Abu Dhabi Investment Office added local cycling shop Wolfi's to its Innovation Programme, which supports high-growth companies, in a partnership that seeks to promote sustainable tourism in the UAE capital.
Under the partnership, Adio will provide Wolfi’s with financial and non-financial incentives to boost cycling access and participation at events, which will lead to environment-friendly ways for tourists to discover Abu Dhabi’s attractions, Adio said in a statement on Monday.
"Wolfi’s will significantly boost the regional and international cycling communities’ interest in Abu Dhabi, with its state-of-the-art offering of bicycles, e-bikes and equipment, as well as the unparalleled expertise and innovation of its team," said Mohamed Al Dhaheri, acting executive director of Business Enterprise at Adio.
"We are excited by the partnership’s multifaceted benefits, which include enabling exploration and encouraging a healthy lifestyle, while aligning with Abu Dhabi’s overall tourism and cycling vision.”
Adio, the government body responsible for attracting and promoting investment in Abu Dhabi, is opening up tourism investment opportunities in the emirate through its Innovation Programme. Adio’s Dh2 billion ($545 million) programme, which was launched in 2020, has so far awarded total incentives of Dh1bn to 37 high-growth firms.
Companies in the Innovation Programme, a part of Abu Dhabi’s Dh50bn Ghadan 21 initiative, operate in tech-focused industries. Thirteen information and communications technology sector companies, nine agriculture technology, eight health services and biopharma firms and seven financial services companies are part of the programme.
Wolfi’s, a long-standing player in the cycling community, is the first company within the tourism sector that Adio has added to the programme, in line with the emirate’s goal to attract investment to sustainable tourism.
Abu Dhabi is also seeking to become a global cycling destination by strengthening its cycling infrastructure.
With Adio's backing, Wolfi’s is developing showrooms across Abu Dhabi in four destinations – Hudayriyat, the new Reem Mall on Reem Island, Yas Marina Circuit and the Abu Dhabi Cycling Club’s new retail and track facilities in Al Ain – offering a range of bicycles to buy or rent near Abu Dhabi’s cycling destinations.
“Abu Dhabi is continuing its tourism push, as it seeks to diversify its economy towards high value-added areas," Mohamed Al Shorafa, chairman of the Abu Dhabi Department of Economic Development, said.
"Adio's Innovation Programme offers a boost to ambitious companies looking to participate in the vast opportunities within the emirate’s growing tourism industry by helping them leverage the emirate’s advantages as a destination."
Abu Dhabi is working with the private sector to create jobs, attract talent, develop infrastructure and diversify its economy from oil.
Wolfi’s will also develop “Made in Abu Dhabi” electronic bicycles suited to the local terrain, making it easier to explore the emirate’s cycling network, according to the statement.
The partnership marks a "vital milestone" for Wolfi's, the company said.
“With Adio coming on board as a partner, we will have an experienced government partner that will assist us in accelerating the roll-out of our strategic roadmap of promoting the cycling culture and tourism in the UAE capital, with a focus on community involvement, which we believe is an important part of the emirate's sustainable tourism initiatives," Wolfgang Hohmann, founder and chief executive of Wolfi’s, said.
Wolfi’s expansion to Abu Dhabi is expected to boost the local cycling community, Adio said.
About 1.2 million people have attended its weekly rides and online events.
The company will base its e-commerce and customer service support team in Abu Dhabi. It will also engage with schools to promote cycling education.