The latest announcements underscore how various financial centres in the MENA region, and beyond, compete for start-ups and fast-growing tech firms to set up shop, mindful of a need to diversify away from traditional revenue sources.

Abu Dhabi Investment Office, competing with rival Middle East hubs to attract inward investment, has announced that it has forged three new “Innovation Programme” partnerships, bringing total incentives awarded to date to AED1 billion ($272 million).

The partnerships are with financial services groups Fairwater Capital, Frontera Capital and beverage firm COFE App; they join a total of 37 companies tapping into the office’s AED2 billion programme, launched in 2020. The ADIO has awarded the three firms financial sweeteners such as rebates on highly-skilled workers and allowances and high-tech capital expenditure.

The companies in the programme operate in tech-focused areas. So far, 13 are in the information and communications technology sector, nine in agriculture technology, eight in health services and biopharma, and seven are in financial services. 

Abu Dhabi is seeking to expand its economy beyond traditional areas such as fossil fuels and real estate.

“ADIO’s Innovation Programme is attracting approximately two new fast-growth tech companies to Abu Dhabi every month. Its success speaks to the emirate’s commitment of building an environment where businesses can come together to ideate, collaborate and create,” Mohamed Al Dhaheri, acting executive director – business enterprise, ADIO, said.

Fairwater Capital was founded in London as a multi-strategy investment manager. Frontera Capital is a boutique investment firm which focuses exclusively on matching international investor risk appetite with domestic funding needs in frontier markets. COFE App is focused on the beverage market, providing access to a range of international coffee franchises and artisanal coffee brands through multiple premium services and features on one platform. 

The ADIO is the government entity responsible for attracting investment in the Emirate of Abu Dhabi.