256 Network Signs MOU With Abu Dhabi Global Markets

Updated on: 12 December 2022 3:25 pm

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256 Network has signed a memorandum of understanding (MoU) with the Abu Dhabi Global Market, the international financial centre of the United Arab Emirates (UAE) on the sidelines of the Abu Dhabi Finance Week. The week-long event served as a platform for in-depth conversations about the Middle East and North Africa (MENA) region’s financial sector, industry trends, developments and innovation involving financial markets and global banking.

The signing ceremony was attended by Dhruv Sehra, founder and CEO of 256 Network and Pankaj Gupta, co-founder and co-CEO of Gulf Islamic Investments.

Apart from them, founding board member of 256 Network GCC Chapter, Prashanth Prakash, founding board member of 256 Network and founding partner of Accel Partners, Rajan Navani, founding board member of the 256 Network, VC and MD, Jetline Group (JetSynthesys), Rajiv Sehgal, chief strategy officer of ADGM, Dhaher bin Dhaher, CEO of Registration Authority of ADGM, Hamad Al Mazrouei, COO of ADGM and Saeed Al Khoori, director of Sovereign and Strategic Partnerships of ADGM were also present.

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As per the MoU, 256 Network and Abu Dhabi Global Markets (ADGM) will jointly collaborate on developing the start-up ecosystems of India and UAE and catalyse cross-border innovation and collaboration.Part of the visit was to launch their offices in Abu Dhabi in line with their expansion plans.

256 Network, a peer-built club of private-market investors, opened its office that will cater to the UAE.

The body also launched its Emerging Fund Manager Fellowship, a program designed for managers working on investment vehicles in venture capital and private equity. Through this, they will be able to leverage ADGM’s expertise and access to gain a competitive edge while launching their funds.

“The MoU signifies a vital milestone in international cooperation between the two entities. It will facilitate mutual assistance to strengthen the supervision of cross-border operations of financial institutions under their purview,” Dhruv Sehra said.

Rajan Navani added, “The MoU with ADGM has resulted into the creation of a sizeable international partnership that will help both the organisations groom upcoming fund managers by providing guidance and support like no other- one with synergy and great experience.”