The Abu Dhabi Investment Office (ADIO) has partnered with PGIM, the global asset management division of Prudential Financial Inc., to establish a new innovation center in Abu Dhabi. This collaboration represents a key milestone for the RealAssetX initiative.
This partnership was officially launched during Abu Dhabi Finance Week (ADFW) by Badr Al-Olama, director general of ADIO, alongside Raimondo Amabile, co-chief executive officer and global chief investment officer at PGIM Real Estate.
PGIM stands as one of the largest asset management firms worldwide, offering specialized expertise across a variety of investment strategies and solutions that span public and private asset classes, WAM reported. These encompass fixed income, equities, real estate, private credit, and various alternative investments. The firm is committed to scaling solutions for a sustainable financial services ecosystem while managing substantial funds throughout the Middle East.
In 2023, PGIM Real Estate introduced RealAssetX, an innovation lab focused on researching, developing, and investing in technologies aimed at propelling advancements in the real asset sector. Supported by data from PGIM Real Estate and third-party sources, RealAssetX collaborates with leading universities and tech companies globally, particularly in areas such as sustainable technology, artificial intelligence (AI), and deep tech. This collaboration seeks to research and develop new technologies that can be incubated and ultimately adopted by stakeholders in the real assets market.
Establishing the innovation center
The latest collaboration with ADIO is set to establish a RealAssetX innovation center in Abu Dhabi, featuring a cutting-edge research and development (R&D) laboratory. This facility will be developed in partnership with prominent local universities, research centers, and Hub71, Abu Dhabi’s global tech ecosystem. The newly created local lab is intended to act as a hub for knowledge sharing and innovation, leveraging RealAssetX’s existing relationships with globally recognized institutions such as the University of Chicago and University College London. The partnership will enhance Abu Dhabi’s institutions’ connections to PGIM’s international network, promoting cross-border collaboration and driving innovative progress for RealAssetX Abu Dhabi.
Collaboration for sustainable advancement
Through RealAssetX Abu Dhabi, ADIO will support PGIM’s engagement with leading local public and private entities, including universities, incubators, and venture capital networks, to advance research and investment in sustainability, AI, and deep tech within the real assets sector. RealAssetX will also welcome institutions aligned with PGIM’s global vision to join its network, positioning the center as a key platform for fostering innovation and reinforcing Abu Dhabi’s status as a premier technology hub in the region.
Investment framework considerations
Moreover, ADIO and PGIM are considering the creation and management of an investment framework of up to $250 million. This investment vehicle is designed to enable RealAssetX in Abu Dhabi to invest in both early and later-stage technology companies, both regionally and globally, transforming their research into market-leading solutions aimed at delivering significant benefits for founders, investors, and the local economy.
Read more: ADFW 2024 reaches new milestone
Commitment to innovation and talent development
Badr Al-Olama stated that the partnership with PGIM exemplifies Abu Dhabi’s dedication to cultivating an innovation-driven, knowledge-based economy. He noted that RealAssetX Abu Dhabi would link local creativity with global expertise, empowering local talent and ensuring that Abu Dhabi remains at the leading edge of global financial innovation.
Raimondo Amabile expressed that collaborating with ADIO would facilitate the creation of innovative solutions in one of the world’s most vibrant markets. He further highlighted that by engaging with the region’s foremost universities and technology firms, RealAssetX continues to enhance its ecosystem, develop groundbreaking technologies, and drive transformation in the real asset sector. He mentioned that the establishment of RealAssetX Abu Dhabi aims to bring global insights to the region, nurture local talent, and create an environment where innovation can flourish.
Strategic partnership for the future
Moreover, through this strategic partnership, ADIO and PGIM will emphasize the development of local talent. RealAssetX Abu Dhabi will seek to leverage its global network to work with Abu Dhabi’s universities, ensuring the transfer of best practices and creating internship opportunities for students. This partnership further illustrates ADIO’s “Invest with Abu Dhabi” initiative, providing global investors and innovators with a unique opportunity to engage with a dynamic and progressive ecosystem.
