Abu Dhabi is investing around $270m in a new technology hub that aims to be a Middleastern home to start-ups, innovators and corporates. Microsoft is already onboard the Hub 71 initiative as a strategic partner, providing tech and cloud services
Hub 71 is part of the $13bn Ghadan 21stimulus fund launched in September to accelerate economic growth and expand the economy beyond oil. Ghadan means tomorrow in Arabic.
The new hub will be situated on Al Maryah Island and is looking to attract over 100 start-ups over the next three years across different sectors, among them transportation, life sciences, cyber security, financial services and food systems.
Flagship sustainable community Masdar City, also recently unveiled its Tech Park innovation hub for start-ups focused on sustainability and the digital economy. It will be home to firms getting funding and mentorship through the Middle East accelerator, The Catalyst.