$300m venture fund for Indian and South East Asian start-ups launched in Abu Dhabi - Arabianbusiness
Abu Dhabi-based holding company ADQ has launched an AED1.1 billion ($300 million) venture fund that will focus on supporting Indian and South-East Asian start-ups.
The Alpha Wave Incubation (AWI) Fund managed by New York-based Falcon Edge Capital and located at Abu Dhabi Global Market (ADGM) will target early-stage businesses and help them set up global or regional headquarters in the capital's Masdar City and gain market access to the UAE and the broader MENA region.
“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,” according to the CEO of ADQ, Mohammed Hassan Alsuwaidi.
"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,” he said.
The move will attract entrepreneurial talent and create jobs in Abu Dhabi’s entrepreneurial ecosystem, particularly for those working in data science, Artificial Intelligence and other knowledge-based industries, Alsuwaidi added.
The fund will also promote the capital's emerging position as a global innovation hub, in line with the Ghadan 21’s accelerator programme’s investment in Abu Dhabi’s economy.
AWI will invest in start-ups that will "generate sustainable, long-term financial returns while also drawing young founders and teams to Abu Dhabi,” according to Mayank Singhal, Head of Venture Capital and Technology, ADQ. He added the businesses will also benefit from access to ADQ’s leading companies in sectors such as healthcare, food and agri-business, utilities and fintech.
Headquartered in Abu Dhabi, ADQ was established in 2018 as a public joint-stock company (PJSC) and holds a diverse portfolio of major enterprises spanning key sectors including utilities, tourism and hospitality, aviation, transportation, logistics, industrial, real estate, media, healthcare, agri-foods and financial services.
Source: Arabian Business