Abu Dhabi launched today a huge initiative, Hub71AD.
What is it?: With AED520 million soley for tech startups, the Abu Dhabi Government launched a brand new know-how hub, dubbed as ‘HUB 71’, at a value to supply monetary incentives to tech startups.
Key Takeaway: The most interesting part of the announcement for me was the fact that, as part of the incentives HUB71 will look towards providing house, office space and health insurance. Something that is really a first in the country – and the region as a whole.
Summary: In total Abu Dhabi will commit up to AED1 billion ($272 million) to support technology start-ups in the dedicated hub as part of efforts to diversify its economy.
Founding strategic partners include Microsoft that will provide technology and cloud services to all that join the hub.
Ghadan 21: This is all part of the AED50 billion ($13.6 billion) stimulus fund, Ghadan 21, in September last year to accelerate economic growth.
As being part of the Ghadan program, it will also involve the launching of the AED500 million fund to invest in start ups, led by Ibrahim Ajami – Head of Mubadala Ventures. The aim being to have a portfolio of 100 companies within 3 to 5 years.
Mubadala is leveraging the immense opportunity that this region can provide, which also serves as a way for the Emirate of Abu Dhabi to diversify its economy and accelerate growth.
According to Ibrahim, the hub (located in Abu Dhabi Global Market Square) will be driven by Mubadala, alongside Softbank. Where they will support the expansion of startups that is already within their portfolio.W
UPDATED 26 March 2019: As a continuation to yesterday’s feat of announcements in the city of #AbuDhabi for the startup community, the Ghadan 21 government initiative, the Abu Dhabi Executive Office announced their partnership with the XPRIZE Foundation. There will be a global cash-prize competition series.
There is a budget set to Dh300 million from the Abu Dhabi government’s Ghadan 21 funds, which will be used to sponsor a series of competitions managed by XPrize. #abudhabi #uae #economy #innovationx