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Abu Dhabi’s global tech ecosystem Hub71 welcomes a new batch Startups This will enable them to expand their business with additional resources.
A total of 16 start-ups will participate in the two-year program and will benefit from equity-free incentives worth up to AED 500,000 ($136,150), as well as partnerships with investors, businesses, government entity Hub71 said Tuesday.
The selected companies hail from the region and abroad – including countries such as Italy, Luxembourg, the UK, the US and Hong Kong.
They specialize in finance, health, cleantech, education, food and logistics.
Some of these include the Green Future Project, a platform for people and businesses to support climate projects; Amwal, a platform that enables people to pay, send or send money based on their phone number; and Abhi, a fintech platform that allows salaried Employees withdraw wages when needed.
Badr Al Olama, acting CEO of Hub71, said: “Our value-driven initiatives are continuing to attract high-tech start-ups to Abu Dhabi, which are driving transformation in key economic sectors.”
“We’ve worked hard to connect founders with our global network of blue-chip companies, government agencies and investors.”
Abu Dhabi continues to improve its start-up environment as it relies on technology to drive economic growth and inclusion across all industries.
The emirate is very active in promoting the industry through several initiatives.
In July, Hub71 launched a second outlier program that will focus on Web3 Help companies secure their operations and give them access to up to AED 100,000 to fund their proof-of-concept.
Other big companies are also helping startups in Abu Dhabi. GrowthX, a startup accelerator program backed by Microsoft, on Monday Abu Dhabi Investment Office (Adio), announced Launch the third batch.
In May, Aldar Properties, Abu Dhabi’s largest listed developer, awarded a pilot program to five tech start-ups as part of its second cycle. Scale Up Accelerator Program This was launched last year in partnership with Majid Al Futtaim Communities.
Hub71 said it continues to seek high-quality start-ups to help them take advantage of the incentives on offer, allowing them to contribute to Abu Dhabi’s economic growth.
“With our ability to unlock real growth opportunities for founders, we expect this new group to gain significant traction in the dynamic tech ecosystem that Abu Dhabi has to offer in the coming months,” said Mr Al Olama .
Founded in 2019, Hub71 is backed by the Abu Dhabi government and the emirate’s sovereign wealth fund, Mubadala Investments.
It is also supported by Adio and Abu Dhabi Global Market in the Capital Financial Free Zone.
It has $500 million in available capital and offers incentives such as free housing, office space and health insurance.
Hub71 now has more than 170 startups, with pre-seed, seed and Series A startups raising more than $67 million in total.
Since its inception, tech start-ups have generated about $700 million in revenue and created about 1,000 jobs.
In the first half of 2022, these startups raised $436 million from global investors.
Hub71 plans to develop its cross-border program in the long-term to help start-ups expand into other markets and deepen market access for overseas founders in the UAE.
Updated: August 31, 2022 2:37pm
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