked first in the 2024–2025 Global Entrepreneurship Monitor (GEM) report for the fourth consecutive year and was named the top destination for entrepreneurship and SMEs among 56 economies. 

Crescent Enterprises, founded in 2007 by the Jafar family as part of the UAE-based Crescent Group, operates as a diversified conglomerate active in venture building, strategic investments, operating businesses, and corporate venture capital across various sectors, including technology, logistics, mobility, and sustainability. 

Pictured in the lead image is Head of CE-Creates Rakhil Fernando. Image courtesy Crescent Enterprises.