Abu Dhabi Government will launch a new hub for tech startups, in collaboration with Japan’s SoftBank Group, Arabian Business reported.
Mubadala Ventures, the US-based venture capital arm of Abu Dhabi’s Mubadala Investment Company, will launch the new tech hub, known as Hub71, in Abu Dhabi on Sunday.
The new hub will offer AED 520 million ($142 million) of investment to tech startups.
The hub will tap into the government’s Ghadan 21 initiative, the $13.6 billion stimulus package to provide jobs and boost Small and medium-sized enterprises (SMEs).
“Ghadan 21 plan” is a social support programme that aims to boost the competitiveness of businesses in the emirate of Abu Dhabi.