Hub71 will boost startups in Abu Dhabi

Abu Dhabi on Sunday launched a major initiative to support new technology companies by establishing Hub71 in Abu Dhabi's global marketplace.

The latest initiative is part of Ghadan 21 – an investment stimulus fund of 50 billion dirhams created last September by His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Supreme Commander United Arab Emirates Armed Forces. The government has pledged 535 million dirhams to encourage new businesses to set up in the capital of the United Arab Emirates.

Waleed Al Mokarrab Al Muhairi, deputy general manager of the group and general investor, Alternative Investments & Infrastructure, of Mubadala Investments, said Hub71's goal is to make Abu Dhabi an ecosystem of start-ups. up world clbad, propelling entrepreneurship, job creation and innovation.

"We are seeking to develop a global ecosystem that marks the growth of processing technology companies here in Abu Dhabi," said Ibrahim Ajami, director 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 market opportunities in this region were immense.

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