The Abu Dhabi Investment Office added three new technology-focused companies to its Innovation Programme, pushing the total incentives awarded so far to high-growth firms to Dh1 billion ($272 million).
Adio, the government body responsible for attracting and promoting investment in Abu Dhabi, has added Fairwater Capital, Frontera Capital and Cofe App to the list of 37 companies that are benefiting from Adio’s Dh2bn programme launched in 2020, Adio said on Thursday.
Companies in the Innovation Programme, a part of Abu Dhabi’s Dh50bn Ghadan 21 initiative, operate in high-growth, tech-focused industries. Thirteen information and communications technology sector companies, nine agriculture technology, eight health services and biopharma firms and seven financial services companies are part of the programme.
The Adio initiative is fuelling the development and diversification of Abu Dhabi’s economy, led by an ecosystem in which partner companies create technological solutions.
“Adio’s Innovation Programme is attracting approximately two new fast-growth technology companies to Abu Dhabi every month,” said Mohamed Al Dhaheri, acting executive director business enterprise at Adio.
“Its success speaks to the emirate’s commitment of building an environment where businesses can come together to ideate, collaborate and create.”
As part of the partnership, Adio has awarded Fairwater Capital, Frontera Capital and Cofe competitive financial incentives, including rebates on high-skilled payroll and allowances and high-tech capital expenditure. They are also receiving 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 is a “great base and a gateway” for financial services companies to expand and provides a favourable regulatory environment through the Abu Dhabi Global Market, Adio said.
The multi-strategy investment manager Fairwater Capital, which was founded in London, will set up its global quantitative research hub, global data centre and operations hub in the ADGM. It will enable the company to expand the range of its investment strategies.
“Abu Dhabi is the ideal hub for harnessing the strengths of the local economy and community and complementing them with outstanding international talent to create an international centre of quantitative research and data,” said Paul Lavelle, chief executive at Fairwater Capital.
Boutique investment company Frontera Capital, which focuses exclusively on matching international investor risk appetite with domestic funding needs in frontier markets, will expand its originating, structuring and distributing capabilities from ADGM.
Cofe, which provides access to a wide range of international coffee franchises and artisanal coffee brands through its platform, will relocate its global headquarter to Abu Dhabi, Adio said.
The Adio initiative has built an ecosystem of companies where participants can collaborate with one another and with Abu Dhabi entities to develop locally relevant and globally exportable solutions.
Adio’s Innovation Programme is attracting approximately two new fast-growth technology companies to Abu Dhabi every month
Mohamed Al Dhaheri,
acting executive director business enterprise, Adio
In July, Adio extended Dh90m in funding and non-financial incentives to three technology companies – UAE-based companies Lyve and Rizek, and UK-based Callsign – to build a regional presence through its Innovation Programme.
Last year, Adio also provided backing to Amazon Web Services, video-streaming platform Starzplay, music-streaming service Anghami and cloud management company Bespin Global to allow them to start operations in Abu Dhabi.
The programme participants are already making an impact regionally and Adio is committed to help "fast-track their progress”, Mr Al Dhaheri said.
“With a remaining Dh1bn of incentives ready to be allocated through the programme, we look forward to welcoming many more innovative companies,” he said.
More about Middle East geopolitics
Schedule:
Pakistan v Sri Lanka:
28 Sep-2 Oct, 1st Test, Abu Dhabi
6-10 Oct, 2nd Test (day-night), Dubai
13 Oct, 1st ODI, Dubai
16 Oct, 2nd ODI, Abu Dhabi
18 Oct, 3rd ODI, Abu Dhabi
20 Oct, 4th ODI, Sharjah
23 Oct, 5th ODI, Sharjah
26 Oct, 1st T20I, Abu Dhabi
27 Oct, 2nd T20I, Abu Dhabi
29 Oct, 3rd T20I, Lahore
Charlotte Gainsbourg
Rest
(Because Music)
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Sugary teas and iced coffees
The tax authority is yet to release a list of the taxed products, but it appears likely that sugary iced teas and cold coffees will be hit.
For instance, the non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Cold coffee brands are likely to be hit too. Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
Results
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if you go
The flights
Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.
The trains
Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.
The hotels
Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.
WORLD CUP SEMI-FINALS
England v New Zealand (Saturday, 12pm)
Wales v South Africa (Sunday, 1pm)
Mohammed bin Zayed Majlis
Greatest Royal Rumble results
John Cena pinned Triple H in a singles match
Cedric Alexander retained the WWE Cruiserweight title against Kalisto
Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus
Jeff Hardy retained the United States title against Jinder Mahal
Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos
Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe
AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out
The Undertaker beats Rusev in a casket match
Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match
Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last
