UAE - Mubasher: The Abu Dhabi Investment Office (ADIO) has transferred the AED 535 million Ventures Fund, which was set up through Ghadan 21, to ADQ, as part of their collaboration to foster Abu Dhabi's digital economy and startup ecosystem.
The Ventures Fund will be part of ADQ’s venture capital programme, which works on making equity and fund investments in global startups and VC firms, according to a press release on Tuesday.
Under the collaboration, ADQ will lead equity investments in early-stage companies and venture capital (VC) funds, while ADIO will supervise the management of incentives and other forms of support.
ADQ and ADIO will enable companies to benefit from Abu Dhabi's digital infrastructure, advanced regulatory frameworks, and R&D initiatives.
The director-general of ADIO, Tariq bin Hendi, said: "Since launching the Ventures Fund in May 2019 as part of the Ghadan 21 programme, we have firmly established it as an instrument that is helping increase access to capital for start-ups in Abu Dhabi."
Meanwhile, the CEO of ADQ, Mohamed Hassan Alsuwaidi, commented: "We are both committed to nurturing the development of cutting-edge technologies and solutions to advance Abu Dhabi’s innovation ecosystem and augment Abu Dhabi’s position as a highly developed and progressive economy."
