The “Holding Company” (ADQ), which owns a diversified portfolio of major companies operating in the major non-oil sectors of the Abu Dhabi economy, has announced the launch of a new project fund called the “Alpha Wave Fund” (AWI), with a value of 1.1 billion dirhams, to be taken from the Abu Dhabi market The global headquarters.
The company said in a statement yesterday that the new fund will target investment in companies that are still in the early stages of establishment, in India and Southeast Asia, where it will support them to establish global or regional headquarters in the city of «Masdar» in the Emirate of Abu Dhabi.
She added that by being in Abu Dhabi, these companies will be able to benefit from the emirate’s advantages, including exceptional digital infrastructure, advanced regulatory frameworks, and various research and development initiatives.
Chance
The company stated that the fund would provide companies operating under its umbrella the opportunity to enter the markets of the UAE and the Middle East and North Africa region on a larger scale, noting that Falcon Edge Capital, which is based in New York, is to take over the management of the program.
Enhance value
"We are keen to consolidate the culture of performance in our portfolio of companies, which includes a number of the most important strategic commercial companies at the level of the Emirate of Abu Dhabi," said the CEO of "Holding", adding: "We aim to enhance value and achieve a long-term impact in Society, where we are leading this way through investing in new companies that adopt the latest technologies, and develop modern and innovative business models. ”
He emphasized that «supporting the emerging companies system in the Emirate of Abu Dhabi would attract distinguished talents from the entrepreneurs, and provide various jobs and opportunities, especially for cadres working in the fields of data science, artificial intelligence, and other knowledge-based industries.
Al Suwaidi pointed out that the "Alpha Wave Inclusion" fund will contribute to encouraging the culture of entrepreneurship in the Emirate of Abu Dhabi, and stimulate the emirate's position as a promising global center for innovation, in line with the "Tomorrow 21" program, which aims to develop the economy of the Emirate of Abu Dhabi and its knowledge system and society.
Sustainable returns
On his part, Mayank Singhal, Head of Venture Capital and Technology, Holding said, “With the launch of the Alpha Wave Investment Fund, we will have the opportunity to invest in startups with outstanding performance that will achieve sustainable financial returns in the long run, with The ability at the same time to attract the founders of companies and young cadres, to reside and work in the Emirate of Abu Dhabi ».
“Through the fund, we will seek to support them in a way that enables them to develop, and to prepare the way for finding new distinguished talents in the field of technology, and these emerging companies will benefit from the capabilities available in the leading companies of (Holding) working in the health care, food, agricultural and utilities sectors,” he added. And financial technology. ”
Competitive advantages
The UAE tops the list of Arab countries in the 2019 Global Innovation Index, and this comes at a time when startups will benefit from a number of competitive advantages in the Emirate of Abu Dhabi.
These features include tax exemptions, world-class infrastructure, as well as legislation ensuring the protection of intellectual property rights, and other attractions, such as safety and security, that encourage new companies to establish headquarters and bring in their cadres to reside and work in the emirate.
The new "Alpha Wave Innovation" fund is headquartered in the Abu Dhabi Global Market.