Mubadala, Abu Dhabi's state investor, announced Monday new MENA tech funds will invest $250 million in start-ups from the Middle East region.
are also partners in the Abu Dhabi-based scheme. Hub71 offers incentives like office space and health care coverage to encourage start-ups to set up shop in the region.
States like Abu Dhabi and Dubai in the UAE, as well as other countries in the Middle East, are increasingly pumping funds into local tech ecosystems, in part to help reduce their reliance on oil-dependent industries. "There's a huge amount of untapped potential in the UAE and the wider region and we are on the right path to foster more home-grown innovations, attract exceptional talent and accelerate the evolution of a flourishing tech industry in the Emirate," said Ibrahim Ajami, Head of Ventures at Mubadala Capital, in a press release Monday.
Ajami said the new MENA tech funds will build on Mubadala's ten years of experience investing in tech companies from around the world. The state investor committed $15 billion to Softbank's Vision Fund I, which has bankrolled tech companies like
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