Alpha Dhabi to invest 9.2 billion dirhams in a new venture capital fund – News

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Hamad Al Ameri, CEO of Alpha Dhabi Holding, said investing in innovation and technology remains a fundamental tenet of Alpha Dhabi’s growth strategy.



The Abu Dhabi Stock Exchange-listed company said its total commitment to invest in the Chimera Capital and Alpha Wave fund launched earlier this year includes a capital injection of Dhs 2.6 billion and a capital commitment not drawn from 6.6 billion Dh which will be deducted over the investment period of the fund. — File photo

Published: Thu 19 May 2022, 15:18

Alpha Dhabi Holding, in the wake of an excellent performance in the first quarter, announced on Thursday its commitment to invest 9.2 billion dirhams in the historic fund “Alpha Wave Ventures II”.

The Abu Dhabi Stock Exchange-listed company said its total commitment to invest in the Chimera Capital and Alpha Wave fund launched earlier this year includes a capital injection of Dhs 2.6 billion and a capital commitment not drawn from 6.6 billion Dh which will be deducted over the investment period of the fund.

The holding company, one of the fastest growing investment holding companies in the UAE, announced last week a net profit of 2.84 billion dirhams in the first quarter of 2022, up significantly from a year-on-year compared to 100 million dirhams, as part of an increase in investments. activity. It also recorded strong performance in the first quarter of 2022 with record revenue of MAD 8.17 billion, representing a 700% year-on-year increase.

Hamad Al Ameri, CEO of Alpha Dhabi Holding, said investing in innovation and technology remains a fundamental tenet of Alpha Dhabi’s growth strategy.

“We continuously review investments in disruptive technologies as a way to advance our group of operating subsidiaries which includes market leaders in their respective industries. As a cornerstone and significant investor in this fund, we are able to strongly demonstrate this commitment to innovation, technology and growth-stage companies while adding scale to our investment portfolio and delivering superior returns to our shareholders,” Al Ameri said.

In a statement, the company said the venture capital fund – which has already started making investments – has a global mission and will focus on multi-stage private companies, with a focus on growth-stage companies. in a wide range of sectors, including the artificial one. intelligence, financial technology, life sciences, consumer Internet and B2B.

“The fund’s focus on investments is in line with Alpha Dhabi’s growth strategy, which focuses, in part, on investing in disruptive technologies as part of the UAE’s ambition. to create a diverse, technology-driven and competitive economy that fosters a culture of innovation,” the holding company said.

Alpha Dhabi said the fund will target investments in high-growth, technology-driven, technology-driven companies that provide pioneering and innovative solutions to key issues both regionally and globally. “As a key and strategic contributor to the UAE’s economy and diversification efforts, the fund and our engagement strengthen Abu Dhabi’s position as a hub of innovation and technology and amplify the the country’s growing position as a premier investment destination for international, institutional and growth capital.”

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