Abu Dhabi authorities have launched a $272 million scheme to attract and develop technology start-ups.
is furthering its push into technology and artificial intelligence, in a bid to future-proof its oil, trade and tourism-dependent economy.where about 90% of central government revenue comes from the hydrocarbon sector, authorities have launched Hub 71 — a 1 billion dirham scheme driven by state investor Mubadala and supported by the Abu Dhabi government to attract and develop technology start-ups." Thursday.
The new Hub71 program will be based at the Abu Dhabi Global Market site and will involve the launch of a 500 million dirham fund to invest in technology start-ups. It aims to attract 100 companies over the next three to five years by offering incentives such as housing, office space and health insurance.
The Abu Dhabi Government also launched a 50 billion dirham stimulus fund, Ghadan 21, in September last year to accelerate economic growth. Ghadan means "tomorrow" in Arabic.
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