Abu Dhabi Global Market (ADGM) is a thriving, robust international financial centre which operates under English Common Law.
Founded in 2015, it offers a modern business infrastructure and a holistic ecosystem that supports companies, startups, financial institutions and SMEs to operate, innovate and grow seamlessly in the UAE and across the MENA region.
Today, ADGM is home to global powerhouses including Citibank, HSBC, State Street, BNP Paribas, UniCredit, Standard Chartered, Bank Lombard Odier, the Mirabaud Group, Siemens, Plug and Play (the world’s biggest start-up accelerator) and more. With more than 2,800 registered entities, ADGM’s ecosystem also includes treasury centres, professional services firms and global investors, among others.
Juma Al Hameli, senior executive director – Strategy & Business Development at ADGM shares his insights into why investors and startups love being part of the centre and why the UAE government has worked so hard to make sure the regulatory process is as smooth and snag-free as possible.
What advice would you give to a tech startup wanting to succeed in Abu Dhabi, and more generally in the current economic climate?
First, chase your dreams and don’t be afraid to try again. Secondly, look for a home with partners and an ecosystem that work with you and help you maximise your opportunity for success.
With that in mind, look for opportunity: Many tech startups from around the world are recognising that Abu Dhabi is strategically positioned in the centre of a dynamic and young demographic and one of the fastest growing populations (the MEASA region) in the world. Abu Dhabi serves as a stable and fertile ground for startups and SMEs to anchor their growth and access that underserved market.
Look for mentors and a responsive community – Especially in current economic volatility, startups need an innovation-driven environment and like-minded community to grow, learn, change and thrive. Such an ecosystem will provide a valuable source of mentorship, collaborations, learning, job creation and investment/funding.
Whether a startup is looking to test a FinTech idea through ADGM’s leading RegLab/sandbox, raise funds or accelerate their growth through our global accelerator programmes, ADGM and Abu Dhabi provide the ideal launchpad for tech founders with global aspirations. At ADGM, our regulators are directly involved in shaping the entrepreneurship ecosystem, yet without trying to frame and constrain it.
Know your environment and incentive programmes – Abu Dhabi is uniquely positioned to support the growth of innovative tech startups by providing an array of incentives and support programmes that provide access to an end-to-end support system that allows tech startups to grow exponentially in the coming years. The tech startups community can have direct access to funding, market and talent in one location through the Ghadan 21 programme as well as the collective efforts of key government and ecosystem enablers such as Hub71, ADIO, ADQ, among others.
With Hub71’s programme, startups will also enjoy benefits such as easier access to capital, regional market access, global networks, mentorship and Abu Dhabi’s open and flexible regulatory framework; as well as 50-100% subsidised housing, office space and health insurance for up to 25 …read more
Source:: New Statesman