Hub71 And MITEF Pan Arab Collaborate To Boost MENA's Tech Startups
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Abu Dhabi’s business incubator Hub71 -a tech hub initiative by Mubadala Investment Company, Microsoft, SoftBank Vision Fund and Abu Dhabi Global Market- is teaming up with MIT Enterprise Forum Pan Arab to bolster MENA’s entrepreneurship ecosystem.
As startups continue to sprout in the region, Mahmoud Adi, Head of Hub71, says it’s harder to find pathways to scale. “With Hub71’s unique combination of access to capital, local and global networks and major technology and business partners coupled with an attractive regulatory environment, we can make that next step easier. Our partnership with MITEF Pan Arab demonstrates our commitment to the region’s exceptional talent and will further enable Hub71 to be a global launchpad for innovation.”
Investments in MENA-based startups have increased between 2015 and 2018, with 404 deals taking place across the region in 2018, according to a report by MENA investment data platform Magnitt. The joint partnership aims to support entrepreneurs to grow globally. Through the partnership with Hub71, MITEF Pan Arab will leverage its network of alumni to bring in new tech entrepreneurs to Abu Dhabi to grow tech startups in Abu Dhabi and across the world.
Hala Fadel, Chair at MIT Enterprise Forum Pan Arab, is keen on how the partnership will impact the ecosystem, saying, “Since we started in 2005, MIT Enterprise Forum Pan Arab contributed to shifting the mindset of thousands of Arabs towards entrepreneurship and innovation. We want to partner with Hub71 to leverage our network of alumni to bring to Abu Dhabi new tech entrepreneurs who will benefit from both our networks to expand and grow global tech startups.”