Abu Dhabi Investment Office goes big on tech industry support
Dubai: The Abu Dhabi Investment Office (ADIO) has entered partnerships with Callsign, Lyve and Rizek to provide financial and non-financial incentives to companies as part of its Dh2 billion innovation programme.
The partnerships focuses on expanding Abu Dhabi’s information and communications technology (ICT) landscape, which has seen a significant boost in 2021. With ADIO’s support, the Arabic music app Anghami, Bespin Global and web streaming platform Starzplay Arabia each established new headquarters in Abu Dhabi, while Amazon Web Services (AWS) will soon launch a cloud infrastructure region in the UAE. In total, ADIO has provided more than Dh865 million in support of seven ICT companies this year to help them innovate.
“We are now seeing companies from all over the world pioneering new technologies in Abu Dhabi, as the emirate emerges as a leading advanced technology hub and the region’s HQ of tech HQs,” said Dr. Tariq Bin Hendi, Director-General of ADIO. “We are here to help companies fast-track their progress, while ensuring they are suitably equipped to grow sustainably and make a real impact on the global stage.”
ADIO has awarded Callsign, Lyve and Rizek competitive financial incentives, including rebates on highly skilled payroll and capital expenditure support, as well as non-financial incentives, such as support with establishment processes and ecosystem engagement.
Rizek is an online platform that connects users to a variety of service providers, allowing access to services in healthcare, beauty, cleaning, maintenance, and many other segments at the time and location of their choosing. The company was the first local platform to introduce home-based Polymerase Chain Reaction (PCR) testing and the first in the world to facilitate COVID-19 vaccines at home.
ADIO’s partnership will aid Rizek in its continued growth as the company expands into new markets, including Saudi Arabia and Egypt, and develops more segments to broaden its range of services.