The Abu Dhabi Investment Office (ADIO) and ADQ today announced a new collaboration to further strengthen Abu Dhabi’s digital economy and start-up ecosystem, including transferring the Ventures Fund, a flagship Ghadan 21 initiative, to ADQ.
As part of their collaboration, ADQ and ADIO will also create winning propositions for companies using a combination of equity investments and incentives. ADQ will be responsible for driving equity investments in early-stage companies and venture capital, VC, funds, while ADIO will oversee the management of incentives and other forms of support.
Together, the value proposition will help companies take advantage of Abu Dhabi’s exceptional digital infrastructure, advanced regulatory frameworks and R&D initiatives.
ADIO has transferred to ADQ the Ventures Fund, which was set up through Ghadan 21, Abu Dhabi’s accelerator programme, driving the emirate’s development through investing in business, innovation and people. The AED535 million fund invests in start-ups and VC funds that spur Abu Dhabi’s innovation efforts and help build out its early stage ecosystem.
Commenting on the partnership, Dr. Tariq bin Hendi, Director-General of ADIO, said, “We are proud to see the economic impact the Ventures Fund has made so far. With ADIO and ADQ working together, innovative early-stage companies will now have new opportunities as well as access to the capital and networks they need to realise their ambitions in the emirate and internationally.”
Mohamed Hassan Alsuwaidi, CEO of ADQ, stated, “The combination of what ADQ and ADIO can offer to early-stage start-ups is powerful and strategic. We are both committed to nurturing the development of cutting-edge technologies and solutions to advance Abu Dhabi’s innovation ecosystem and augment Abu Dhabi’s position as a highly developed and progressive economy.”
The Ventures Fund has committed approximately AED200 million since its inception in May 2019 to more than 15 companies and funds in its portfolio. The fund has been instrumental in increasing VC activity and helping early-stage companies grow in the emirate.
