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Hub71 Launches Exclusive Capital Club In Abu Dhabi
The global tech ecosystem’s new venture will help family offices to access technology and startup investments in the region.
Abu Dhabi’s tech ecosystem, Hub71, has just launched a new platform called Tech Barza, an exclusive capital club dedicated to increasing investment in technology companies and startups in the region.
The platform targets regional family offices for exclusive entry to Hub71’s community of nearly 200 startups, with an aim to accelerate funding. In 2021, $2.6 billion was generated across the MENA region for startup-related projects, representing a massive 138% improvement from the previous year. Tech Barza will help to continue this trend, helping startups and tech innovators to hook up with investors and get products to market faster.
The inaugural meetup of Tech Barza included leading family offices at Hub71, which is based in the international financial center Abu Dhabi Global Market (ADGM). Members of the exclusive club will gain access to pitch days, investor networks, and other business events, with many led by Hub71’s partner Mubadala Investment Company.
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“The private sector has a key role in shaping the next 50 years of our nation, and family offices are, without a doubt, the heartbeat of the economy. With the launch of Tech Barza, we will not just support the economic growth of the region, but we will also bring diversity and inclusivity to family offices, removing the misconception of crowding out, and reinforcing the mission of knowledge sharing,” says Badr Al-Olama, Acting Chief Executive Officer of Hub71.
Since the launch of Hub71 in 2019, the global tech ecosystem has channeled AED 3.2 billion into the startup community and secured funding to grow several sustainable ventures which will positively impact the UAE’s capital.
News
NASA Forms New Partnership With Saudi Space Agency
The pair will collaborate on the Center for Space Futures, advancing space tech by bringing together public and private stakeholders.
Saudi Arabia’s space industry is on the brink of substantial expansion after generating $400 million in revenue in 2022, according to a report by the Saudi Communications, Space and Technology Commission.
Now, in a new venture with NASA, plans for a “Center for Space Futures” are set to further drive the Kingdom’s aspirations of becoming a leading player in space exploration and technology.
Capturing moments from the joint delegation visit with leaders from the Saudi and American Space Agencies @NASA to @PSU_RUH, along with scenes showcasing the audience's engagement. pic.twitter.com/oB1cFTiRNl
— وكالة الفضاء السعودية (@saudispace) May 14, 2024
The partnership between NASA and Saudi Arabia goes beyond economic advantages. The pair have already cooperated on preliminary work for the Artemis II lunar mission, which is slated for a September 2025 launch and aims to land astronauts near the moon’s South Pole.
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During a visit to the capital, Riyadh, NASA Administrator Bill Nelson emphasized in a TV interview the broader objectives of the collaboration, which encompass “returning to the moon and then [to] Mars” while utilizing space exploration to glean important insights into climate change. The NASA spokesman also reiterated the space agency’s dedication to collaborating with Saudi Arabia on other future ventures.
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