Abu Dhabi’s Hub71 Attracts Interest From Tech Startups
- October 20, 2021
- Posted by: Quatro Strategies
- Category: Infrastructure
Hub71, Abu Dhabi’s new technology hub, has been attracting interest from startups in the United Arab Emirates and abroad, according to the hub’s COO Jida Itani. Abu Dhabi’s state fund Mubadala Investment, SoftBank and Microsoft are among the companies that fund the hub. Itani said the hub has accepted 100 applicants since its launch in 2019, out of 2,500.
Itani added that the applications were continuing, particularly health, education and financial technology companies were showing interest.
UAE has become an attractive location for startups following the success of some local tech companies. Uber bought Careem, a ride hailing company operating in the Middle East and Asia, for $3.1 billion in 2020, and Amazon bought e-commerce site souq.com for $580 million in 2017.
Hub71 has been offering benefits to startups such as free office space, housing and insurance for all employees, which has been a successful selling point.
The new technology park has been an important part of Abu Dhabi’s $13.6 billion Ghadan 21 initiative established in 2018, which aims to boost economic growth.
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