Hub71, MITEF Pan Arab team up to support startups in Mena

Hub71, a global tech hub driven by Mubadala Investment Company in collaboration with Microsoft, SoftBank Vision Fund and Abu Dhabi Global Market (ADGM) has announced a new partnership with MIT Enterprise Forum (MITEF) Pan Arab, part of a global network of chapters dedicated to promoting and enriching the entrepreneurship ecosystem in the Arab region.

With the joint mission of supporting entrepreneurs to go global, this partnership is part of a bigger movement across the Mena. According to a recent MAGNiTT report, there was a 222 per cent increase in Mena-based startup investments between 2015 and 2018. With a record 404 deals taking place across the Arab world in 2018, the key enterprise indicators point to further growth and opportunity.

Hub71 is a flagship initiative of the Ghadan 21 programme established to accelerate the existing economic agenda and Abu Dhabi’s economy, as well as to create an environment where entrepreneurs can thrive. With the joint mission of supporting entrepreneurs to go global, this partnership is part of a bigger movement across the Mena.

According to a recent MAGNiTT report there was a 222 per cent 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 per cent of all startups in the Arab world have HQs in the UAE’.

As these startups mature, Hub71 will work closely with MITEF Pan Arab to find startups who are ready for global growth, offering unprecedented 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.”

Hub71 is a global ecosystem, through the support of the Abu Dhabi government and global partners to create an optimal environment to help startups and entrepreneurs develop, scale and build transformational businesses. Hub71 is the destination of choice for tech companies, startups and investors looking to capitalise on growth opportunities in one of the world’s fastest growing economies.

Hub71 is a global tech ecosystem strategically located in Abu Dhabi Global Market Square on Al Maryah Island, offering a global network that will come together to enable start-up success, innovation and growth opportunities.

Hub71 is a flagship Ghadan 21 initiative which was established to accelerate Abu Dhabi’s transformation into a new world economy.

Hub71 will be the nucleus of a global ecosystem, working with the Abu Dhabi government and global partners to create the optimal environment helping start-ups and entrepreneurs develop, scale and build transformational businesses making Abu Dhabi a global beacon for innovation, technology and talent.

Mubadala leads this initiative in partnership with Microsoft and SoftBank Vision Fund along with Abu Dhabi Global Market as the business enabler and regulator, creating a unique tech ecosystem.

Hub71 is the destination of choice for tech companies, start-ups and investors looking to capitalise on growth opportunities in one of the world’s fastest growing economies.

MIT Enterprise Forum (MITEF) Pan Arab is part of a global network of chapters dedicated to the promotion of entrepreneurship and innovation worldwide. We inform, connect, and coach early-stage technology entrepreneurs-enabling them to rapidly transform ideas into world-changing companies.

Founded in 2005 with the goal of promoting and enriching the entrepreneurship ecosystem in the Arab World, we aim to celebrate and support all potential startups and entrepreneurs in the Pan Arab Region through our programmes.

Business Bureau, Gulf Today