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The startup of Hub71, Abu Dhabi From its inception in 2019 to the third quarter of 2022, the global technology ecosystem has raised more than AED3.2 billion ($871 million), generated AED2.5 billion in revenue and created 800 direct jobs.
Growth in Hub71’s member companies – now approaching 200 – has come from increased investor interest in start-ups, making the entity the A major contributor to Abu Dhabi’s economyAhmad Alwan, Deputy CEO of Hub71, told National in an interview at Gitex Global in Dubai on Thursday.
Hub71’s startups raised $436 million in the first half of 2022, making them more attractive to investors.
Investor interest in Hub71 has revived after the effects of the Covid-19 pandemic faded. Mr Alwan, who works at Hub71, said the momentum has been helping its ecosystem and partner network support Abu Dhabi “increasingly positioning itself as one of the global tech hubs” Earlier this month.
“In the wake of the pandemic, there was a strong desire to go out and engage with partners to identify opportunities, and that momentum continues to this day. It shows the dynamism of startups in Abu Dhabi,” he said.
“Beyond numbers, we want to build tech companies that are enduring on a global scale. Abu Dhabi has invested in many initiatives that contribute to the tech ecosystem and has its natural competitive advantage.”
Abu Dhabi continues to tap the potential of start-ups, which have grown exponentially as entrepreneurs harness innovation to meet consumer demand. They are also increasingly seeking funding from global investors to accelerate their growth.
Hub71’s role is part of the UAE government’s broader agenda to promote entrepreneurship across all sectors. The country’s goal is to be “Become an entrepreneurial nation by 2031“, according to the Ministry of Economy.
it is also The goal is to be home to 20 unicorns Startups valued at $1 billion and above, by then, will be twice as much as originally planned.
The global startup ecosystem continues to grow as they face the challenge of developing solutions for an increasingly digitized world in key sectors such as retail, services, e-commerce and government.
Globally, startups create about $3 trillion in value, nearly equal to the gross domestic product of G7 economies, according to consultancy Startup Genome. According to CB Insights, these companies have raised a record of $621 billion in 2021.
Mr Alwan said Hub71 was planning some plans with partners, but did not elaborate further.
“We like the element where we make substantial and significant announcements. Once we have a substantial partnership, we discuss it more openly,” he said.
Hub71’s partners include “ready to deploy capital” venture capital firms and wealth funds.
Mr Alwan said it was also waiting for one of its members to become a global technology company – “graduating from a trip to Abu Dhabi”.
“What we’re eager to celebrate is the first amazing success story,” he said.
Mr Alwan said Hub71 was open to expanding “bilateral relationships” with partners in different countries. Currently, the ecosystem is focused on leveraging existing partnerships to help grow its member companies.
All sub-sectors in technology have the opportunity to be disruptive.
Ahmad Alwan, Vice President, Hub71
Mr Alwan said areas where Hub71 will continue to grow include finance, education, health, clean tech, transport, logistics and tourism.
“Hub71 has traditionally been industry agnostic, but has rapidly grown to have a diversified portfolio,” he said.
“In these areas, we see a lot of start-ups coming naturally, but we also identify where our partners’ efforts are going.
“All sub-sectors in technology have the opportunity to be disruptive. Disruption doesn’t just mean you come up with a new idea — you’re also solving an existing problem in a novel way,” he added.
Separately, Hub71 said on Thursday it had partnered with Nigeria-based startup marketplace GetFundedAfrica to help companies benefit from cross-border expansion.
Startups from both parties will have access to potential customers, investor funding and expertise to help expand their footprint under the partnership.
Badr Al Olama, acting CEO of Hub71, said the move “brings new opportunities to untapped markets where technological transformation is coming”.
Backed by the Abu Dhabi government and Mubadala Investments, Hub71 continues to roll out initiatives to support the growth of start-ups.
In August, it ushered in 16 new start-ups to its platform, has built its Annual Outlier Program a month before that.it Joining forces with Siemens Energy In September, supported Abu Dhabi startups to tackle climate change.
Updated: October 14, 2022 at 4:00 am
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