Abu Dhabi Skyline/Bloomberg
The fund is part of the government’s Ghadan 21 programme that is working to accelerate Abu Dhabi’s economy and build a dynamic as well as a thriving entrepreneurial culture.
Wednesday 08, May 2019 BY KUDAKWASHE MUZORIWA
The Abu Dhabi Investment Office (ADIO) has launched the AED535 million Ghadan Ventures Fund to grow Abu Dhabi’s venture capital and start-up ecosystem, according to local newswire, WAM.
The Ghadan Ventures Fund seeks to increase the availability of capital to start-ups based in Abu Dhabi and to attract fund managers to set up in the capital, the office said in a statement.
Elham Abdulghafoor Mohamed AlQasim, the CEO of ADIO and Executive Director of the Ghadan 21 programme, said, “The objective of the Ghadan Ventures Fund is two-fold, we are helping new VCs establish in Abu Dhabi to ensure local start-ups have access to more investors, whilst also driving the establishment as well as growth of start-ups in Abu Dhabi by increasing the amount of investment capital available in the market.”
The fund has two key programmes, Start-up Matching Fund and New Managers Fund, that are designed to increase the availability of capital for Abu Dhabi based start-ups as well as serve as a catalyst for new fund managers seeking to establish themselves in the capital.
The office was set up as part of Abu Dhabi government's AED 50 billion stimulus fund, Ghadan 21, which was announced in September last year to accelerate economic growth.