United Arab Emirates earmarks $270m to support tech startups
US tech giant Microsoft will be a strategic partner, providing technology and cloud services to the businesses that join the hub
Abu Dhabi — Abu Dhabi will commit up to$272m to support technology startups, it said on Sunday, in a dedicated hub as part of efforts to diversify its economy. US tech giant Microsoft will be a strategic partner, providing technology and cloud services to the businesses that join the hub as the capital of the United Arab Emirates continues its push to reduce reliance on oil revenue. Abu Dhabi derives about 50% of its real gross domestic product and about 90% of central government revenue from the hydrocarbon sector, according to ratings agency S&P. The emirate launched a $13.6bn stimulus fund, Ghadan 21, in September last year to accelerate economic growth. Ghadan means tomorrow in Arabic. The new initiative, named Hub 71, is linked to Ghadan and will also involve the launch of a 500m dirham fund to invest in startups, said Ibrahim Ajami, head of Mubadala Ventures, the technology arm of Mubadala Investment Co. The goal is to have 100 companies over the next three to five years, Ajam...
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