Abu Dhabi based public joint stock company- ADQ has declared a new capital fund worth $300 million (1.1 billion dirhams) named Alpha Wave Incubation (AWI) for investing in start-ups in India and Southeast Asia.
According to the company, the venture capital fund will be located at Abu Dhabi Global Market and will be managed by Falcon Edge Capital, a New York based investment firm. Additionally, fund will be using highly advanced regulatory frameworks and will provide its portfolio market access to companies in the United Arab Emirates (UAE), the Middle East, and North Africa.
According the chief executive officer of ADQ, Mohammed Hassan Al Suwaidi said that the AWI fund will help in further encouraging the culture of entrepreneurship in Abu Dhabi and promote the city’s position as a global innovation hub, with being aligned to the Ghadan 21 accelerator programme’s investment in their economy. Mayank Singhal, the head of venture capital and technology at the company also agreed to the fund’s ability in attracting young investors to the capital and generating sustainable and long-term financial returns.
Formerly known as Abu Dhabi Developmental Holding Company, the company is currently across 11 sectors such as logistics, tourism and hospitality, real estate, media, and others, and covers 90 companies.