Picture used for illustrative purpose only.
Abu Dhabi Developmental Holding Company (ADQ), one of the region’s largest holding companies with a diverse portfolio of major enterprises spanning key sectors of Abu Dhabi’s non-oil economy, has launched Alpha Wave Incubation (AWI), Fund, a new Dhs1.1 billion venture fund located at Abu Dhabi Global Market, ADGM.
AWI will target early-stage businesses in India and Southeast Asia, and help these start-ups set up global or regional headquarters in Abu Dhabi’s Masdar City. By basing their business in the UAE’s capital, companies will benefit from the exceptional digital infrastructure already in place as well as highly advanced regulatory frameworks and other R&D initiatives.
AWI will also help its companies gain market access to the UAE and the broader Mena region. The programme will be managed by New York-based Falcon Edge Capital.
Commenting on the announcement, Mohammed Hassan Al Suwaidi, ADQ Chief Executive Officer, said, “As a national champion for the Abu Dhabi government, we are working to embed a performance culture across our broad portfolio that includes many of our emirate’s most important strategic commercial entities. To maximise our value creation and long-term impact on society, we will also take a leadership role by investing in new companies that are pioneering cutting-edge technologies and developing new and innovative business models.”
“Nurturing Abu Dhabi’s start-up ecosystem will attract entrepreneurial talent, create jobs and other opportunities, particularly for those working in data science, Artificial Intelligence and other knowledge-based industries.
Alpha Wave Incubation Fund will further encourage Abu Dhabi’s culture of entrepreneurship and help to promote its emerging position as a global innovation hub, in line with the Ghadan 21’s accelerator programme’s investment in Abu Dhabi’s economy, knowledge system and communities,” he added.
Mayank Singhal, ADQ Head of Venture Capital and Technology, said, “With the launch of Alpha Wave Incubation Fund, we have the opportunity to invest in outstanding start-ups that will generate sustainable, long-term financial returns while also drawing young founders and teams to Abu Dhabi.”
“We will aim to support them in ways that accelerate their development to create a new wave of winners in the tech landscape. These start-ups will also benefit from access to ADQ’s leading companies in sectors such as healthcare, food and agri-business, utilities and fintech,” he added.
The UAE ranks highest in the Arab world in the Global Innovation Index, GII, 2019. Abu Dhabi’s unmatched competitive advantages provide a fertile ground for start-ups to grow and thrive.
Its tax-free jurisdiction, world-class infrastructure, strong IP protection mechanisms, and attractiveness as a safe and secure place to live and work are a big draw to set up new businesses here.
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