Hub71 announced enhanced incentive programs for startups
Abu Dhabi's Hub71 boosted startup incentives by 50%, now offering up to Dh750K ($204K) in equity-free support to accelerate the local tech ecosystem.
GITEX Global 2023 Expand North Star Event Highlights
At GITEX Global 2023's Expand North Star event, industry leaders highlighted the UAE's evolving startup ecosystem, noting a significant shift from e-commerce to diverse sectors including agritech, sustainability, and AI. Saeed Alnofeli of in5 Innovation Centers emphasized this transformation, while Dubai Future District Fund's CEO Sharif El-Badawi pointed to increased interest from over 200 VC firms post-COVID.
The ecosystem is maturing culturally, with a growing acceptance of startup failures. Supporting this growth, Abu Dhabi's Hub71 has increased its equity-free incentives to Dh750,000 for startups.
AI development is a key focus, with MBZUAI launching two centers: the Metaverse Centre (MMC) and the Incubation and Entrepreneurship Center (MIEC). The UAE's Ministry of Economy aims to support 8,000 startups and create 20 unicorns by 2031. Reports project significant economic impact, with metaverse technologies potentially contributing up to $16.7 billion to the UAE's economy.