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Abu Dhabi aims to lure start-ups with investment in new technology hub

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ABU DHABI: Abu Dhabi will commit up to 1 billion dirhams (US$272 million) to support technology start-ups, it said on Sunday, in a dedicated hub ...

ABU DHABI: Abu Dhabi will commit up to 1 billion dirhams to support technology start-ups, it said on Sunday, in a dedicated hub as part of efforts to diversify its economy.

The emirate launched a 50 billion dirham stimulus fund, Ghadan 21, in September last year to accelerate economic growth. Ghadan means tomorrow in Arabic. The goal is to have 100 companies over the next three to five years, Ajami said."The market opportunities in this region are immense," he added.Mubadala, with assets of US$225 billion and a big investor in tech companies, will act as the driver of the hub, located in the emirate's financial district.

 

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