Hub71 forges links hands with MIT regional initiative
Triple-digit increase in MENA-based startup investments between 2015 and 2018, research shows
Hub71 has announced a new partnership with MIT Enterprise Forum Pan Arab, part of a global network of chapters dedicated to promoting the entrepreneurship ecosystem in the Arab region.
Hub71 is a tech hub supported by Mubadala Investment Company in collaboration with Microsoft, SoftBank Vision Fund and Abu Dhabi Global Market. It is a flagship initiative of the Ghadan 21 programme established to boost Abu Dhabi's economy, as well as to create an environment where entrepreneurs can thrive.
According to a recent MAGNiTT report, there was a 222% increase in MENA-based startup investments between 2015 and 2018. And with a record 404 deals taking place across the Arab world in 2018, the key enterprise indicators points to further growth and opportunity.
MAGNiTT’s report also demonstrated that ‘35% of all startups in the Arab world have HQs in the UAE’. Hub71 will work with MITEF Pan Arab to find startups who are ready for global growth, offering access to global markets, capital and flexible regulatory policies in the United Arab Emirates.
Mahmoud Adi, head of Hub71, said, “This is a special time to be a startup in the region. But while getting a business off the ground is a major accomplishment, it’s even harder to find pathways to scale that enterprise. With Hub71’s unique combination of access to capital, local and global networks and major technology and business partners coupled with an attractive regulatory environment, we can make that next step easier.
“Our partnership with MITEF Pan Arab demonstrates our commitment to the region’s exceptional talent and will further enable Hub71 to be a global launchpad for innovation.”
Hala Fadel, chair at MIT Enterprise Forum Pan Arab, commented, “Since we started in 2005, MIT Enterprise Forum Pan Arab contributed to shifting the mindset of thousands of Arabs towards entrepreneurship and innovation. We want to partner with Hub71 to leverage our network of alumni to bring to Abu Dhabi new tech entrepreneurs who will benefit from both our networks to expand and grow global tech startups.”