Alpha Dhabi puts $2.51bn into ‘disruptive tech’

WAM

Alpha Dhabi Holding, the fourth most valuable listed company in Abu Dhabi, has made a AED9.2 billion ($2.51 billion) commitment to invest in UAE asset management company Chimera Capital and Chimera’s Alpha Wave Ventures II fund.

The move is part of its strategy to target fast-growing technology companies.

The total commitment comprises a capital contribution of AED2.6 billion and undrawn capital commitment of AED6.6 billion, which will be drawn down over the investment period of the fund, the company said on Thursday.

Chimera’s second venture capital fund, Alpha Wave Ventures II, was launched at the beginning of this year. 

The venture capital (VC) fund, which is co-managed with Alpha Wave Global (formerly Falcon Edge Capital), has already begun making investments, and has a global remit, with a focus on fast-growing companies in sectors such as artificial intelligence, financial technology, life sciences, consumer internet and what it describes as ‘disruptive technologies’.

“Investment in innovation and technology remains a core tenet of our growth strategy at Alpha Dhabi,” said Eng. Hamad al Ameri, CEO of Alpha Dhabi Holding. 

“We continually look at investments in disruptive technologies as a means of advancing our group of operating subsidiaries which include market leaders in their respective sectors. As a cornerstone and significant investor in this fund, we are able to firmly demonstrate this commitment to innovation, technology and growth-stage companies while also adding scale to our investment portfolio and delivering superior returns for our shareholders.”

Alpha Dhabi said in March that it aims to roughly double its profit to AED10 billion in 2022 and is planning more acquisitions and expansion internationally, CEO Hamad Al Ameri told Reuters. It is also actively exploring opportunities, particularly in Egypt and Saudi Arabia, the report said.