From instant licenses and incubators to creating accessible school places and art objects appearing throughout the city, the Abu Dhabi program worth 50 billion dirhams (13.6 billion US dollars) Gadan 21 (Ghadan 21) accelerates the development of Abu -Dhabi as a place where business, innovative ideas and various people can not only grow, but also prosper.
Anticipated by the Crown Prince of Abu Dhabi and Deputy Supreme Commander-in-Chief of the UAE Armed Forces, His Highness Sheikh Mohammed bin Zayed Al Nahyan, Gadan 21 was launched to support and ensure the transformation of the emirate’s economy, ecosystem of knowledge and communities from 2019 to 2021.
Gadan 21’s drives are intended to impact in two different ways. Initially, to profit the nearby populace, who will see that their city will be changed, transport will be modified, education systems will be improved and new workplaces created. At that point, in a more extensive setting, these projects are an approach to set up the Abu Dhabi economy and its workforce for the difficulties of the fourth industrial revolution, quickening the progress to an information based economy and reinforcing Abu Dhabi’s situation as a worldwide development community.
The transition of the Abu Dhabi economy to a knowledge-based model is a key area of activity for Gadan 21. The goal is to equip people with knowledge for a technologically secure future, so it focuses on incubating new technology startups and providing young Emirates with technical skills.
Previously we talked how Dubai is planning to implement Blochchain technology on governmental level.
One of Gadan’s biggest initiatives was the launch last March of HUB71, a technology platform that brings together key tools from around the world to give technology startups the best chance of success. As of now, HUB71 has raised 39 new companies.
The key to this is providing people with knowledge for a technological future. Among the startups at HUB71 are Regtech and Fintech, Securrency, which also benefited from the Ghadan Ventures Fund, created to expand the startup space and venture capital of Abu Dhabi.
In February 2020, ADIO expanded its focus on supporting growth and expansion of innovation-oriented companies by participating in Series B. Hub71 is also introducing a new corporate engagement program that aims to become a bridge between large corporations and startups that seek to transform industries and solve serious problems.
Since its launch, AED 60 million has been invested in five innovation-oriented companies, including Securrency, TruKKer, Sarwa, YACOB and Okadoc. In addition, the ADIO New Managers Fund, which examines every 1 dirham of capital raised in the private market (up to 20 million dirhams per fund), made its first investment in the UAE-based venture company Global Ventures.