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3rd Party: 30 November 2023
Joy Capital, a USD2 billion China based VC fund management firm, today announces its plan to setup a venture capital fund manager in the ADGM, Joy Global Ltd., and launch a local venture capital fund to bring in world-class technology companies to develop made-in-UAE products, with a focus on products enabling decarbonization, for global markets.
Joy Global Ltd., which had received an In-principle approval (IPA) from Financial Services Regulatory Authority (FSRA) of ADGM, will be a wholly owned subsidiary and the international arm of Joy Capital and is set to carry out VC fund management and investment activities, subject to final approvals from FSRA
In today’s announcement taking place in Abu Dhabi Finance Week 2023 (ADFW 2023), Joy also announces its plan to set up a $100m VC fund and invest in the four ground-breaking technology companies it is bringing to Abu Dhabi. These are:
“Led by the UAE, the world’s four fastest growing economies today are here, in the greater GCC region,” said Mr. Leenong Li, who will be SEO (senior executive officer) of Joy Global Ltd., “We want to contribute to this growth in a greener, more capital efficient way. We combine battle-tested technologies which we have already invested in and incubated, with local market know-how here in Abu Dhabi. By providing capital funding, and working with local partners, we aim to produce truly localized, world class made-in-UAE products and services. And the timing is now. Some of those companies are already seeing meaningful traction in the market and the initial operating data is consistent with our high expectations. We are highly encouraged and think each of these operating companies can build a very meaningful footprint in the GCC region. And those four technology companies we bring in today are just the first step. More to come.
Mr. Li continue, “As the Chinese idiom goes - when drinking water, think of its source. We are very thankful to the guidance and help which ADIO and its China team, as well as ADGM have each offered over the past two years. They are our mentors and friends. Without their comprehensive, consistent and enthusiastic support, we would be as lost as a traveler struggling in the middle of a desert, without compass, without water”.
Arvind Ramamurthy, Chief of Market Development at ADGM said, “We look forward to welcoming Joy Global Ltd. to ADGM’s ecosystem. We are confident that ADGM’s dynamic ecosystem and progressive regulations will fortify Joy Global Ltd.’s vision, supporting them in adding value to the venture capital landscape, and contributing to the continuous development of Abu Dhabi's vibrant financial landscape and its strategic value to global finance . We look forward to witnessing the positive impact of Joy Global Ltd.’s expertise in contributing to the growth and development of the financial ecosystem in Abu Dhabi and beyond”.
ADIO is the catalyst responsible for enabling investment into key sectors of Abu Dhabi’s economy, empowering companies to move further and faster towards their business goals by providing access to growth opportunities, strategic partnerships and markets across key sectors.
Massimo Falcioni, Chief Competitiveness Officer of at ADIO said, “Abu Dhabi continues to be a top destination for exceptional financial innovators looking to solve global challenges and deliver real impact. Joy Global is the latest in a long list of industry-leading companies that have chosen to establish a presence in the emirate, attracted by its robust regulatory framework, strong financial infrastructure, and commitment to fostering innovation. We remain committed to collaborating with leading transformative businesses to achieve growth and success in Abu Dhabi.”
Joy Global Ltd. is a wholly owned subsidiary and the international arm of Joy Capital. Joy Capital is a China-based VC firm which invested over $2 bn in nearly 100 startups, including NIO (NIO.US), a leading EV maker; Luckin Coffee (LKNCY.US), the largest coffee chain in China; Tuhu (09690.HK), the largest car after-sale service company; and NAAS (NAAS.US), the largest EV charging service network in China.
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