By Shane McGinley
Abu Dhabi Catalyst Partners fund has received over 200 applications for financing
Abu Dhabi Global Market will soon announce the first four companies to receive seed funding as part of its $1 billion Abu Dhabi Catalyst Partners fund, after receiving over 200 applications to be part of the scheme, according to the financial centre’s chairman.
The Abu Dhabi Catalyst Partners fund was set up in April, with a mandate to partner with top tier and up-and -coming investment firms looking to establish at ADGM.
“Designed to attract financial services that want to establish a team in the Middle East, this fund is now ready and has been out for less than a year but they have had more than 200 applications for very interesting ideas,” Ahmed Ali Al Sayegh, UAE Minister of State and chairman of ADGM, said during a discussion at the SALT Abu Dhabi forum at the Emirates Palace on Tuesday.
“In the next quarter at least four of these will come and establish in ADGM. They are established in their own right but will receive seed funding,” he added.
Al Sayegh said it was important to highlight the fact that the $1bn fund will have a commercial mandate to generate attractive returns for the ADGM ecosystem.
According to the press release issued to announce the fund, Abu Dhabi Catalyst Partners has four guiding principles: to positively impact the financial ecosystem; to build on Abu Dhabi’s and ADGMs completive advantages; to meet target returns; and to create sustainable jobs in ADGM.
The fund is being managed by the Mubadala Investment Company and will explore opportunities locally and abroad.