Abu Dhabi’s Hub71 sees robust 102% growth in in 2022

Abu Dhabi’s Hub71 sees robust 102% growth in in 2022

Abu Dhabi’s Hub71 witnessed 102 per cent growth in 2022, with more than 200 startups joining the global tech ecosystem. These included early-stage companies relocating to the UAE’s capital to scale their businesses rapidly. These startups have collectively raised nearly Dhs4.5 bn ($1.2bn) in venture capital and created over 900 jobs, it reported. The ecosystem’s focus on driving impact for startups and Abu Dhabi has led to the facilitation of 41 POCs (proofs of concept) for corporate partners, which were valued at Dhs160m ($43.5m) by the end of 2022. Additionally, the ecosystem’s incentive programme helped founders save Dhs81m ($2m) in costs, contributing to their success and growth, according to Hub71. Hub71 expanded its initiatives that are aimed to attract tech startups worldwide to Abu Dhabi, giving them access to a growing pool of investors, including more than 30 VC firms, family offices, and commercial partners. By supporting the growth of tech startups, it is enabling the continued economic diversification of Abu Dhabi and driving technological advancements in the UAE as it moves towards its goal of becoming an Entrepreneurial Nation by 2031. Badr Al-Olama, acting chief executive officer of Hub71, said, “Abu Dhabi has arrived at the intersection of transformation