(Bloomberg) -- Princeville Capital, which counts Hollywood star Leonardo DiCaprio as an adviser, is set to open an office in Abu Dhabi and commit to funding startups in the emirate developing technologies to tackle climate change.
As part of the deal, Princeville will become one of the first international funds to open an office in Abu Dhabi’s startup incubator Hub71 and make a “multi-million dollar investment commitment” to back climate tech companies operating there.
The fund will work with the Abu Dhabi entity to source investment opportunities and help support firms in their growth through education programs and networking with regulators and other investors, according to a statement from from Hub71.
New from Bloomberg: Get the Mideast Money newsletter, a weekly look at the intersection of wealth and power in the region.
Abu Dhabi has been increasingly attracting international fund managers to set up operations as part of its efforts to diversify the economy. It’s already seen some of the world’s top hedge funds including Brevan Howard Asset Management, move to its financial center, Abu Dhabi Global Market.
Hub71 is now focusing on luring more international venture capital firms to open up in Abu Dhabi to support its aim to foster more innovation and job creation.
DiCaprio, the star of blockbusters like The Wolf of Wall Street and Once Upon a Time... in Hollywood, joined Princeville as an adviser in 2019.
Listen on Zero: Peak Oil Is Here. Well, Maybe.
©2024 Bloomberg L.P.
