The Abu Dhabi Investment Office added three new technology-focused companies to its Innovation Programme, pushing the total incentives awarded so far to high-growth firms to Dh1 billion ($272 million).
Adio, the government body responsible for attracting and promoting investment in Abu Dhabi, has added Fairwater Capital, Frontera Capital and Cofe App to the list of 37 companies that are benefiting from Adio’s Dh2bn programme launched in 2020, Adio said on Thursday.
Companies in the Innovation Programme, a part of Abu Dhabi’s Dh50bn Ghadan 21 initiative, operate in high-growth, tech-focused industries. Thirteen information and communications technology sector companies, nine agriculture technology, eight health services and biopharma firms and seven financial services companies are part of the programme.
The Adio initiative is fuelling the development and diversification of Abu Dhabi’s economy, led by an ecosystem in which partner companies create technological solutions.
“Adio’s Innovation Programme is attracting approximately two new fast-growth technology companies to Abu Dhabi every month,” said Mohamed Al Dhaheri, acting executive director business enterprise at Adio.
“Its success speaks to the emirate’s commitment of building an environment where businesses can come together to ideate, collaborate and create.”
As part of the partnership, Adio has awarded Fairwater Capital, Frontera Capital and Cofe competitive financial incentives, including rebates on high-skilled payroll and allowances and high-tech capital expenditure. They are also receiving non-financial incentives, such as support with establishment processes and ecosystem engagement.
Fairwater Capital and Frontera Capital are financial services companies that will advance financial innovation in and from Abu Dhabi.
The emirate is a “great base and a gateway” for financial services companies to expand and provides a favourable regulatory environment through the Abu Dhabi Global Market, Adio said.
The multi-strategy investment manager Fairwater Capital, which was founded in London, will set up its global quantitative research hub, global data centre and operations hub in the ADGM. It will enable the company to expand the range of its investment strategies.
“Abu Dhabi is the ideal hub for harnessing the strengths of the local economy and community and complementing them with outstanding international talent to create an international centre of quantitative research and data,” said Paul Lavelle, chief executive at Fairwater Capital.
Boutique investment company Frontera Capital, which focuses exclusively on matching international investor risk appetite with domestic funding needs in frontier markets, will expand its originating, structuring and distributing capabilities from ADGM.
Cofe, which provides access to a wide range of international coffee franchises and artisanal coffee brands through its platform, will relocate its global headquarter to Abu Dhabi, Adio said.
The Adio initiative has built an ecosystem of companies where participants can collaborate with one another and with Abu Dhabi entities to develop locally relevant and globally exportable solutions.
Adio’s Innovation Programme is attracting approximately two new fast-growth technology companies to Abu Dhabi every month
Mohamed Al Dhaheri,
acting executive director business enterprise, Adio
In July, Adio extended Dh90m in funding and non-financial incentives to three technology companies – UAE-based companies Lyve and Rizek, and UK-based Callsign – to build a regional presence through its Innovation Programme.
Last year, Adio also provided backing to Amazon Web Services, video-streaming platform Starzplay, music-streaming service Anghami and cloud management company Bespin Global to allow them to start operations in Abu Dhabi.
The programme participants are already making an impact regionally and Adio is committed to help "fast-track their progress”, Mr Al Dhaheri said.
“With a remaining Dh1bn of incentives ready to be allocated through the programme, we look forward to welcoming many more innovative companies,” he said.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Closing the loophole on sugary drinks
As The National reported last year, non-fizzy sugared drinks were not covered when the original tax was introduced in 2017. Sports drinks sold in supermarkets were found to contain, on average, 20 grams of sugar per 500ml bottle.
The non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed:
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Killing of Qassem Suleimani
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
Brief scores:
Day 1
Toss: India, chose to bat
India (1st innings): 215-2 (89 ov)
Agarwal 76, Pujara 68 not out; Cummins 2-40
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
UAE currency: the story behind the money in your pockets
Chatham House Rule
A mark of Chatham House’s influence 100 years on since its founding, was Moscow’s formal declaration last month that it was an “undesirable
organisation”.
The depth of knowledge and academics that it drew on
following the Ukraine invasion had broadcast Mr Putin’s chicanery.
The institute is more used to accommodating world leaders,
with Nelson Mandela, Margaret Thatcher among those helping it provide
authoritative commentary on world events.
Chatham House was formally founded as the Royal Institute of
International Affairs following the peace conferences of World War One. Its
founder, Lionel Curtis, wanted a more scientific examination of international affairs
with a transparent exchange of information and ideas.
That arena of debate and analysis was enhanced by the “Chatham
House Rule” states that the contents of any meeting can be discussed outside Chatham
House but no mention can be made identifying individuals who commented.
This has enabled some candid exchanges on difficult subjects
allowing a greater degree of free speech from high-ranking figures.
These meetings are highly valued, so much so that
ambassadors reported them in secret diplomatic cables that – when they were
revealed in the Wikileaks reporting – were thus found to have broken the rule. However,
most speeches are held on the record.
Its research and debate has offered fresh ideas to
policymakers enabling them to more coherently address troubling issues from climate
change to health and food security.
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More from Neighbourhood Watch:
KILLING OF QASSEM SULEIMANI
MATCH INFO
Karnatake Tuskers 114-1 (10 ovs)
Charles 57, Amla 47
Bangla Tigers 117-5 (8.5 ovs)
Fletcher 40, Moores 28 no, Lamichhane 2-9
Bangla Tiger win by five wickets
Key recommendations
- Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
- Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
- Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
- More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.
More from Rashmee Roshan Lall
