ADIO offers $235mn to help three tech companies grow in the region

By Arya M Nair, Official Reporter
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The Abu Dhabi Investment Office (ADIO) has partnered with Callsign, Lyve and RIZEK to provide the three companies financial and non-financial incentives with over $235 million in funding to help them innovate.

According to ADIO, Callsign, Lyve, and RIZEK have received competitive financial incentives as part of the Innovation Programme, including rebates on highly skilled payroll and high-tech CAPEX, as well as non-financial incentives including support with establishment processes and ecosystem engagement.

The partnerships will help to enhance Abu Dhabi’s booming Information and Communications Technology (ICT) ecosystem, which has been growing significantly in 2021 as a result of a raft of new entrants.

Anghami, Bespin Global, and STARZPLAY Arabia have established new headquarters in Abu Dhabi with the help of ADIO, while Amazon Web Services (AWS) will soon launch a cloud infrastructure region in the UAE as part of its $545 million Innovation Program.

Dr. Tariq Bin Hendi
Dr. Tariq Bin Hendi Director General – ADIO

“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. The three companies are welcome to grow their presence as we plan to double the support for the growth of innovative businesses.”

Abu Dhabi is a long-term partner to companies aligned with ADIO’s strategic objective, assisting them in accelerating their growth while ensuring they are well-equipped to grow sustainably and make a significant contribution on the global stage.

The intelligence-driven authentication of Callsign, a London-based software business, positively identifies individuals, providing safety and low friction for real users while guaranteeing that bad actors are blocked. This is being used to build digital trust among financial institutions, governments, and businesses all across the world. The company has invested in building a world-class center of technical excellence in Abu Dhabi’s Hub71, the emirate’s global tech ecosystem, to fuel innovation and growth in the digital identity and security industry.

Lyve is a multinational logistics and technology company based in the UAE, with operations in 12 countries across the world. It facilitates millions of orders each month by connecting businesses with their partners and customers via unique cloud-based logistics systems and digital transformation innovations.

RIZEK is a homegrown online platform that connects customers to a range of service providers, allowing them to obtain services in healthcare, beauty, cleaning, maintenance and many others at the time and location of their choosing.

ADIO’s Innovation Program was established under Ghadan 21, Abu Dhabi’s three-year accelerator program, which will end in 2021 after making substantial success in fostering the development of the emirate’s knowledge economy.

Related: Abu Dhabi’s Hub71, ADIO join forces to nurture startup ecosystem