Industry, Logistics & Shipping

Abu Dhabi ADQ launches new $299m venture fund at ADGM

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), a new Dh1.1 billion ($299 million) 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. 
 
Headquartered in Abu Dhabi, ADQ was established in 2018 as a public joint stock company. It holds a diverse portfolio of major enterprises spanning key sectors of Abu Dhabi’s economy, including utilities, tourism and hospitality, aviation, transportation, logistics, industrial, real estate, media, healthcare, agri-foods and financial services. 
 
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 (research and development) 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.
 
On the new move, CEO Mohammed Hassan Alsuwaidi 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," stated Alsuwaidi.
 
According to him, 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. 
 
AWI 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.
 
Mayank Singhal, the head of Venture Capital and Technology, ADQ, said: "With the launch of AWI 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.-TradeArabia News Service