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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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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“.

Also Read: Hybrid Cloud As A Driver Of Digital Transformation In Saudi Arabia

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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Lebanese Newspaper Builds AI President To Beat Political Crisis

The move by media outlet AnNahar comes after 13 failed attempts by the Lebanese parliament to elect a new leader.

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lebanese newspaper builds ai president to beat political crisis
OurPresident.ai

In a world first, Lebanon’s AnNahar Newspaper has built an artificial intelligence model designed to carry out presidential duties for the politically troubled country. Lebanon has been without a sitting president for two years after thirteen failed attempts by the nation’s parliament to elect a suitable candidate.

The new AI President’s deep learning algorithm was fed over 90 years of impartial journalism from AnNahar’s archive stretching back to the 1930s. The AI leader analyzes not only historical data but also current events and is able to formulate solutions for all manner of political, legal, and governmental questions. By tapping into such a vast knowledge base, Lebanon’s AI President will have a deep understanding of the country’s past, as well as an unbiased take on the challenges the nation faces going forward.

lebanon our president ai platform annahar

The new AI President was unveiled in a recent live broadcast. Nayla Tueni, editor-in-chief of AnNahar Newspaper conducted an interview with the digital leader, asking relevant questions about the current state of Lebanon, and how to fix the country’s difficult political situation. AnNahar has also converted its print newspaper to focus entirely on the new president’s guidance on issues spanning everything from the economy to sustainability and the environment.

Also Read: Abu Dhabi To Develop $1 Billion eSports Island Facility

After the interview, Nayla Tueni commented: “As Lebanese people, and especially at AnNahar, we refuse to sit back and allow things to go on as they have. To not have a president for this long is unacceptable and has impacted the country negatively. If the parliament will not do its job to elect a president, then the people will bring to Lebanon a president”.

The AI President will soon be accessible to everyone at OurPresident.ai, Users will be able to ask questions in a similar manner to the likes of ChatGPT and Google Gemini. It is also understood that government officials will also use the tool to help devise new directives.

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