ADQ, one of the region’s largest holding companies with a diverse portfolio spanning key sectors of Abu Dhabi’s non-oil economy, has launched an AED1.1billion venture fund that will help early-stage businesses set up global or regional headquarters in Masdar City.
The Alpha Wave Incubation (AWI) Fund, located at Abu Dhabi Global Market (ADGM), will target start-ups in India and Southeast Asia, giving them the opportunity to base their business in Abu Dhabi and benefit from an exceptional digital infrastructure as well as highly advanced regulatory frameworks and other R&D initiatives.
AWI will also help its companies gain market access to the UAE and the broader MENA region. The program 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 Mohammed Hassan Al Suwaidi, ADQ Chief Executive Officer. “To maximize 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."
Masdar City is a leading hub for innovation, research and development in the region, advancing real-world solutions in energy and water efficiency, mobility, artificial intelligence, and other areas. The city offers a template for sustainable urban development by applying technology and best practice to reduce energy, water consumption and waste to lower carbon emissions.
The Catalyst, the region’s first sustainability-focused start-up accelerator, is based in Masdar City, which is also home to the Mohamed bin Zayed University for Artificial Intelligence. The university, the first in the world dedicated to AI, will open its doors to students in January next year.
ADQ was unveiled in March as the new brand identity of Abu Dhabi Developmental Holding Company.