Abu Dhabi, the capital city of the UAE, is getting bullish on Indian startups. Indian startups are seeing opportunities on account of the Abu Dhabi Investment Office (ADIO). ADIO is encouraging Indian startups to set up shop in order to expand their local economies and tap into other sectors as well.
“We support companies through our Investors Care services, assisting investors with information on data, networks, licensing, real estate, visas, banking, and more,” expressed Abdulla Abdul Aziz AlShamsi, currently the acting director general of ADIO. He further stated that “we connect investors with relevant stakeholders in Abu Dhabi’s innovation ecosystem, bringing together the right partnerships to help them grow and expand in the emirate.”
ADIO is Abu Dhabi’s government organization, which works towards bringing in more firms and investors to the country. Currently, India and Abu Dhabi have primarily collaborated on hydrocarbons.
He further added that “given the arid and dry climate in Abu Dhabi, which is typical of the Middle East, Alshamsi claimed that agricultural technology is an interesting industry.
ADIO launched a program that offers financial and non-financial incentives to innovation-driven businesses focusing on areas with higher potential through a capital investment of $545 million.
The country gives smooth access for doing business and ease in visa laws compared to other countries such as the USA and UK. The Abu Dhabi government provides startups with solid backing and helps them get exposure globally.
The sectors they are looking to focus on include FinTech, agriculture technology, health, and ICT (information and communications technology).
To date, ADIO has helped over 50 firms across Asia, the US, and Europe. In the coming years, India and Abu Dhabi increased their partnership as well, with Indian firms such as FreshToHome (among the first few startups to set up a hub in Abu Dhabi), ANSR, Talent500, Stride Ventures, etc.
In the year 2022, India and Abu Dhabi signed a Free Flow Agreement for economic collaboration. The idea behind this collaboration is to focus on just the trade of products and services, but both countries must also share knowledge.
The relationship between the two countries in terms of trade has been there for centuries. According to the Ministry of External Affairs, the trade will be worth $72.8 billion USD between 2021 and 2022.
In 2019, a startup summit was hosted by Dubai, which provided a platform for Indian startups to interact with each other. UAE is also committed to providing financial support to Indian FinTech startups by giving them a platform.
After the summit, several leaders present there decided to foster Indian startups, seeking potential in them.
When it comes to the demographics of the people who live there, the UAE and India are quite similar. Several Indians are already residents, and the language will not be a barrier.
Both governments are working with each other toward building a startup ecosystem. They will also be looking at increasing engagement, capital support, and innovation. Aiming to set up business hubs, which will further play a key role in helping the local economy and provide Indian businesses with a platform to expand globally.
