|07 May, 2019

Abu Dhabi launches $145.7mln venture capital, start-up fund

The 'Ghadan Ventures Fund' is to increase the availability of capital to start-ups based in Abu Dhabi

Abu Dhabi skyline.

Abu Dhabi skyline.

Getty Images/Cultura Exclusive/Lost Horizon

DUBAI- State-run Abu Dhabi Investment Office said on Tuesday it had launched a 535 million dirhams fund ($145.7 million) to support venture capital activities and start-ups in the United Arab Emirates capital.

The 'Ghadan Ventures Fund' is to increase the availability of capital to start-ups based in Abu Dhabi and to attract fund managers to set up in the capital, the office said in a statement.

The office was set up as part of Abu Dhabi government's 50 billion dirham ($13.6 billion) stimulus fund, Ghadan 21, announced in September last year to accelerate economic growth. 'Ghadan' means 'tomorrow' in Arabic. ($1 = 3.6728 UAE dirham)

(Reporting by Maher Chmaytelli; writing by Alexander Cornwell) ((Alexander.Cornwell@thomsonreuters.com;))

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