Abu Dhabi desires to be an abode for the next disruptive technology, and thus it has collaborated with Microsoft and Softbank. On March 24, the tech arm of Abu Dhabi supreme funds, Mubadala Ventures had launched $142 million tech incubator known as Hub71 along with $145 million funds to invest in the art-ups. Elham Alqasim, the acting CEO of Abu Dhabi Investment Office affirmed that it was a place for startups and had all the vital requirements that are needed for a startup to succeed.
Alqasim also added that the company would enjoy the incentives as well as governmental and regulatory support. However, no proper financial commitment was made by Microsoft and Softbank to Hub71, but they asserted to provide the local workforce to help the hub and its startups. Microsoft Gulf on March 24 tweeted, Microsoft is proud with its announcement of partnership as well as it has enabled the entrepreneurs to develop, create and transform business.
On the other hand, Masayoshi Son, the CEO of Softbank recorded a video message and announced that the current project would be a revolutionary one that would visualize the alliance of tech companies, startups, academic, and investors to build something worth watching for the technological sector across worldwide and beyond.
Masayoshi has close bonds with Abu Dhabi that contributed $15 billion into Softbank’s $100 billion Vision Fund. It is believed that Hub71 will start to accept the applications from April and to have at least 100 startups over the upcoming years. It has targeted neighbouring Dubai that has already established hubs and has positioned itself as a regional pioneer.
However, Abu Dhabi is yet to start its setup and emerge from the city. The cost of licensing, employee visas, mandate office space often caution the entrepreneurs. To keep up with the challenges, Abu Dhabi now offers a two-year start-up license for $700 that will comprise visas for four employees, no requirement for office space. Hub71 will provide a free house, office space and health care for start-up tech companies along with 50% subsidy package for more esteemed ventures