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Hub 71 aims to set Abu Dhabi as tech startup centre

Abu Dhabi has set its sights on becoming the destination of choice for tech companies and startups, with the launch of a technology hub called Hub 71.

The government is allocating $141.5 million (AED 520 million) towards monetary incentives encouraging technology startups to join the ecosystem, based in the Abu Dhabi Global Market (ADGM) financial centre. It claims Hub 71 will offer a “globally interconnected network to enable innovation and growth of transformational tech companies, making a real economic and social impact.”

These incentives will include subsidized housing, office space, health insurance packages, co-investment with VCs in Abu-Dhabi-based startups, and co-investment with Abu-Dhabi-based first-time fund managers with direct matching funds.

Hub 71 is part of the Abu Dhabi government’s 50-billion dirham ($13.6-billion) stimulus programme announced last September. Abu Dhabi Executive Office chairman Jassim Mohammed Buatabh Al Zaabi, says: “Through the Abu Dhabi Government’s economic programmes and plans, we’re doubling down on our efforts to make Abu Dhabi a global beacon for technology and innovation.”

The initiative that is being led by Abu-Dhabi based sovereign wealth fund Mubadala, with Softbank, Microsoft, Abu Dhabi Global Markets, and Abu Dhabi Investment Office among its founding partners.

Mubadala’s Deputy Group CEO and CEO Alternative Investments and Infrastructure Waleed Al Muhairi, says: “Hub71 will bring together three key factors essential for the success of Abu Dhabi’s tech ecosystem – capital providers, business enablers and strategic partners, all under one roof.”

Masayoshi Son, Founder and CEO of SoftBank Group, adds: “This is a ground-breaking project that will see technology companies, start-ups, academics and investors collaborating to create something truly exciting for the tech sector across the region and beyond.”

 

(via: ventureburn, menabytes)