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Startup Funding At Abu Dhabi’s Hub71 Reaches $871M

According to the deputy chief executive, companies within the organization have generated over $680 million and created hundreds of direct jobs.

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2 years ago

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startup funding at abu dhabi's hub71 reaches $871m

Hub71, Abu Dhabi’s global technology ecosystem, has raised more than $871 million in funding for startups and created 800 jobs since its creation in 2019, until September of this year, according to the latest figures. The organization now boasts around 200 members, and is contributing significantly to the region’s economy, intending to grow 20 startups into companies worth over $1 billion.

“There was a resurgence in investor interest at Hub71 after the effects of the COVID-19 pandemic wore off. The momentum has been helping the ecosystem and partner network to support Abu Dhabi, which is increasingly positioning itself as one of the global epicenters of technology. There was a huge thirst to get out there to engage with partners to identify opportunities, and that momentum continues to this day,” says Ahmad Alwan, Hub71 deputy chief executive.

Abu Dhabi has invested heavily in initiatives that contribute to technology and innovation, and Hub71, in particular, is helping the country to promote entrepreneurship as the UAE government aims to become “the entrepreneurial nation by 2031“.

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Globally, the money generated by startups is close to $3 trillion — a staggering figure that almost matches the output of the G7 economy — Mr. Alwan said Hub71 had “several initiatives in the pipeline that are being planned with its partners”, which are rumored to include wealthy venture capital companies and funds, with the hope that one day, a local Abu Dhabi startup will become a global technology corporation.

Hub71 is open to the idea of expanding its “bilateral relationships” with partners in different regions, though right now, the ecosystem is focused on helping to develop its member companies by taking advantage of its existing partnerships.

In August, Hub71 welcomed 16 new startups to its platform and recently joined forces with Siemens Energy to support Abu Dhabi’s fight against climate change.

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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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