Abu Dhabi launches $145.7m venture capital, start-up fund

State-run Abu Dhabi Investment Office said on Tuesday it had launched a Dhs535m ($145.7m) fund to support venture capital activities and start-ups in the United Arab Emirates capital.

The ‘Ghadan Ventures Fund’ is to increase the availability of capital to start-ups based in Abu Dhabi and to attract fund managers to set up in the capital, the office said in a statement.

The office was set up as part of Abu Dhabi government’s Dhs50bn ($13.6bn) stimulus fund, Ghadan 21, announced in September last year to accelerate economic growth. ‘Ghadan’ means ‘tomorrow’ in Arabic.

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