ADIO’s Innovation Programme partners with 3 new companies, with AED 1 billion now allocated to a total of 37 firms 

The Abu Dhabi Investment Office (ADIO) has kicked off 2022 with three new Innovation Programme partnerships, bringing total incentives awarded to date to AED 1 billion ($272 million). Fairwater Capital, Frontera Capital and COFE App join a total of 37 companies benefitting from ADIO’s AED 2 billion ($545 million) Innovation Programme since its 2020 launch. 

Innovation Programme companies operate in high-growth, tech-focused industries, with 13 in the information & communications technology (ICT) sector, nine in agriculture technology (AgTech), eight in health services & biopharma and seven in financial services. The programme is fuelling the development and diversification of Abu Dhabi’s economy, led by an innovation ecosystem in which Innovation Programme companies create technological solutions to benefit the region and beyond.

Mohamed Al Dhaheri, Acting Executive Director – Business Enterprise, ADIO, said: “ADIO’s Innovation Programme is attracting approximately two new fast-growth tech companies to Abu Dhabi every month. Its success speaks to the emirate’s commitment of building an environment where businesses can come together to ideate, collaborate and create. Our 37 Innovation Programme partners are already making an impact regionally and we are committed to helping fast-track their progress by equipping them with the necessary resources and support for growth. With a remaining AED 1 billion of incentives ready to be allocated through the programme, we look forward to welcoming many more innovative companies to our forward-looking community where they can make a real impact globally.”

Partnerships with Fairwater Capital, Frontera Capital and COFE

As part of the Innovation Programme, ADIO has awarded Fairwater Capital, Frontera Capital and COFE competitive financial incentives, including rebates on highly-skilled payroll and allowances and high-tech CAPEX, as well as 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 provides a great base and a gateway for financial services companies to expand, serving as a bridge between time zones, while providing a favourable regulatory environment via the Abu Dhabi Global Market (ADGM).

• Fairwater Capital was founded in London as a multi-strategy investment manager. ADIO’s partnerships will enable Fairwater Capital to set up its global quantitative research hub, global data centre and operations hub in ADGM to support and expand the range of its investment strategies including credit and renewables.
• Frontera Capital is a boutique investment firm that focuses exclusively on matching international investor risk appetite with domestic funding needs in frontier markets. With ADIO’s support, Frontera Capital will expand its capabilities from ADGM in originating, structuring and distributing frontier market risk through enhanced ADGM-based infrastructure and support.
• COFE App is a state-of-the-art coffee-centric application for the beverage market, that provides quick access to a wide range of international coffee franchises and artisanal coffee brands through multiple premium services and features on one platform. COFE App provides 360-degree solutions to coffee lovers looking for a smart way to grab their daily coffee. The partnership with ADIO will see COFE App relocate its global HQ to Abu Dhabi, where the startup will continue expanding the coffee marketplace and place further foothold in the beverage and tech ecosystem. 

Ecosystem enablement

Since 2020, ADIO has established 37 company partnerships and built an ecosystem where partner companies can collaborate with one another and with Abu Dhabi entities to develop locally relevant and globally exportable solutions. The technologies created by the Innovation Programme companies in the emirate are contributing to the emirate’s economic diversification.

With increasing numbers of companies establishing a significant presence under the Innovation Programme, Abu Dhabi has emerged as the region’s HQ of HQs. ADIO’s support has brought to the emirate Anghami, STARZPLAY, Lyve and Pure Salmon, which have established their global HQs here, and Bespin Global, which has set up its MENA HQ in Abu Dhabi’s Hub71. These companies have chosen the emirate for its ease of doing business, enabling regulations, established infrastructure and deep talent pool, making it an ideal location from which to spearhead innovation.

With 80% of the world’s population within an eight-hour flight of Abu Dhabi, the emirate’s connectivity positions it as a launchpad for companies with global ambitions. In February 2022, Abu Dhabi-headquartered Anghami became the first Arab technology company to list on Nasdaq in New York. It went public at USD 220 million via a merger with a special purpose acquisition company, allowing the music streaming platform to scale its user base and invest in technology.