Abu Dhabi’s state-backed investment company Abu Dhabi Investment Office (ADIO) has diversified its agricultural technology incentive program to support other tech-related initiatives outside its original scope of Agri-Tech.
The incentive program will now offer support worth $545 million to projects which are part of other high-growth areas.
The program will now cover a broader spectrum of firms covering innovation-focused firms serving information and communications technology (ICT), financial services, health services and biopharma, and tourism sectors.
ADIO has already associated with seven agriculture businesses under this initiative, which enables firms to establish R&D and operational facilities and develop projects in the emirate.
“As we look ahead to 2021, ADIO is doubling down on our commitment to support investors in Abu Dhabi. We are excited to replicate the success of AgTech in other high-growth areas rooted in innovation.”
The new scheme, which is part of the $13.61 million Ghadan 21 economic stimulus initiative, includes rebates, grants and other non-financial incentives to the chosen organizations.
In its statement to the media, ADIO stated that “the expanded program will create thousands of high-skilled jobs, drive innovation in key sectors and spur the development of impactful solutions that have the potential to be beneficial to the region and across the globe.”
Earlier in April, ADIO made an invested $100 million in four agri-tech companies, AeroFarms, Madar Farms, RNZ and RDI to support them in building research and development facilities along with food production centers in the emirate.
The firm also extended its financial and non-financial support to the world’s largest fully integrated online brand in fresh fish and meat eCommerce, FreshToHome earlier this month.