Alpha Dhabi Holding will invest AED9.2 billion ($2.50b) in Chimera Capital and Alpha wave’s landmark “Alpha Wave Ventures II”, launched in early 2022.
The investment comprises a capital contribution of AED2.6 billion and an undrawn capital commitment of AED6.6 billion, which will be drawn down over the fund’s investment period.
The venture capital fund – which has already begun making investments – has a global remit and will focus on multi-stage private firms.
This includes concentrating on growth-stage companies across a wide range of sectors, including artificial intelligence, financial technology, life sciences, consumer internet and B2B.
The fund’s investment emphasis aligns with Alpha Dhabi’s growth strategy, which focuses on investment in disruptive technologies.
It is a part of the UAE’s ambition to create a diversified, tech-enabled and competitive economy that fosters a culture of innovation.
The fund will target investments in high growth, tech-enabled and tech-driven businesses that provide innovative solutions to key problems both regionally and globally.