Abu Dhabi's Hub71 draws in high-growth and innovative startups from MENA and the UK
Seven new startups across different sectors and countries have been accepted onto tech ecosystem Hub71’s Incentive Programme in order to scale and establish their operations in Abu Dhabi.
Recognised as excellent high-growth tech companies, the new startups will join Hub71’s community, based in Abu Dhabi Global Market (ADGM), within the coming weeks. The seven startups are part of a list of 18 early stage companies, which pre-qualified for admission onto the Hub71 Incentive Programme. These companies will be the recipients of many useful benefits, comprising subsidised living, office space and health insurance for founders and their employees.
Following the announcement, Mahmoud Adi, CEO of Hub71 remarked "We’re on track to hit our goal of bringing between 20 and 30 quality startups to Hub71 by year-end and our first 18 startups demonstrate that we’re building a tech community that ranges in size, growth stage and sector.” The Abu Dhabi tech hub is looking to entice high-growth tech companies which demonstrate a ‘disruptive approach’ or ‘developed disruptive technology’ and have secured minimum funding worth USD $100,000 within the first few operational years.
Adi went on to explain that "As part of their growth strategy, the new startups joining Hub71 will create new tech jobs in Abu Dhabi. The MENA region is ripe for disruption and Abu Dhabi is leading the charge by providing access to capital and market opportunities to catalyze home-grown innovations. Over the last few months, the Emirate has increased its bandwidth to support more B2B and B2C startups from all around the world. We’re proud to play our role in welcoming these startups to Hub71 and helping them thrive."
Applications for Hub71’s Incentive Programme will open to the public later this month, with the specific target market including seed and emerging tech companies led by dedicated founders with scalable, quality tech solution and ideas.
Additionally, earlier last month Hub71 announced its partnership with OYO to provide accommodation for Hub71 companies. Furthermore, WeWork, Hub71’s workspace provider that offers single desks and co-working office spaces starting from AED 1,470 per month is projected to open in Q1 2020.