Abu Dhabi has partnered with Microsoft and SoftBank Group to launch the AED 520 million Hub71 initiative, a new platform to support high tech start-ups.
HH Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council also announced a new AED 535 million fund, to invest in technology businesses established in Hub71, which raises the total government investment in the Abu Dhabi tech sector to more than AED 1 billion.
US-based Microsoft will be a strategic partner, providing technology and cloud services to the businesses that join the hub as Abu Dhabi continues its push to reduce reliance on oil revenue.
Additionally, Softbank will be active in the hub and support the expansion of companies in which it has invested, while Mubadala, a big investor in tech companies will act as the driver of the hub.
Hub71 will offer fully subsidized housing, office space and health insurance for seed-stage tech companies.
Last month, Mubadala which has committed $15 billion to the Softbank Vision Fund, announced plans to launch a $400 million fund to invest in leading European technology companies, according to the local newswire, WAM.
Originally published on www.islamicbusinessandfinance.net