(Information sent by the signatory company)
ABU DHABI, AUE, Dec. 6, 2022 /PRNewswire/ -- 256 Network, a leading group of invite-only networks bringing together global decision-makers investing in private markets, signed a memorandum of understanding with Abu Dhabi Global Market, the international financial center of the capital emirate of the UAE, on the sidelines of Abu Dhabi Finance Week. The week-long event served as a platform for in-depth conversations on the MENA region's thriving financial sector, industry trends, developments and innovation regarding financial markets and global banking.
The signing ceremony was attended by Dhruv Sehra, Founder and CEO of 256 Network, Pankaj Gupta, Co-Founder and Co-CEO of Gulf Islamic Investments and Founding Board Member of 256 Network GCC Chapter, Prashanth Prakash, Founding Board Member of 256 Network and Founding Partner of Accel Partners, Rajan Navani (virtually), Founding Member of the Board of Directors of 256 Network, VC and MD of Jetline Group (JetSynthesys), as well as Rajiv Sehgal, Chief Strategy Officer of ADGM, Dhaher bin Dhaher, CEO of the ADGM Registration Authority, Hamad Al Mazrouei, Director of Operations of ADGM and Saeed Al Khoori, Director of Sovereign and Strategic Partnerships of ADGM and other senior officials of both entities. Part of the visit consisted of inaugurating its offices in Abu Dhabi, in line with its expansion plans.
According to the MoU, 256 Network and Abu Dhabi Global Market (ADGM) will jointly collaborate in developing the Indian and UAE start-up ecosystems and catalyze cross-border innovation and collaboration.
The Group has also launched its Emerging Fund Manager Fellowship programme, in which 256 Network will facilitate access, finance and help new fund managers from around the world to launch their funds. The program is intended for fund managers working in private equity and venture capital investment vehicles. They will be able to take advantage of ADGM's experience and access to gain a competitive advantage in launching their funds.
To find out more and apply for the 256 Network Emerging Fund Manager Fellowship, visit their website - https://www.twofiftysix.network/
During Abu Dhabi Finance Week, 256 Network invited 250 of its members from around the world to a retreat that included different activities, one of which was a visit to the Hindu Mandir, the first traditional Hindu temple in the Middle East. .
The visit was attended by Dr. Sultan Karmostaji, Assistant Director General for Education and Training, Ministry of Home Affairs, Abu Dhabi, Founder and Chairman of UAE Angels Capital Investment, and His Holiness Brahmavihari Swami, as well as the founding members of 256 Network, Pankaj Gupta, and Prashanth Prakash.
Dhruv Sehra, Founder and CEO of 256 Network, said: "The Memorandum of Understanding represents a vital milestone in international cooperation between both entities. It will facilitate mutual assistance to strengthen the supervision of cross-border operations of financial institutions under their jurisdiction. As we cross the threshold of our expansion, we look forward to fortifying our footprint in Abu Dhabi, as the group will spare no effort to cement the prominence of the thriving UAE market and its aspiration to continue inviting investors and leveraging its full capacity."
Rajan Navani, Founding Board Member of 256 Network and VC
Prashanth Prakash, Founding Board Member of 256 Network and Founding Partner of Accel Partners, said: "Our two regions have been trading for decades and this expansion marks a new partnership that will catalyze synergies between our start-up and business communities. I am looking forward to seeing the innovation and new companies that will be created as a result of our collaboration.Our two start-up communities are among the fastest growing in the world and this partnership will not only create more jobs, but also generate capital cultural and financial that will contribute to improving our economies in this decade."
Arvind Ramamurthy, Head of Markets at ADGM, said: "We are pleased to partner with 256 Network by signing this MoU. This step is especially important as we witness the continued growth and expansion of the financial market in Abu Dhabi and the UAE. Strengthening ties with international industry leaders is high in our strategy and we look forward to working with our partners in India to create further investment opportunities and develop a strong business ecosystem.
We will continue to work with our strategic partners, locally and internationally, to advance the economic development plans of Abu Dhabi and the UAE and achieve greater investor confidence, accessibility and ease of doing business in Abu Dhabi and beyond."
About 256 Network
256 Network is an invitation-only platform that brings together global decision-makers who invest in private markets. Members are a peer community of CEOs, presidents and partners of venture capital funds, private equity funds, private equity funds, sovereign wealth funds, endowments, funds of funds, family offices and affiliates of the sector. 256 Network has more than 650 members in 30 countries.
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