Under the patronage of Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, member of the Abu Dhabi Executive Council and chairman of the Executive Committee, Jassim Mohammed Buatabh Al Zaabi, chairman of the Abu Dhabi Executive Office, officially launched Hub71. It is a tech ecosystem supported by some of the world’s most powerful technology investors and companies to accelerate the Emirate’s goal of becoming the nucleus of a vibrant tech start-up ecosystem.
Abu Dhabi’s Hub71 is a key initiative of the Government’s Ghadan 21 economic acceleration programme announced last September by His Highness Sheikh Mohammed bin Zayed al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
As part of this initiative, the Abu Dhabi Government has announced it will launch an AED535 million fund administered by Abu Dhabi Investment Office to invest in start-ups and venture capitalists (VCs) at Hub71. Starting April 28, 2019, the fund will co-invest with VCs in Hub71 based tech start-ups through a government matching scheme, as well as invest in first-time fund managers to support their establishment and growth in the Emirate. Hub71 is also offering fully subsidized housing, office space and health insurance for seed-stage tech companies. For more established tech ventures, 50% subsidy packages will be available.
“Abu Dhabi has proven itself as a place where innovation can succeed and inspire. 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,” states Al Zaabi.
For the first time, Abu Dhabi’s Hub71 will bring together three key pillars that are essential for the success of Abu Dhabi’s tech ecosystem – capital providers, business enablers and strategic partners. Mubadala Investment Company, Microsoft and SoftBank Vision Fund are founding partners of this new initiative, working in close collaboration with Abu Dhabi Global Market to create a dynamic business environment for innovation and entrepreneurship.