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Tuesday, April 23, 2024

Indian healthcare and health technology companies will find an ecosystem in Abu Dhabi: Abu Dhabi Ministry of Economic Development


Abu Dhabi, the capital of the United Arab Emirates, is India’s main partner in the Gulf region. It is taking a number of measures to strengthen health infrastructure, which is of great significance in the context of Covid-19. Chairman Mohammed Ali Al Shorafa Abu Dhabi Ministry of Economic Development Tell Dipanjan Roy Chaudhury of ET, Indian health care with Health Technology The company will find an ecosystem in Abu Dhabi that can help their ideas come true and ensure support for Indian medical technology startups to connect to the global network.

What makes Abu Dhabi an attractive place for Indian startups?

Some of the main advantages of Abu Dhabi as an investment destination include our strategic location, talent channels, livability, cutting-edge infrastructure, connectivity and ease of doing business.

For Indian start-ups, the simplicity and flexibility of Abu Dhabi’s legislation are particularly critical, as well as economic activities that are available for foreign ownership under federal and local laws. Foreigners are allowed to establish companies with 100% ownership.

It is important that both Abu Dhabi and India are aligned in seeking solutions and technologies that can have a positive impact on our region and beyond. Abu Dhabi recognizes that innovation has unlimited potential in driving progress, so it invests heavily in building a knowledge-based economy and supports companies that align with this belief.

Indian companies can benefit from the overall support of the entire Emirate ecosystem, including business promoters such as Hub71 (providing financing channels for start-ups, global markets and like-minded founder communities) and ADIO (government entity responsible for private sector investment). Emirate.

Hub71 is a fast-growing global technology community in Abu Dhabi, providing a range of benefits for start-ups from all over the world, including seamless access to financing opportunities, a vibrant business community, world-class talent, and ensuring that its corporate and government partners can Promote the founder’s market access and so on. One of the partners is the Global Education and Leadership Foundation (tGELF) in Haryana. Hub71 cooperates with the foundation as the UAE national organizer of the tGELF Startup World Cup 2020. This partnership allowed three top start-ups to promote their innovations and receive $100,000 worth of physical awards.

The founders of Indian startups should also be relieved that Abu Dhabi is located at the crossroads of east and west, only one voyage from 80% of the world’s population. Abu Dhabi is not only the capital of a country with more than 3 million Indian citizens, but the emirate also has a diverse base of more than 200 ethnic groups. Therefore, it is natural for us to connect the world’s best talents, companies and start-ups under one roof, and have the support of forward-looking and supportive governments, and have formulated clear long-term policies on technology and innovation. , Provides countless opportunities for Indians to start a business community.

Is Abu Dhabi keen to cooperate with India’s healthcare and health technology sectors?

Abu Dhabi strives to be at the forefront of medical innovation. The emirate has world-class healthcare services, including highly specialized medical services and treatments. Our state-of-the-art technology and infrastructure help support the launch of Healthcare 5.0 in Abu Dhabi.

In addition to the infrastructure we have established, Indian healthcare and health technology companies will also find an ecosystem in Abu Dhabi that can help their ideas come true. For example, Hub71 has 17 HealthTech startups seeking innovative healthcare solutions, providing them with access to capital, market, and growth support. This shows that startups focused on healthcare have full confidence in Abu Dhabi’s global technology ecosystem. On this basis, Plug and Play Abu Dhabi recently announced the second accelerator program in Hub71 in cooperation with the Abu Dhabi Ministry of Health, and startups will receive mentorship and fund-raising opportunities during the program.

In addition, ADDED launched the Technology and Innovation Award Program (TIP) with the Ministry of Economic Affairs in 2020, which aims to transform the innovations of inventors from all over the world in the field of health into marketable products. Since its launch in 2017, the TIP project has achieved remarkable success at home and abroad, receiving 1,185 applications from 34 countries, of which 24 award-winning projects involve the field of healthcare. Winning applicants have the opportunity to communicate with professional entrepreneurs and leaders, as well as key participants and decision makers at the local and international levels in the field.

Promoting the provision of high-quality medical care for citizens and residents of Abu Dhabi has always been a priority, but this has become clearer during the pandemic. Abu Dhabi has led a world-class response to COVID-19, and the city’s approach has been rated as the best in the world by Deep Knowledge Group, a British analytical consortium. In addition, Abu Dhabi is developing a medical shopping mall that will be embedded in all aspects of promoting health and well-being. These efforts have accelerated the ability of the Abu Dhabi healthcare sector to ensure that it is always prepared to provide first-class clinical excellence that exceeds patient expectations.

These achievements provide many opportunities for Indian start-up communities and healthcare organizations seeking to expand their businesses in the Middle East from Abu Dhabi. We welcome Indian HealthTech startups because Abu Dhabi provides an ideal springboard for growth through its global network and important capital channels, as well as an advanced business environment suitable for helping startups maximize their chances of success.

Will Abu Dhabi invest in approximate numbers of startups? What kind of capital support does Abu Dhabi provide for start-ups?

The Abu Dhabi government has increased its support for entrepreneurs and start-ups. Abu Dhabi provides a series of incentives to help companies from all over the world, including those from India, succeed in the emirate.

Companies can obtain financial support through grants and rebates through ADIO’s Dirham 2 billion (US$545 million) innovation program, which provides financial and non-financial support to global innovative companies in high-growth areas, including financial services, information and Communication technology (ICT), health services and biopharmaceuticals, tourism and agricultural technology, etc. FreshToHome, an Indian e-commerce startup, is one of ADIO’s innovative program partners.

Companies from all over the world can also make equity investments through ecosystem participants such as Mubadala and ADQ through its DisruptAD platform. Mubadala has invested US$1.2 billion in Jio Platforms, India’s leading digital service platform.

Hub71 is one such ecosystem participant, helping startups succeed in Abu Dhabi. In less than nine months, Hub71 helped 29 local and international startups that are actively raising funds to raise AED185 million. In addition to its eight venture capital funds, this would be impossible without its strategic partners. These venture capital funds are actively deploying funds and grants in their entrepreneurial communities.

Indian startups have the opportunity to obtain capital in Abu Dhabi through Hub71’s influential partners, which also provide guidance and access to global markets through its vast network. Through the Outliers program, Indian startups can collaborate with Abu Dhabi’s leading corporate and government entities to solve their challenges through innovation-led solutions that can secure new customers, raise funds, and ultimately commercialize their POC .

Through its partners with a proven track record in global investment, Hub71 can also use B2B partnerships with technology giants and investors to create a vibrant global technology ecosystem that will benefit Indian start-ups and entrepreneurs.

Ultimately, India is a major market with incredible technical talent, which complements Abu Dhabi’s mission to promote innovation and become a long-term entrepreneurial center. We are happy to help the brightest and bravest Indian founders get the next opportunity to raise substantial funds, thereby enhancing their business growth prospects and long-term viability in the MENA region and the world.

What is Abu Dhabi’s strategy in developing new economy start-up companies, and what are the specific entrepreneurial areas that Abu Dhabi is interested in?

Abu Dhabi is committed to creating an innovation center and supports like-minded companies to set up here. We have established an ecosystem that enables companies of all sizes to confidently take business risks to innovate and develop cutting-edge solutions. The emirate’s innovation ecosystem collectively supports the emirate’s start-ups. We hope to develop solutions and technologies that are locally relevant and can be exported globally.

ADIO has partnered with seven innovative agricultural companies as part of its goal to develop agricultural technologies in Abu Dhabi that can help meet food security challenges in the region and beyond. The research and technology developed by these companies will help enhance the current capabilities of Abu Dhabi’s agricultural technology system. It will also help strengthen the culture of innovation in the agricultural sector to meet the growing global food security challenges.

Start-ups are helping our economy face the future, using technology and innovation to provide solutions to advance the priority sectors of our economy. These efforts have provided a vital lifeline for ensuring the long-term prosperity of Abu Dhabi. This is reflected in the Ghadan 21 accelerator program in Abu Dhabi.

What other areas does Abu Dhabi aspire to cooperate with India?

In terms of foreign direct investment in India, the UAE ranks first in the Arab world with $17.2 billion and 11th in the world. It is also India’s third largest business partner, with a business transaction value of 60 billion U.S. dollars (AED 232 billion). In addition, the UAE also exports petroleum derivatives, precious metals, chemicals and wood products to India.

The level of economic cooperation between our markets is very high, and it is still growing. As Abu Dhabi diversifies and moves towards a knowledge economy, innovation has become a key focus and a basic theme of all the programs we are working to establish. India is a big market with unparalleled ambition, creativity and innovation. We have the right incentives and environment to support the development of Indian innovators, founders and start-ups.

Abu Dhabi has a competitive advantage and can help drive innovation to have a global impact. These industries include financial services, tourism, agricultural technology, information and communication technology, as well as health services and biopharmaceuticals. We hope to cooperate with Indian entrepreneurs and start-ups to take their business to a new level.


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