Montr\u00e9al VC firm looks to forge commercial and financial partnerships for its portfolio companies in the region. <\/p>\n
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Montr\u00e9al-headquartered venture capital (VC) firm Inovia Capital is opening a new global office in Abu Dhabi, the capital of the United Arab Emirates (UAE).\u00a0<\/p>\n
\u201cIt is an opportune moment to accelerate strengthened ties between the Canadian and Middle East tech ecosystems.\u201d<\/p>\n
Claire Glossop,
Inovia Capital<\/p>\n
The new office will be located in the Abu Dhabi Global Market, the city\u2019s international financial centre and free economic zone, and what Inovia calls \u201cone of the world\u2019s most dynamic hubs for innovation and artificial intelligence.\u201d Inovia\u2019s head of strategic partnerships, Claire Glossop Irani, is relocating to the new site to lead the firm\u2019s efforts across the Middle East.\u00a0<\/p>\n
Glossop Irani will oversee Inovia\u2019s global investor relations, the firm said in a statement. She will also foster new commercial and financial partnerships for portfolio companies in the region, particularly in the UAE and Saudi Arabia.<\/p>\n
\u201cIt is an opportune moment to accelerate strengthened ties between the Canadian and Middle East tech ecosystems,\u201d Glossop Irani said in a statement. \u201cBeing based in Abu Dhabi will allow us to better support our portfolio by deepening our relationships with entities committed to building the next generation of global technology companies.\u201d\u00a0<\/p>\n
The new office comes as Canada bolsters its ties with the Persian Gulf country. Prime Minister Mark Carney is in the UAE this week to sign a foreign investment, promotion and protection agreement, according to the CBC<\/a>. This is meant to provide frameworks for investment and dispute resolution between the two countries.<\/p>\n The agreement follows a Canadian delegation passing through the UAE last month, co-led by Inovia to \u201cbuild practical partnerships to deepen Canada-UAE ties through technology, investment, and research collaboration,\u201d partner Chris Arsenault wrote in a LinkedIn post<\/a>. The delegation included tech companies Cohere, Photonic, and AppDirect, as well as AI research institutes Amii and Mila.\u00a0<\/p>\n RELATED: Inovia raises initial $300 million USD for CDPQ-led third growth equity fund<\/a><\/p>\n Around the same time, AI minister Evan Solomon was in the country to sign a non-binding memorandum of understanding<\/a> (MOU) to explore AI and digital infrastructure investment opportunities between the two countries. Inovia said the new office strengthens the partnerships made through its delegation visit, and supports the \u201cambitions\u201d of Solomon\u2019s MOU.\u00a0<\/p>\n The UAE was also recognized as the \u201cCountry of Honour\u201d at the AI-focused ALL IN<\/a> conference in Montr\u00e9al this past September.<\/p>\n While Canada has identified the UAE as an ideal business partner, human rights advocates have highlighted the country\u2019s controversial human rights track record. According to Human Rights Watch<\/a>, the UAE places restrictions on the rights to free expression, association, and assembly, while employers hold disproportionate control over migrant workers in the country, risking detention when they escape abuse. Sudan has also accused the UAE of complicity in genocide in the International Court of Justice, an accusation the UAE denies<\/a>.<\/p>\n BetaKit has reached out to Inovia for comment on how those considerations factored into its decision to open an Abu Dhabi office.<\/p>\n