04 May 2023
In a year marked by exceptional growth, Abu Dhabi’s global tech ecosystem, Hub71, has reported an impressive 102% increase in its community. This includes over 200 start-ups joining its network and 51 early-stage companies relocating to Abu Dhabi to fast-track their business expansion. Collectively, these Abu Dhabi startups raised almost $1.2 billion USD (4.5 billion AED) in venture capital, contributing to the creation of over 900 jobs.
Underpinning this growth is Hub71’s commitment to fostering success for start-ups and advancing Abu Dhabi’s economic standing. In 2022, the tech ecosystem facilitated 41 proofs of concept (POCs) for corporate partners, valued at $43.5 million. Hub71’s incentive program also played a critical role in supporting start-up growth, helping founders save $22 million in costs.
As part of its strategy to enhance Abu Dhabi’s tech landscape, Hub71 rolled out initiatives aimed at attracting global tech start-ups to the city, providing them access to a growing pool of investors. This included more than 30 venture capital firms, family offices, and commercial partners, contributing to Abu Dhabi’s ongoing economic diversification and propelling technological advancements in the UAE. The vision is clear - to transform the UAE into an Entrepreneurial Nation by 2031.
Hub71’s Acting CEO, Badr Al-Olama, emphasized the organization’s role as a growth catalyst for numerous successful start-ups and technology companies across more than 20 sectors. Their achievements have bolstered Hub71’s global impact and have helped establish Abu Dhabi as a nexus for transformation and innovation.
The 2022 Impact Report released by Hub71 showcases the vibrant Abu Dhabi tech start-up community, which has seen the number of start-ups surpass 200 for the first time. Key highlights include the initiation of fundraising roadshows, the launch of Tech Barza—an exclusive capital club for family offices, and the expansion of Ventures Lab, a Venture Building program. Among the start-ups that joined Hub71 in 2022, nine raised over AED36.7 million ($10 million) each, reflecting a total of AED575 million ($156.7 million). Hub71’s diverse entrepreneurial community comprises representatives from 48 nationalities, and spans more than 20 sectors, including ClimateTech, FinTech, HealthTech, and EdTech.
Looking ahead, Hub71 plans to deepen its footprint in specific technology subsectors by launching Hub71+ specialist ecosystems. These will focus on unlocking the potential of technologies, including Digital Assets, ClimateTech, and BioTech. The tech ecosystem aims to diversify the capital pool to increase investment flows to start-up founders, while also elevating its global presence to create value and forge mutually beneficial cross-border partnerships for the benefit of founders and entrepreneurs in Abu Dhabi and internationally.
Hub71 - Incentive Program for Startups in Abu DhabiHub71 - Incentive Program for Startups in Abu Dhabi
Hub71 is community of founders, investors and business enablers that form a unique technology ecosystem strategically located in Abu Dhabi. Named after the UAE’s formation in 1971, Hub71 is creating the optimal environment for transformative tech companies looking to maximize success, produce outstanding tech innovations and scale globally. Hub71 is a flagship initiative of the AED 50 billion economic accelerator program, Ghadan 21, which means “tomorrow” in Arabic. Hub71 Provides: Access to capital by attracting top VC funds and investors to increase the pool of capital available to startups and VCs in Abu Dhabi.
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Hub71 Releases 2022 Impact Report