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Masdar City, Abu Dhabi’s flagship sustainable urban community and innovation hub, has strengthened its ties with Hub71, Abu Dhabi’s global tech ecosystem, to promote sustainable-focused cleantech and climatetech start-ups.
Under the Memorandum of Understanding (MoU) signed at Abu Dhabi Sustainability Week, the two entities will identify opportunities to collaborate in areas such as transport, food, health and climate action.
They will also facilitate knowledge sharing by providing Hub71’s existing start-ups with access to Masdar City’s corporate tenants and partners, and explore incentives to help these companies establish permanent roots in the UAE. The agreement also names Hub71 Masdar City as an official start-up ecosystem partner.
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“His Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, has just declared that 2023 will be the year of sustainable development. Partnerships like this will be an important part of realizing this vision, And demonstrate our shared commitment to drive the UAE economy forward through ambitious, technology-focused businesses,” said Ahmed Baghoum, Acting Chief Executive Officer of Masdar City.
“As one of the world’s most sustainable cities and a hub for innovation, research and development, we share Hub71’s vision of providing the ideal environment for start-ups to scale businesses that will have a sustainable impact globally. technology. Together we will work towards the UAE’s mission to achieve net zero emissions.”
Hub71 startups will also benefit from The Catalyst, the region’s first startup accelerator focused on sustainability and cleantech, co-owned by Masdar City and BP. Catalyst and Hub71 will jointly develop an industry-focused accelerator program to increase earnings, including finance, for climate technology start-ups.
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“The combined efforts of these three entities will provide a platform for start-ups to scale up their cleantech innovations, provide access to a network of stakeholders, and prepare them to showcase their capabilities at COP28,” Baghoum added.
Since its launch in 2019, Hub71 has supported over 200 start-ups that have collectively raised over $1 billion in funding. It also recently recruited another 20 start-ups from six countries operating in different strategic areas.
“Our partnership with Masdar City will support the growth of start-ups in the climate technology and sustainability space in Abu Dhabi, building on the UAE capital’s robust strategies and initiatives in these areas. By providing operational, engagement and With exposure to opportunities, start-ups will be better able to deploy clean technologies and contribute to national and global climate change agendas,” said Ahmad Ali Alwan, Deputy Chief Executive Officer, Hub71.
“Greentech and climatetech investments are needed to address the environmental and climate challenges facing the world today. Following COP27 in Egypt and COP28 in the UAE later this year, the time is ripe for climatetech start-ups in the Middle East and North Africa to flourish. We The partnership with Hub71 and The Catalyst’s success to date demonstrates that we are ready to achieve this goal,” said Masdar City Development Director Stephen Severance. — trade arab news agency
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