Abu Dhabi’s Fintechs Joining This New Tech Hub Could Get a Cut from AED535 Mil Fundby Fintechnews Middle East 27. March 2019
The Abu Dhabi Executive Office just launched Hub71—a tech ecosystem bringing together the world’s tech investors and companies to achieve the Emirate’s goal of cultivating a vibrant tech startup system.
The hub was designed for the government of Abu Dhabi’s Ghadan 21 economic acceleration program announced last September, which aims to improve the competitiveness of Abu Dhabi’s businesses.
Microsoft, SoftBank Vision Fund and Mubadala Investment Company are founding partners of this new initiative, working in close collaboration with Abu Dhabi Global Market (ADGM) to bring what they consider key pillars into Hub71: capital providers, business enablers and strategic partners.
Hub71, named after the year the UAE was formed, offers fully subsidised housing, office space and health insurance for seed-stage tech companies. More established tech companies are offered 50% subisdy packages.
While the hub is not fully geared towards fintech startups, the fintech scene is very much in line with Abu Dhabi’s goal of invigorating its businesses and lifestyle of its populace, depending on a company’s specific fintech offering.
As part of the initiative, the Abu Dhabi Government has also announced an AED 535 million fund to invest in startups and venture capitalists (VC) in Hub71. From April 28 2019, the fund will co-invest with VCs into startups based in Hub71 through a government matching scheme. The fund would also invest in first-time fund managers to support their growth in the Emirate.
His Excellency Jassim Mohammed Buatabh Al Zaabi, Chairman of the Abu Dhabi Executive Office commented:
“Through the Abu Dhabi Government’s economic programs and plans, we’re doubling down on our efforts to make Abu Dhabi a global beacon for technology and innovation.”
For more information about subsidy packages for start-ups, please visit www.Hub71AD.com.
Featured image credit: Hub71AD