Abu Dhabi: ADQ, (formerly Abu Dhabi Developmental Holding Company) one of the region’s largest holding companies with a diverse portfolio of major enterprises spanning key sectors of Abu Dhabi’s non-oil economy, on Wednesday announced the launch of Alpha Wave Incubation (AWI) Fund, a new Dh.1 billion venture fund located at Abu Dhabi Global Market (ADGM).
AWI will target early-stage businesses in India and Southeast Asia, with the goal of helping these start-ups set up global or regional headquarters in Abu Dhabi’s Masdar City.
AWI will also assist its companies gain market access to the UAE and the broader MENA region. The programme will be managed by New York-based Falcon Edge Capital.
“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,” said Mohammad Hassan Al Suwaidi, chief executive officer of ADQ.
“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,” he added.
“Alpha Wave Incubation 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,” Al Suwaidi said, also highlighting how investments in the emirate’s start up ecosystem would help create jobs.
Mayank Singhal, head of Venture Capital and Technology, ADQ, said the new venture fund would see long term financial results while attracting some of the brightest startups to the emirate.
“With the launch of Alpha Wave Incubation Fund, we have the opportunity to invest in outstanding start-ups that will generate sustainable, long-term financial returns while also drawing young founders and teams to Abu Dhabi.
“We will aim to support them in ways that accelerate their development to create a new wave of winners in the tech landscape. These start-ups will also benefit from access to ADQ’s leading companies in sectors such as healthcare, food and agri-business, utilities and fintech,” he added, noting that Abu Dhabi already had the infrastructure in place to provide the startups with all the support they would require.