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Hub71 To Invest $2 Billion In New Web3 Startup Ecosystem

Hub71+ Digital Assets will give startups access to venture capital companies and technology providers in Abu Dhabi and beyond.

Published

2 years ago

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hub71 to invest $2 billion in new web3 startup ecosystem
Hub71

Abu Dhabi global technology accelerator Hub71 is seeking to disrupt the Web3 space with the announcement of a new ecosystem focused on startup funding and blockchain technologies.

Over $2 billion has already been committed in capital, enabling the new Hub71+ Digital Assets ecosystem to offer Web3 startups access to venture capital companies, customers, tech providers, blockchain platforms, and much more.

hub71 digital assets launch event

Hub71’s anchor partner is First Abu Dhabi Bank (FAB), and its research and innovation center, known as FABRIC, will, in turn, help FAB to leverage its financial services in the metaverse. Further corporate, government, and investment partners will support the project’s growth across the UAE and beyond.

Also Read: A First Glimpse Of Dubai’s Air Taxis Flying Past Local Landmarks

“Hub71+ Digital Assets signifies that Abu Dhabi is open to disruptive businesses driving forward change and transformation on a global level. Teaming up with ADGM, FAB and its research and innovation center, FABRIC, alongside the world’s leading Web3 companies and enablers under one roof, will provide founders with an opportunity to fundraise, develop and commercialize innovations safely while operating within the largest regulated jurisdiction of virtual assets in the MENA region,” says Ahmad Ali Alwan, Deputy CEO of Hub71.

The new Hub71 alliance will help startups benefit from ADGM’s diverse ecosystem and efficient regulatory environment, which will help develop the UAE economy to keep pace with global trends.

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UAE Prepares To Launch Two Satellites: Thuraya-2 And MBZ-SAT

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum chaired the first meeting of the Supreme Space Council yesterday.

Published

5 days ago

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December 17, 2024

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uae prepares to launch two satellites thuraya-2 and mbz-sat

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister of the UAE, chaired the first meeting of the Supreme Space Council in Dubai on December 16, 2024. The session highlighted the UAE’s ambitious space plans and took stock of the sector’s economic progress.

The council emphasized the growing role of private companies in advancing space technologies, noting that their contributions are now equal to that of the public sector. Members also praised initiatives like the Space Economic Zones Programme, which are designed to fuel innovation and investment in the space industry.

Discussing the UAE’s space journey, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum remarked, “The national space sector continues to grow and advance, and we take immense pride in the remarkable achievements we have accomplished over the years”.

Sheikh Hamdan also received updates on two upcoming satellite projects: Thuraya-2 and MBZ-SAT. Thuraya-2, developed by Space42, is slated for launch this December. Meanwhile, the MBZ-SAT, created by the Mohammed Bin Rashid Space Centre (MBRSC), will soon follow. MBRSC, a major driver of the UAE National Space Programme, continues to lead the nation’s space-related developments.

Space42 took the opportunity to showcase its advancements, including ongoing collaborations between public and private entities. The company also outlined strategies to promote innovation, boost revenue streams, and create new opportunities for growth in the sector.

Also Read: IBM Opens New Doha Office To Support Qatar’s Digital Growth

The UAE’s current projects build on a growing legacy of space exploration. Back in 2020, the nation made headlines with its Mars mission, successfully sending a probe into the planet’s orbit in 2021. This mission, which is now in its second phase as of June 2024, has been collecting critical data to develop a comprehensive diurnal image of Mars.

The UAE also ventured into lunar exploration with an unmanned mission aimed at studying untouched regions of the Moon’s surface. While the probe ultimately crashed during its landing attempt after communication was lost seconds before touchdown, the effort represented a significant step in the country’s exploration ambitions.

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