Abu Dhabi Investment Office supports 3 emerging technology companies

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Abu Dhabi (Etihad)

The Abu Dhabi Investment Office (ADIO) announced yesterday that it has concluded three individual partnerships with Colsign, Live and Rizk, to provide these companies with financial and non-financial support packages under the office’s AED 2 billion ($ 545 million) innovation program ).
The new partnerships continue the process of upgrading the information and communication technology sector in the Emirate of Abu Dhabi, which witnessed a strong impetus during the year 2021, with a group of technology companies establishing their regional headquarters in the emirate, benefiting from the support provided by the Abu Dhabi Investment Office, such as the music broadcasting platform “Anghami” and “Bisben Global” “The provider of cloud computing solutions, and “Stars Play Arabia” which specializes in providing video subscription services, in addition to “Amazon Web Services” preparing to launch a data center area in the United Arab Emirates. The value of the support provided by the Abu Dhabi Investment Office during the year 2021 amounted to more than 865 million dirhams (235 million dollars), from which seven companies benefited to establish and develop their businesses in the Emirate of Abu Dhabi.

Rapid developments
Dr. Tariq bin Hendi, Director General of the Abu Dhabi Investment Office, stressed the importance of the rapid developments in the information and communications technology sector in the Emirate of Abu Dhabi, especially with the selection of many ambitious companies to establish and expand their businesses in the emirate, such as Colsign, Life and Rizk. He said: “Many international companies are currently developing the latest advanced technology solutions and innovations from the Emirate of Abu Dhabi, which has emerged as a leading technology destination and a major center for attracting regional headquarters for companies in the region. Abu Dhabi is a long-term partner for businesses and companies that are in line with our vision and strategic goals, and we are working to help these companies and accelerate the progress and success of their businesses, and ensure their readiness for sustainable growth and real change on the global stage.”
As part of the Abu Dhabi Investment Office’s innovation program, Colsign, Live and Rizk received financial and non-financial support packages to enable them to expand and develop their operations in the Emirate of Abu Dhabi. The support packages included the recovery of percentages of salaries allocated to people with talent and skills related to innovation, support for capital expenditures allocated by these companies to advanced technologies, in addition to other non-financial incentives such as assistance in establishing businesses and communicating with partners within the innovation system in the Emirate of Abu Dhabi.

Partnerships
Dr. Zia Hayat, CEO and Chairman of the Board of Directors of Colsign, said: “The wise leadership of the United Arab Emirates has confirmed its ambitious and clear vision through the establishment of the Abu Dhabi Investment Office, which is contributing to the consolidation of the position of the Emirate of Abu Dhabi as a global destination attracting regional centers for companies. This vision was the main motivation behind our decision to expand our business outside the United Kingdom from the UAE, where we are working to build two centers of technical excellence, which will employ the best competencies and local expertise, and harness the latest machine learning and artificial intelligence technologies to lead the innovation process in the areas of digital trust globally.” .
In turn, Hassan Helles, CEO and co-founder of Life, said: “We are proud to have received this important investment that will enable us to expand our business at this time of rapid growth and digital transformation. The Abu Dhabi Investment Office’s confidence in our vision will represent an important incentive for us to move forward in the path of creativity and innovation. By developing our research and development department, we look forward to continuing to innovate the best new technical solutions that will have a significant impact on enhancing the efficiency and effectiveness of recent logistics operations within the e-commerce industry.”

Service Industry Development
Abdullah Abu Sheikh, founder and CEO of Rizk, said: “Our partnership with the Abu Dhabi Investment Office will enable us to fulfill the promises we made to ourselves and our community, and further emphasize the significant positive impact our platform has had since its launch, as well as the efforts we will continue to make to develop the industry. On-demand services in the UAE and the region as a whole, taking them to new heights.”
The Abu Dhabi Investment Office had launched the Innovation Program as one of the initiatives of the Abu Dhabi Development Accelerators Program “Ghadan 21”, which will be concluded by the end of 2021, after it played an important role in advancing the economic development and knowledge significantly in the Emirate of Abu Dhabi.





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