Minister Nahyan bin Mubarak tours Innovation at Hub71

Post by: Elena Malik

Photo : Abu Dhabi Media Office

Sheikh Nahyan bin Mubarak Al Nahyan, esteemed Cabinet Member and Minister of Tolerance and Coexistence, recently visited Hub71, a pivotal hub for innovation in Abu Dhabi. This visit underscored Abu Dhabi's commitment to bolstering its global tech ecosystem, particularly in nurturing startups and attracting international ventures to expand into the Middle East region.

During his tour, Sheikh Nahyan engaged with a diverse array of both local and international startups that have chosen Abu Dhabi as their base for regional growth. These startups operate in strategic sectors such as FinTech, ClimateTech, HealthTech, and EdTech, showcasing innovative business models powered by AI and other advanced technologies aimed at driving positive societal impact and contributing to Abu Dhabi's economic advancement.

Expressing his admiration for Hub71's role in cultivating a thriving entrepreneurial ecosystem and its support for the UAE National Incubator Network through Sandooq Al Watan, Sheikh Nahyan highlighted Abu Dhabi's ambition to reinforce its status as a global destination for innovation and successful entrepreneurship.

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The minister received detailed briefings on Hub71's strategic initiatives, emphasizing the importance of partnerships with UAE national entities and collaborations with Abu Dhabi's government bodies to foster startup growth. Ahmad Ali Alwan, CEO of Hub71, underscored the hub's commitment to supporting startups in bringing innovative solutions to market and attracting global investors, thereby contributing significantly to Abu Dhabi's tech ecosystem.

The involvement of Sovereign Wealth Funds like Mubadala Investment Company and ADQ has further strengthened Abu Dhabi's tech landscape. Notably, Mubadala's recent investment in Air Carbon Exchange, the world's first regulated carbon trading platform, highlights Abu Dhabi's position as a capital-rich environment conducive to innovation and sustainable growth. The progressive regulatory framework of Abu Dhabi Global Market (ADGM) and the support initiatives by Abu Dhabi Investment Office (ADIO) further bolster Hub71 startups' prospects for long-term success.

Today, Hub71 boasts a diverse portfolio of over 315 startups across 22 sectors, collectively raising AED 5.5 billion in capital and generating revenues exceeding AED 3.7 billion since its inception in 2019. This growth trajectory underscores Abu Dhabi's emergence as a dynamic hub for tech innovation and entrepreneurship, driven by robust governmental support and strategic partnerships fostering economic diversification and sustainable development.

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