ADIO, ADQ join forces to boost Abu Dhabi's digital economy, startups

The collaboration includes transferring the ventures fund, which was set up through Ghadan 21, to ADQ

  
The Abu Dhabi Downtown Skyline and Corniche with the newly developing Central Market Towers at dusk. Image used for illustrative purpose.

The Abu Dhabi Downtown Skyline and Corniche with the newly developing Central Market Towers at dusk. Image used for illustrative purpose.

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The Abu Dhabi Investment Office (ADIO) and ADQ, one of the region’s largest holding companies, will join forces to spur further investment in Abu Dhabi’s digital economy and strengthen the startup ecosystem.

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.

The collaboration includes transferring the Ventures Fund, which was set up through Ghadan 21, to ADQ. Abu Dhabi’s accelerator programme Ghadan 21 drives the emirate’s development through investing in business, innovation and people.

“The Ventures Fund will now be part of ADQ’s broader venture capital program, which is focused on making equity and fund investments in global start-ups and VC firms to support Abu Dhabi’s evolving technology ecosystem,” according to a statement from both the companies.

“These start-ups and funds will also benefit from access to ADQ’s leading companies across several sectors including healthcare, food and agri-business, utilities and logistics,” it added.

ADQ and ADIO will also create winning propositions for companies using a combination of equity investments and incentives.

“Together, the value proposition will help companies take advantage of Abu Dhabi’s exceptional digital infrastructure, advanced regulatory frameworks and R&D initiatives,” the statement said.

(Writing by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

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