ADIO’s Innovation Programme kicks off 2022 with three new Innovation Programme partnerships
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 (USD 272 million). Fairwater Capital, Frontera Capital and COFE App join a total of 37 companies benefitting from ADIO’s AED 2 billion (USD 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.
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).
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.