Promising tech startups in Abu Dhabi will soon have a better shot at securing sizeable funding given the launch of dedicated $145-million fund for the sector. It’s a joint initiative by the UAE government and SoftBank, which has over the years funded many key startup projects throughout the region.
The newly announced fund is actually a part of the new Abu Dhabi tech hub founded by Mubadala Ventures, the US-focused venture capital wing of Mubadala Ventures. Dubbed Hub71, the tech hub will oversee a wide range of activities and facilities designed to promote and nurture the tech startup ecosystem in the country.
It is designed to serve as an all-encompassing platform offering support to seven different sectors within the broader business and entrepreneurship ecosystem. These are startups, tech companies, VCs, accelerators, R&D and government, corporations, and universities.
The incentive packages offered to startups also include subsidized office space, housing, and health-insurance packages.
Mahmoud Adi, the man in charge of leading Hub71 is optimistic that the new platform will cater to around 100 or more technology startups over the next 2-3 years. The first cohort of these promising startups will officially take up residence starting this April.
To make the process smoother and more accommodative, he added, Hub71 is currently in talks with a large number of local and international businesses.
“Ultimately, what we’re trying to do with them is curate the community to be diverse, focusing on the right fit for the tenants to be around this ecosystem. At the end of the day, talent is attracted to other talent, and part of our mandate is to deliver on making sure the community is attractive for the tenant to be a part of it. That’s how we’ll be successful. I think we’ll be in a position to start announcing companies in the next few months,” Adi stated.