ADQ, a public joint stock company headquartered in Abu Dhabi has announced a new $300 million venture capital fund, Alpha Wave Incubation or AWI Fund. The AWI Fund will be investing in early-stage startups across South-East Asia and India, and help them set up base in Abu Dhabi’s Masdar City.
According to media reports, AWI Fund will be located in Abu Dhabi Global Market and will be managed by Falcon Edge Capital, an investment firm based out of New York. AWI Fund will also provide its portfolio companies market access to the UAE, Middle-East and to North Africa region.
Commenting on the fund, Mohammed Hassan Al Suwaidi, Chief Executive of ADQ, said, “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 accelerator programme’s investment in Abu Dhabi’s economy, knowledge system and communities.”
“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,” said Mayank Singhal, head of venture capital and technology at ADQ.
Media reports suggested that AWI Fund will encourage Abu Dhabi’s culture of entrepreneurship and help promote its emerging position as a global innovation hub, in line with the Ghandan 21 accelerator programme’s investment in Abu Dhabi’s economy, knowledge systems and communications.
Established in 2018, ADQ was earlier known as Abu Dhabi Developmental Holding Company. It currently manages more than 90 companies across 11 sectors, including healthcare, tourism and hospitality, logistics, manufacturing, utilities, media, and real estate.
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