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Three technology companies– Callsign, Lyve and RIZEK–will be provided financial and non-financial incentives
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Earlier partnerships under the program made with Anghami, Bespin Global and STARZPLAY Arabia
ABU DHABI: The Abu Dhabi Investment Office (ADIO) on Monday announced that it will provide technology companies Callsign, Lyve and RIZEK incentives under its AED2 billion (US$545 million) Innovation Programme.
The competitive financial incentives provided to the three include rebates on highly skilled payroll and high-tech CAPEX, as well as non-financial incentives such as support with establishment processes and ecosystem engagement, according to an ADIO statement.
Callsign is a company headquartered in London, which has introduced a pioneering approach to re-establishing digital trust, the statement said. The company has invested in building a world-class center of technical excellence in Abu Dhabi’s Hub71, the emirate’s global tech ecosystem, to fuel innovation and growth in the digital identity and security industry.
Lyve is a global logistics solutions and technology company founded in the UAE, with a presence in 12 countries worldwide. The company will be establishing its headquarters in Abu Dhabi, along with the relocation of various management roles and its technology team.
RIZEK is a homegrown online platform that connects users to a variety of service providers, allowing its user base easy access to services in healthcare, beauty, cleaning, maintenance, and many other segments at the time and location of their choosing. The company was the first local platform to introduce home polymerase chain reaction (PCR) testing and the first platform in the world to facilitate COVID-19 vaccines at home. It has recorded an increase of 800 percent in revenue and a 700 percent increase in customer base.
ADIO statement said the partnership with the companies will further expand Abu Dhabi’s thriving Information and Communications Technology (ICT) ecosystem, which has seen a significant boost in 2021, with a raft of new entrants to the emirate.
With ADIO’s support, technology firms Anghami, Bespin Global and STARZPLAY Arabia each established new headquarters in Abu Dhabi, while Amazon Web Services (AWS) will soon launch a cloud infrastructure region in the UAE. In total, ADIO has provided more than AED865 million (US$235 million) of support to seven ICT companies this year to help them innovate.
Dr. Tariq bin Hendi, Director-General of ADIO, said, “Abu Dhabi is a long-term partner to businesses aligned with our strategic focus and we are here to help companies fast-track their progress while ensuring they are suitably equipped to grow sustainably and make a real impact on the global stage.”
ADIO’s Innovation Programme was established under Ghadan 21, Abu Dhabi’s three-year accelerator program, which is concluding at the end of 2021.