The state-run Abu Dhabi Investment Office (ADIO) has inked partnerships with three tech companies to provide them support as part of its AED 2 billion ($545 million) Innovation Programme. In total, ADIO has provided more than AED 865 million $235 million of support to seven information and communications technology (ICT) companies this year to help them innovate. ADIO announced today that it signed partnerships with Callsign, Lyve and RIZEK to provide the three companies financial and non-financial incentives. As part of the Innovation Programme, ADIO has awarded Callsign, Lyve and RIZEK competitive financial incentives, including rebates on highly skilled payroll and high-tech CAPEX, as well as non-financial incentives, such as support with establishment processes and ecosystem engagement, ADIO said in its website. With ADIO’s support, technology leaders Anghami, Bespin Global and STARZPLAY Arabia each established new headquarters in Abu Dhabi, while Amazon Web Services (AWS) will soon launch a cloud infrastructure region in the UAE. Dr. Tariq Bin Hendi, Director General of ADIO, said: “Abu Dhabi’s ICT sector is rapidly advancing with the arrival and expansion of ambitious companies like Callsign, Lyve and RIZEK. We are now seeing companies from all over the world pioneering new technologies in Abu Dhabi, as the emirate emerges as a leading advanced technology hub, and the region’s HQ of tech HQs." Lyve is a global logistics solutions and technology company founded in the UAE, with a presence in 12 countries worldwide. RIZEK is a UAE-based online platform that connects users to a variety of service providers, allowing its user base easy access to services in healthcare, beauty, cleaning, maintenance, and many other segments at the time and location of their choosing. London based Callsign has introduced a pioneering approach to re-establishing digital trust. Callsign’s unique intelligence-driven authentication is being used to underpin digital trust across financial institutions, governments and commerce globally, ADIO said. Callsign is building two centres of excellence in the UAE to lead innovation in the space of digital trust. The firm will also expand its headcount to more than 100 employees by year-end. Lyve is establishing its headquarters in Abu Dhabi as a hub to the region and the world and RIZEK is fuelling its growth into new markets including Saudi Arabia and Egypt. (Reporting by Seban Scaria; editing by Daniel Luiz) (seban.scaria@refinitiv.com) This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here. © ZAWYA 2021
