ADIO’s $545m incentive programme eyes high-growth areas
ABU DHABI, December 18, 2020
The Abu Dhabi Investment Office (ADIO), the government hub supporting private sector investment in the UAE capital, is expanding its AgTech incentive programme to include support for innovative companies in other high-growth areas.
The new ‘Innovation Programme’ has an increased incentive pool totalling AED2 billion ($545 million) to accelerate opportunities for investors in the emirate.
The programme reinforces Abu Dhabi’s efforts to invest in high-growth areas while supporting businesses and ideas that drive positive impact, said the statement from ADIO.
In 2020, the Abu Dhabi entity had partnered with seven agriculture innovators, under its AgTech programme, to establish R&D and operational facilities and develop cutting-edge projects in the emirate.
The partnerships have led to the rapid advancement of Abu Dhabi’s agriculture ecosystem, it stated.
Building on the success of the AgTech programme, ADIO’s new innovation programme extends support to other areas with high-growth potential for local and global investors in the emirate.
The programme, an initiative of the Abu Dhabi government’s Ghadan 21 accelerator programme, is now available to innovation-focused companies in financial services, information and communications technology (ICT), health services and biopharma, tourism and AgTech, among others.
Abu Dhabi has built world-class infrastructure and the right environment for companies to grow and thrive in each of the areas. For example, the Abu Dhabi Global Market (ADGM) is a hub for global FinTech companies and includes the region’s first digital sandbox.
From a healthcare perspective, Abu Dhabi is home to some of the world’s leading healthcare facilities including the Cleveland Clinic and Mayo Clinic.
ADIO works with government entities across Abu Dhabi to facilitate partnerships and opportunities for investors, said its top official.
"2020 has been a year of major progress in building the emirate’s innovation ecosystem and supporting many enterprising companies looking to grow in Abu Dhabi and across the region. As we look ahead to 2021, ADIO is doubling down on our commitment to support investors in Abu Dhabi," remarked Director General Dr Tariq Bin Hendi.
"We are excited to replicate the success of AgTech in other high-growth areas rooted in innovation," he noted.
According to him, the Innovation Programme offers companies globally competitive rebates and grants, in addition to other non-financial incentives, to support their investment journey in Abu Dhabi.
The expanded programme will create thousands of high-skilled jobs, drive innovation in key sectors and spur the development of impactful solutions that have the potential to be beneficial to the region and across the globe, he added.-TradeArabia News Service
