Home / / Abu Dhabi, SoftBank to launch $142m startup hub and fund

Abu Dhabi, SoftBank to launch $142m startup hub and fund

Mubadala announces $142m tech hub and startup fund

Abu Dhabi, SoftBank to launch $142m startup hub and fund
Abu Dhabi's Mubadala has launched Hub 71, a startup fund and tech hub.

Abu Dhabi's Mubadala Investment Company is set to launch a new hub for tech startups in conjunction with Japan's SoftBank Group.

The company's venture capital arm, Mubadala Ventures, has announced ‘Hub 71', a $142m fund for startup investment and tech hub.

Hub 71 - named after the year that the UAE was founded - will tap into the government's Ghadan 21, the $13.6bn stimulus package to provide jobs, SME boost that was announced last year.

Ghaden 21 aims to further underpin the emirate's status as a vibrant and integrated destination of choice for tech companies and startups in collaboration with key firms specialising in this field from around the world.

As a part of its commitment to the region, Japanese-owned SoftBank opened offices in Abu Dhabi, UAE, and Riyadh, Saudi Arabia, last year.

Backers of the almost $100 billion Vision Fund include wealth funds from the Middle East, including Saudi Arabia and Abu Dhabi.

Follow us to get the most comprehensive technology news in UAE delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.