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Hub71 to spur startups in Abu Dhabi

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Hub71 to spur startups in Abu Dhabi

Abu Dhabi - The government has pledged Dh535 million to attract start-up companies to set up shop in the UAE capital.

By Anjana Sankar

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Published: Sun 24 Mar 2019, 10:54 PM

Last updated: Mon 25 Mar 2019, 8:40 AM

Abu Dhabi on Sunday launched a major initiative to support technology startups by establishing Hub71 at Abu Dhabi Global Market Square.
The latest initiative is part of Ghadan 21 - a Dh50 billion investment stimulus fund launched last September by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. The government has pledged Dh535 million to attract start-up companies to set up shop in the UAE capital.
Waleed Al Mokarrab Al Muhairi, deputy group CEO and chief executive officer, Alternative Investments & Infrastructure, Mubadala Investments Company, said the aim of Hub71 is to make Abu Dhabi a world-class tech start-up ecosystem, driving entrepreneurship, job creation and innovation.
"We seek to develop a global ecosystem that labels the growth of transformational tech companies here in Abu Dhabi," said Ibrahim Ajami, head of Mubadala Ventures, the technology arm of Mubadala Investment Co.
"The goal is to have 100 companies over the next three to five years," he said, adding that the market opportunities in this region are immense.
anjana@khaleejtimes.com


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