AREA 2071 Hosts 20 Startups Valued At Over AED42 Million

Two startup accelerators hosted in AREA 2071 contribute to the UAE's continuous efforts to position itself as a global center for future technologies.

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AREA 2071, an initiative of the Dubai Future Foundation, has recently graduated 20 startups valued at over AED 42 million.

AREA 2071

Maha Al Mezaina, head of AREA 2071, explains that the two accelerators hosted in the area - Techstars and AI Venture Labs Accelerator Program in cooperation with Microsoft – contribute to the UAE's continuous efforts to position itself as a global center for future technologies.

"AREA 2071 is a unique ecosystem that offers local, regional and global startups and emerging companies an innovative working space and embraces creative minds allowing them the opportunity to innovate, develop products and pilot projects, contribute to the economy and expand their success and growth," Al Mezaina said.

Held over 13 weeks, the second edition of the Techstars startup accelerator program, in collaboration with GINCO Investments, hosted 10 global companies that focus on technology, IoT, construction, management and other key areas. The value of these companies is more than AED 24 million. Furthermore, the AI startups participating in the AI Venture Labs program in partnership with Microsoft are valued at over AED 18.4 million. These companies are working on innovative ideas that employ artificial intelligence, blockchain technology and machine learning in banking, healthcare, agriculture, oil and gas, energy and other crucial sectors.

AREA 2071 was launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, as an interactive platform to bring together the most innovative and creative minds from around the world.

It offers the participants of both accelerators the opportunity to communicate with various federal and local government agencies in the region, as well as to engage with other AREA 2071 initiatives, such as the Country in Residence Program, led by the Dubai Future Foundation, which aims to provide business, diplomatic and cultural delegations and investors exclusive access to UAE based opportunities. Estonia, South Korea, New Zealand, Latvia and most recently France have joined the program with the aim of sharing best practices and adopting the latest solutions and technologies.

Related: Designs On The Future: Area 2071 Aims To Make The UAE The Leading Nation In The World