The Abu Dhabi-based tech hub - known as Hub 71 - will offer $142m of investment to tech startups
Abu Dhabi Government is set to launch a new hub for tech startups on conjunction with Japan’s SoftBank Group.
Mubadala Ventures, the US-based venture capital arm of Abu Dhabi's Mubadala Investment Company, will launch the new tech hub in the UAE capital today.
The tech hub - known as Hub 71 - will offer $142m (AED520m) of investment to tech startups.
'Hub 71' - named after the year that the UAE was founded - will tap into the government’s Ghadan 21, the $13.6bn stimulus package to provide jobs, SME boost that was announced last year.
Ghaden 21 aims to further underpinning the emirate's status as a vibrant and integrated destination of choice for tech companies and startups in collaboration with key firms specialising in this field from around the world.
As a part of its commitment to the region, Japanese-owned SoftBank opened offices in Abu Dhabi, UAE, and Riyadh, Saudi Arabia, last year.
Backers of the almost $100 billion Vision Fund include wealth funds from the Middle East, including Saudi Arabia and Abu Dhabi.
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