8 billion dirhams of the startups of the startups in "Hub71" In 2024
Abu Dhabi, April 24 / WAM / “Hub71” said the leading global technology system in Abu Dhabi in the impact report of 2024 that emerging technology companies in HUB71 have received record funds amounting to 8.02 billion dirhams in 2024, which shows the strong investor confidence in the Abu Dhabi economy based on innovation.
The report issued today revealed the remarkable standard growth in the volume of funds collected by companies, as it reached 44.7% compared to 5.4 billion dirhams in 2023, and startups revenues increased to 4.5 billion dirhams, compared to 3.5 billion dirhams during the previous year, which reflects sustainable commercial attraction in priority sectors.
During the past year, Hub71 received more than 3,100 requests to join entrepreneurs representing more than 20 countries, and the selection signed 46 selected startups, and the percentage of companies coming from global markets reached about 70%, and half of them were ranked within the founding stage or category A; Where emerging companies coming from the United States of America, the United Kingdom and Germany constituted approximately 63% of the 16th Group 16, which contributed to enhancing the reputation of Abu Dhabi as a gate between the ancient global technology systems and the high -growth emerging markets.
Ahmed Ali Alwan, CEO of Hub71, stressed that the development embodies the progress that has been achieved and reflects the established confidence in Abu Dhabi as a global center for innovation, as Hub71 continues to support the founders and enhance Abu Dhabi’s position as a leading destination for technology and innovation, pointing to the start of the system’s journey as an initiative that aspires to enable the founders to build their companies starting from the capital Abu Dhabi, and has been It has now turned into a tangible reality that combines entrepreneurs, investors and partners, who are working to achieve a sustainable impact.
The emirate embraces the fastest system for emerging companies in the Middle East and North Africa, where the value of its system increased by 28% to reach 4.2 billion dollars between the middle of 2021 and the end of the year 2023, and according to Startupblink rankings for 2024, Abu Dhabi ranked sixth at the region level, and the second at the level of the UAE, confirming its growing global position.
The HUB71 system contributed to strengthening this rapid growth; Where the Hub71+ Digital Assets and the Hub71+ Climatetech system and the HUB71+ AI system that have been launched recently, startup technology companies develop effective solutions to some of the most urgent challenges in the world, and the startups in the digital asset program gathered more than $ 100 million, While partnerships contribute with global technology pioneers; Such as Google, Nvidia, Solana, Hashed and AWS in accelerating innovation in web 3, artificial intelligence, renewable energy, and deep technology.
Capital partners in the start -up company in HUB71 have invested up to 238 million dirhams, and the global technology system in Abu Dhabi welcomed new investors, including Princeville Capital, The Catalyst and Golden Gate Ventures, and the exclusive capital club for family offices “Barzeh Technology”, affiliated with Hub71, his first deal with startups, with a 10% increase in the number of its members.
In addition to financing, startups signed 91 agreements with partners from the government and private sectors worth 103 million dirhams, which helped accelerate their capabilities to expand their solutions and marketing on the commercial level, as the total partners reached about 33 partners from different markets, and through innovative Hub71 programs, startups managed to experience the latest technologies in important sectors; Such as smart mobility, digital health, food innovation, and alternative proteins.
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