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

Mubadala announces $142m tech hub and startup fund

Abu Dhabi's Mubadala has launched Hub 71, a startup fund and tech hub.
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.