Alpha Dhabi commits Dh9.2b to tech-focussed 'Alpha Wave Ventures II' fund

Dubai: The Abu Dhabi investment giant Alpha Dhabi Holding will place Dh9.2 billion in Chimera Capital and Alpha Wave’s ‘Alpha Wave Ventures II’ venture fund, launched early this year. The commitment comprises a capital contribution of Dh2.6 billion and an undrawn capital commitment of Dh6.6 billion which will be drawn down over the investment period of the fund.

The venture capital fund will have a global investment outlook, focussing on multi-stage private firms, with a ‘concentration on growth-stage companies’. The sectors of interest will also span AI, fintech, life sciences, consumer-facing web ventures and B2B. Alpha Dhabi's move will allow it access to key markets, including the US.

The fund’s ‘investment emphasis is in line with Alpha Dhabi’s growth strategy, which is focused, in part, on investment in disruptive technologies as part of the UAE’s ambition to create a diversified, tech-enabled and competitive economy that fosters a culture of innovation’.

'Disruptive' tech

“We continually look at investments in disruptive technologies as a means of advancing our group of operating subsidiaries which include market leaders in their respective sectors,” said Hamad Al Ameri, CEO of Alpha Dhabi Holding. “As a cornerstone and significant investor in this fund, we are able to firmly demonstrate this commitment to innovation, technology and growth-stage companies while also adding scale to our investment portfolio and delivering superior returns for our shareholders.

"It supports our commitment to bring best-in-class technology and innovation to Abu Dhabi and our ecosystem by leveraging synergies and integrating disruptive technologies into our group of operating subsidiaries, thereby enhancing their credentials and offerings."