ABU DHABI / WAM
Hub71, a global tech hub driven by Mubadala Investment Company in collaboration with Microsoft, SoftBank Vision Fund and Abu Dhabi Global Market, has announced a new partnership with MIT Enterprise Forum Pan Arab, part of a global network of chapters dedicated to promoting and enriching the entrepreneurship ecosystem in the Arab region.
With the joint mission of supporting entrepreneurs to go global, this partnership is part of a bigger movement across the Mena. According to a recent MAGNiTT report, there was a 222% increase in Mena -based startup investments between 2015 and 2018. With a record 404 deals taking place across the Arab world in 2018, the key enterprise indicators point to further growth and opportunity.
MAGNiTT’s report also demonstrated that ‘35% of all startups in the Arab world have HQs in the UAE’. As these startups mature, Hub71 will work closely with MITEF Pan Arab to find startups who are ready for global growth, offering unprecedented access to global markets, capital, and flexible regulatory policies in the United Arab Emirates.
Commenting on the partnership, Mahmoud Adi, Head of Hub71, said, “This is a special time to be a startup in the region. But while getting a business off the ground is a major accomplishment, it’s even harder to find pathways to scale that enterprise. Our partnership with MITEF Pan Arab demonstrates our commitment to the region’s exceptional talent and will further enable Hub71 to be a global launch pad for innovation.”
In turn, Hala Fadel, Chair at MIT Enterprise Forum Pan Arab, commented, “Since we started in 2005, MIT Enterprise Forum Pan Arab contributed to shifting the mindset of thousands of Arabs towards entrepreneurship and innovation. We want to partner with Hub71 to leverage our network of alumni to bring to Abu Dhabi new tech entrepreneurs who will benefit from both our networks to expand and grow global tech startups.”
Hub71 is a flagship initiative of the Ghadan 21 programme established to accelerate the existing economic agenda and Abu Dhabi’s economy, as well as to create an environment where entrepreneurs can thrive.