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São Paulo-based companies to be incubated in Abu Dhabi

São Paulo-based companies to be incubated in Abu Dhabi

The state government reached an agreement for ten startups to get technical instruction, funding and regulatory support in exporting to Asia and Africa. Details on the selection process will be out in April.

São Paulo state government João Doria reached a partnership agreement on Sunday (9) that will see technologically innovative enterprises out of the state undergo incubation in Abu Dhabi, UAE. Ten startups will be selected.

Doria is currently leading a delegation of businesspeople in a visit to the Arab country. The agreement was entered into during a meeting with the minister of State for Economic Affairs, Ahmed Ali Al Sayegh, who’s also chair of the Abu Dhabi Global Market (ADGM) – an international finance hub. Doria will be in the UAE until next Wednesday (12).

The state government’s press office said more details on startup selection will be out in April. The incubation will include technical training, funding and regulatory support in exporting to Asia and Africa.

In his conversation with Doria, Sayegh also said he will also encourage new investments in the state of São Paulo, in financial technology companies (aka fintech), agribusiness, and roads, railways and the metro system in the state of São Paulo.

Khalil Mohammed Sharif Foulathi, vice president of the Abu Dhabi Investment Authority (ADIA), one of the biggest investment funds in the world, also told Doria that he plans to step up investment in São Paulo state infrastructure and sanitation. They convened in Abu Dhabi. ADIA has investments in place in the São Paulo state water utility Sabesp, according to the government’s press office.

Pictured , from left to right: UAE consul to São Paulo Ibrahim Salem Alalawi, Doria, Sayegh and Brazil’s ambassador to the UAE, Fernando Igreja.

Source: ANBA

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