The third edition of the Abu Dhabi Financial Technology Festival (Fintech Abu Dhabi) kicked off yesterday in Abu Dhabi. While Mubadala Financial Investments, a subsidiary of Mubadala Investment Company, announced the launch of the first two investment funds in technology companies in the Middle East and North Africa (MENA) valued at US $ 250 million. Next November.
Platform «71 Hub»
Mahmoud Adi, CEO of 71 Hub, revealed that the platform provides direct and indirect support to the registered companies, which now number 18 companies, pointing out that the platform brings together entrepreneurs, government entities and companies looking for innovative solutions. To ensure the provision of commercial contracts rewarding them.
In a statement on the sidelines of the Abu Dhabi Financial Technology Festival (Fintech Abu Dhabi), which started its third session in Abu Dhabi yesterday, he added that the number of companies and institutions accredited in the platform is expected to reach 100 within three years.
He stressed that the companies and institutions accredited in the platform succeeded in providing innovations and innovative technological programs that comply with the conditions and standards of the platform, and they work in various sectors of technology, including: financial technology, medical technology, and services provided through technology.
Accept applications
Adi said that applications were opened for companies to register in the platform from the end of last September until November 17, pointing out that there is a high demand, as the number of applications exceeded 300 applications so far, is scheduled to study and then announce the new batch of companies that will enter the platform by Early 2020.
The CEO of Hub71 revealed that 50% of the companies registered in the platform were established in the UAE and the rest are from Arab countries, America, Europe and Singapore.
Incentives and support
Adi stressed that the registered companies will benefit from the support incentives offered by the platform, including providing support in terms of living, office space, and health insurance for founders and employees of start-up companies, in order to reduce the burden on companies and help them to invest the capital available to expand their activities and attract cadres High efficiency.
He pointed out that other support incentives are under consideration to provide them to startups, noting that the support is provided free of charge to companies in the establishment phase, and by 50% for companies that have completed the start-up operations and began to expand.
He said that there is a discussion by the companies registered in the platform with three or four government companies to sign deals, as the platform helps them to obtain government contracts, pointing out that the 18 companies registered in the platform has attracted funding of about $ 20 million since its establishment, while planning to attract 100 million Dollars, next year.
Abu Dhabi is fast growing and has become the preferred destination for emerging technology companies, supported by the platform's catalytic packages and global business acceleration partners.
He pointed to the cooperation with the Government of Abu Dhabi through the Abu Dhabi Investment Office, where it was announced last March the launch of a support fund worth AED 535 million for the private sector to invest in startups and venture capital companies within the «Hub71» platform.
An investment fund
Mubadala Financial Investments, a subsidiary of Mubadala Investment Company, announced yesterday the launch of the first two investment funds in technology companies valued at $ 250 million (AED 918 million). These funds will invest in the region's burgeoning emerging business sector and will empower technological talent in the emirate and across the region.
The first will be a $ 150 million (AED 551 million) fund, which will invest in funds committed to supporting the global technology platform Hub71. As part of this program, Mubadala Financial Investments has announced its commitment to fund three companies: Data Collective in San Francisco, Middle East Venture Partners and Global Ventures.
The investment program includes a $ 100 million (AED 367 million) fund for direct investment in startups managed by its founders, committed to operating through the Hub71 platform, and aims to finance 15 different companies.