ADQ launches Dh1.1b venture fund

Abu Dhabi - AWI will bolster creation of world-class startup ecosystem in Abu Dhabi.

ADQ, formerly known as Abu Dhabi Developmental Holding Company, on Wednesday launched a venture capital fund Alpha Wave Incubation (AWI) worth Dh1.1 billion.
AWI, managed by New York-based Falcon Edge Capital, will target early-stage businesses in India and Southeast Asia, and help start-ups set up global or regional headquarters in Abu Dhabi's Masdar City.
AWI, located in the Abu Dhabi Global Market, will also help its companies gain market access to the UAE and the Mena region.
Mohammed Hassan Alsuwaidi, Chief Executive Officer, ADQ, said the Fund will invest in promising new companies.
"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. 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."
Alsuwaidi said AWI will bolster creation of world-class startup ecosystem in Abu Dhabi.
"Nurturing Abu Dhabi's start-up ecosystem will attract entrepreneurial talent, create jobs and other opportunities, particularly for those working in data science, artificial intelligence and other knowledge-based industries. AWI Fund will further encourage Abu Dhabi's culture of entrepreneurship and help to promote its emerging position as a global innovation hub, in line with the Ghadan 21's accelerator programme's investment in Abu Dhabi's economy, knowledge system and communities."
ADQ holds a diverse portfolio of major enterprises spanning key sectors of Abu Dhabi's economy, including utilities, tourism and hospitality, aviation, transportation, logistics, industrial, real estate, media, healthcare, agri-foods and financial services. - ashwani@khaleejtimes.com