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Abu Dhabi United Fund seeks to attract 10 unicorns

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The Annual Investment Meeting (AIM), which brings together global investors, high-level governments, policymakers and investors, has reached a strategic partnership with an investment banking company and a fund manager to attract 10 unicorns, aiming to achieve a total market capitalization within five years to $100 billion.

A three-day investment platform aimed at drawing a global economic roadmap for Abu Dhabi, signed a cooperation agreement with China Bridge Capital and Silicon-based NextG Tech Ltd to jointly set up a fund to attract companies with billions of capital to settle in Abu Dhabi.

China Bridge Capital, which has also already established a foothold in global offices in Shenzhen, Beijing, Silicon Valley and New York, has now set its sights on doing the same in the UAE through “Abu Dhabi Billionaire Business,” an AIM statement said. Fund”, which aims to attract the next generation of global unicorns to the country, especially Abu Dhabi.

“The fund seeks to promote sustainable development globally while achieving the vision of creating 10,000 jobs within three years and bringing this number to 30,000 within five years,” the statement said.

“Through the global mobile energy ecosystem of funds backed by institutional LPs (Limited Partners) and our partnership with AIM, we believe our vision of attracting 10 unicorns through investment, integration and dual listing will achieve total market capitalization NextG Edward Zeng, founder of Tech and China Bridge Capital, said: “To reach $100 billion in five years and boost Abu Dhabi’s already thriving startup ecosystem. “

Dawood Al Shezawi, Chairman of AIM, said the agreement with China Capital Bridge and NextG Tech is an important milestone for the UAE as it will help support the country’s efforts to build a vibrant and sustainable innovation and entrepreneurship ecosystem

The fund envisions attracting next-generation technology, talent, capital and jobs from around the world to the UAE. The companies in the fund come from industries such as electric vehicles, solar energy, autonomous driving, smart sanitation, nuclear infusion, consumption, medical care, information technology Web3, and hydrogen energy.

The Ministry of Industry and Advanced Technology (MoIAT) said its participation in the world’s leading investment platform is in line with the National Industrial and Advanced Technology Strategy, or Action 300 billion, aimed at increasing the contribution of the industrial sector to GDP. The strategy also aims to improve the UAE’s business environment to attract local and international investors into priority industries under the ‘Make it in the Emirates’ programme.

MoIAT Undersecretary Omar Al Suwaidi kicked off AIM’s investment track by emphasizing the need for more investment in areas such as renewable energy and climate technology. “Technology developments, industrial digitalization and net zero efforts in the UAE are leading to great investment opportunities, which we are delighted to share with you through the Make it in the Emirates campaign,” Al Suwaidi told investors.

“At the heart of these opportunities is a unique value proposition. It consists of free trade agreements, highly skilled workforce, strategic geographic location, world-class sustainable industrial infrastructure, etc., including various incentives and enablers. MoIAT is working with strategic partners Partnering to provide these incentives as part of our efforts to create a vibrant, diverse and welcoming environment for companies and individuals.”

To date, MoIAT has partnered with various local and international financial institutions to provide financial incentives. The UAE Development Bank and Etihad Credit Insurance have jointly provided AED4.4 billion in financing solutions to empower industrial companies by 2022, with almost AED700 million allocated to help companies acquire advanced technological solutions.

“Make it in the Emirates continues to build momentum, attracting interest from around the world and boosting the national industry. By 2022, the industrial sector will contribute more than AED 180 billion to GDP and industrial exports will reach AED 174 billion ,”He said.

Copyright © 2022 Khaleej Times. all rights reserved. Supplied by SyndiGate Media Inc. (Syndicate Information).

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