Dubai launched on Monday its Future District Fund with one billion dirham ($272.29 million) to invest in startups, deputy ruler Sheikh Maktoum Bin Mohammed said on Twitter.

"The aim of the fund is to support emerging companies in the technology sector and encourage digital companies to list in Dubai's financial markets," Sheikh Maktoum added.

($1 = 3.6726 UAE dirham)

(Reporting by Nayera Abdallah Editing by Mark Heinrih) ((Nayera.Abdallah@thomsonreuters.com;))