Abu Dhabi plans to become home of next disruptive technology by partnering with Softbank & Microsoft.
Ventures of Mubadala tech arm of sovereign wealth funds of Abu Dhabi launched tech incubator for $142 million called Hub71 in addition to $145 million finance dedicated to be invested in start-ups.
“It is a place, for first time, that has all key ingredients that those startups need to come together to support them to actually succeed”
Companies will enjoy regulatory support, financial incentives & key government.
Microsoft & Softbank have not made any funding commitments to Hub71. However, they will have local personnel supporting startups & hub.
“Microsoft is proud to announce its collaboration to enable startups & entrepreneurs to develop, scale & build transformational businesses”
Microsoft is proud to announce its collaboration with the @hub71ad by @Mubadala, to enable start-ups and entrepreneurs develop, scale and build transformational businesses. We have long been a key player in promoting the startup ecosystem across the region.
“This is a ground-breaking project that will see technology companies, startups, academics & investors collaborating to create something truly exciting for the tech sector across the region and beyond”
Abu Dhabi has contributed $15 billion into $100 billion Vision Fund of Softbank.
In April, Hub71 will accept applications expecting to have100 startups at least over next few years to rival neighboring Dubai that has established several hubs positioning itself as a regional pioneer.
Abu Dhabi Invests Over AED 1bn to Drive Tech Transformation Through Hub71 – Middle East & Africa News Center
Under the patronage of His Highness Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council and Chairman of the Executive Committee, Hub71 officially launched Abu Dhabi Government launches new AED 535 million fund Hub71 is a key initiative of the Ghadan 21 program, offering fully subsidised housing, office space […ellipsis]
Abu Dhabi offers a license for two year startup for $70o to combat challenges which includes visas for 4 employees with no requirement for office space.
Hub71 offer health care, office space & free housing for seed-stage tech companies in addition to 50% subsidy packages fore stablished ventures.
“We want to make sure this is a non-issue in the early days for any disruptive technology. We want to make sure there are no barriers in the early years”
Artist, producer and champion of solar energy, Akon is in Dubai to inspire the next generation in the fight for global sustainability.