Abu Dhabi. Abu Dhabi Global Market, the International Financial Centre will be home to a newly established $1 billion fund, Abu Dhabi Catalyst Partners, it was announced on Thursday.

The new enterprise backed by Mubadala Investment Company, will pursue opportunities for establishing a hub for pioneering companies to locate at ADGM and to generate attractive returns while having a positive impact on the ecosystem of the financial centre.

“This partnership will see a major new fund put its roots down in ADGM at an exciting time for the international financial centre,” said Waleed Al Mokarrab Al Muhairi, Deputy Group CEO and Chief Executive Officer, Alternative Investments & Infrastructure at Mubadala.

“With Mubadala’s scale and networks across key international capital markets, I’m confident we will generate attractive returns while having a positive impact on the ADGM ecosystem of investors, investees and service providers.”

With an employee base of over ten experienced investment professionals, half of whom are UAE Nationals, the fund will explore opportunities locally and abroad byleveraging Mubadala’s extensive networks across key capital markets.

The new fund will target opportunities across asset management, speciality finance and financial infrastructure, with investees expected to have a presence in ADGM.

Criteria will also include the investees’ impact on job creation and engagement with the wider ADGM-based service ecosystem, Mubadala added in the statement.

“Today’s event embodies the vision and ambition of the leadership of Abu Dhabi in establishing ADGM to enable investments and capital flow through our Capital City,” said Ahmad Ali Al Sayegh, Minister of State (UAE) and Chairman of ADGM, said.

“ADGM remains focused on its role and responsibility as a leading International Financial Centre with trusted regulatory, judicial, commercial and dispute resolution regimes and infrastructure supporting the economic development of Abu Dhabi.”

The development comes as Abu Dhabi focuses on diversifying its economy and boosts its investment climate.

Abu Dhabi government last month launched a Dh1 billion mega hub that seeks to accelerate the local economy by bringing together start-ups, innovators and global powerhouses in the technology industry.

“There are tremendous opportunities for strong returns built around Abu Dhabi’s robust economy. As a gateway to the region and major financial markets, the Emirate also offers unrivalled opportunities for companies looking to expand internationally. We have a brilliant team of local and global talent and are looking forward to pursuing our ambitious investment strategy,” Guy Hurley, CEO, Abu Dhabi Catalyst Partners said.