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The state-run Abu Dhabi Investment Office (ADIO) announced today that it signed partnerships with Callsign, Lyve, and RIZEK to provide the three startups with financial and non-financial incentives as part of its $545M Innovation Program.
In total, ADIO has provided more than $235M of support to seven information and communications technology (ICT) companies this year to help them innovate. This impressive ifnlux constituted over 30% of all capital raised in the UAE in the first half of the year and surpasses overall funds raised in KSA by over $60M based on MAGNiTT’s UAE H1 2021 Venture Investment Report.
As part of the Innovation Programme, ADIO has awarded Callsign, Lyve and RIZEK competitive financial incentives, including rebates on highly skilled payroll and high-tech CAPEX, as well as non-financial incentives where ADIO is supporting its startups with access to its ecosystem, infrastructures, and operation networks.
With ADIO’s support, technology leaders 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. Dr. Tariq Bin Hendi, Director General of ADIO, commented: “Abu Dhabi’s ICT sector is rapidly advancing with the arrival and expansion of ambitious companies like Callsign, Live and RIZEK. We are now seeing companies from all over the world pioneering new technologies in Abu Dhabi, as the emirate emerges as a leading advanced technology hub, and the region’s HQ of tech HQs.
Lyve is a global logistics solutions and technology company founded in the UAE. By providing seamless and personalized delivery from local businesses to the consumer’s doorstep, Lyve aims to close the last-mile gap between merchants and their customers. Operating across 12 countries worldwide, Lyve offers advanced and agile solutions and technology innovations to connect organizations and opportunities.
The UAE-based online platform, RIZEK connects users to a variety of service providers, where freelance service professionals across a range of industries are matched directly to end consumers looking for these services. It delivers value through disintermediation, i.e., removing the middleman and the associated corporate overhead costs, and further through a well-defined vetting and quality rating system.
Callsign has introduced a pioneering approach to re-establishing digital trust. By using thousands of data points available such as typing or swiping techniques, location, online habits, face recognition and devices, the tech startup can verify the authenticity of the users. Callsign’s unique intelligence-driven authentication is being used to underpin digital trust across financial institutions, governments, and commerce globally.
These newly acquired investments will allow the startups to scale and more importantly give them access to the markets in Abu Dhabi. Callsign is building two centers of excellence in the UAE to lead innovation in the space of digital trust while Lyve is establishing its headquarters in Abu Dhabi as a hub to the region and the world. RIZEK on the other hand is fuelling its growth into new markets including Saudi Arabia and Egypt.
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