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Hub71, by Abu Dhabi National Fund Mubadala Investment Company SoftBank Since its establishment in 2019, Vision Fund and Microsoft have accepted 100 start-up companies and attracted approximately 3,500 applications through the screening process. Hub 71 Chief Operating Officer Jidai Yigu.
“Despite COVID and all other factors, start-ups continue to apply. In fact, we have seen a surge in specific areas such as health technology, education technology, and financial technology, which are accelerated by the pandemic,” Itani Say.
Encourage start-ups to build on UAE She said that following the success of local technology companies, investors are looking for potential technology unicorns in the Middle East-private start-ups valued at more than $1 billion.
Anghami is Spotify’s competitor focusing on the Middle East and North Africa. Earlier this year, it became the target of a so-called special purpose acquisition company (SPAC) and plans to list on the Nasdaq exchange in New York.
Careem, a ride-hailing app in the Middle East and Asia, was acquired Uber Sold for $3.1 billion in 2020, this is the largest exit for startups in the region. Amazon acquired Souq.com, an e-commerce marketplace, for US$580 million in 2017.
Thanks to the support provided by Hub71, start-ups are also encouraged to set up their base in Abu Dhabi, and the support will be extended to all companies in the center during the pandemic.
Itani said the company provides free office space, housing and insurance for all employees.
She said that Hub71 has introduced about 19 venture capital funds with total assets under management of US$2 billion to US$2.5 billion. Among them, there is a pool of funds available at any time that can be deployed to Hub71 companies.
Hub71 is located in the financial district of the emirate and is the flagship of the 50 billion dirham (13.6 billion USD) Ghadan 21 stimulus plan launched in 2018 by Abu Dhabi, which aims to accelerate economic growth.
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