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| Abu Dhabi Tech Hub is getting increasing attention |
The Abu Dhabi Center for New Technology said that despite the economic impact of the coronavirus pandemic last year, interest from startups in the UAE and abroad has once again increased and industry optimism has increased.
The Hub71 community is backed by Mubadala Investment Company, a subsidiary of the Abu Dhabi Government Fund, SoftBank Vision Fund, and Microsoft. Since its founding in 2019, it has attracted nearly 3,500 applications and approved 100 startups through a selection process. Said the officer Jaida Itani. Responsible for Axis Community 71.
And Itani added: Despite the coronavirus and everything in between, startups are still making progress. We have seen the boom of some industries that have been accelerated by the pandemic, such as health technology, education technology, and financial technology.
After a number of successes of local technology companies, these startups were encouraged to set up their own businesses in the UAE.
Investors in the Middle East are looking for potential tech unicorns from private startups valued at more than $1 billion.
Spotify is focused on its Middle East and North Africa competitor, Anghami, which was targeted by private acquisition firm SPAC earlier this year and is listed on the Nasdaq in New York.
Uber has acquired Careem, a ride-sharing app in the Middle East and Asia. That's $3.1 billion in 2020.
In 2017, Amazon acquired the e-commerce marketplace on Souq.com for $580 million.
The Hub71 community is supported by the Abu Dhabi government
Thanks to the support of the Hub71 community, startups are also encouraged to establish their base in Abu Dhabi. During the pandemic, this spread to all businesses in the center.
These companies provide free office space, housing and insurance for all employees, Itani said. The Hub71 community owns approximately 19 venture capital funds with total assets ranging from $200 billion to $2.5 billion. You have a lot of capital ready.
Hub71 community, located in the emirate's financial district, is a revolutionary initiative of the Abu Dhabi Accelerator Program "Ghadan 21", which was launched in 2018 with a budget of 50 billion dirhams (13.6 billion dirhams) to accelerate the economic process. growth.