Start-ups based in Abu Dhabi’s Hub71 secured Dh1.5 billion ($408 million) worth of investments since the inception of the technology hub in 2019, benefiting from the emirate's focus on the technology sector as it seeks to diversify its economy away from oil.
Start-ups at Hub71 raised Dh30m through more than 20 deals last year and the aggregate valuation of the companies operating at Abu Dhabi’s technology ecosystem soared to Dh5.87bn, Hub71 said in a statement on Wednesday.
These companies were also responsible for creating 1,000 new jobs, with their revenue touching Dh1.2bn since the inception of the tech hub at the Abu Dhabi Global Market three years ago.
“As we work toward achieving the UAE’s ambition of becoming an entrepreneurial nation by 2031, Hub71’s strong performance in 2021 exemplifies the enabling business environment we have established in Abu Dhabi,” Mohammed Al Shorafa, chairman of Hub71, said.
“We aim to position technology companies for growth and our priority remains to enable a flexible and favourable business environment that supports creative ideas and scales solutions to address society’s most pressing challenges.”
Hub71 is a flagship initiative of the Dh50bn Ghadan 21 economic stimulus programme and was founded by the Abu Dhabi government, Mubadala Investment Company, Abu Dhabi Global Market, Microsoft and SoftBank. It helps entrepreneurs to build tech companies with a global outreach.
“At Hub71, we partner with founders who are scaling the leading businesses of tomorrow that are inspiring new ways to advance sectors and influence how we do things,” Badr Al-Olama, acting chief executive of Hub71, said.
Start-ups at Hub71 closed 32 funding rounds in which companies such as Egypt-based freight marketplace Trella and Dubai’s BitOasis, a cryptocurrency platform, raised Dh154m and Dh110m, respectively, to fund their expansion across the UAE and the region.
Hub71 is also forging new partnerships to accelerate the growth of start-ups. Last year, it signed a preliminary agreement with Hewlett Packard Enterprise to collaborate on a series of programmes to support start-ups in the emirate and to help them leverage technologies that could advance their development. It is also partnering with Khalifa University of Science and Technology to help students and alumni of the university become entrepreneurs.
"To solidify its impact in 2022, Hub71 will intensify its efforts to strengthen Abu Dhabi’s position globally as an attractive innovation hub for entrepreneurial talent," it said.
"The tech ecosystem aims to reinforce its capital community of VC funds and continue growing its strategic partnerships that facilitate cross-border market access, funding and knowledge exchange."
More than 100 companies operate at the technology hub representing 18 sectors including cyber security, aerospace and defence, mobility and logistics, e-commerce and retail, and FinTech, among others, according to the latest report published by Hub71.
The UAE, the Arab world's second-largest economy, has taken various steps to encourage entrepreneurship in an effort to fuel its post-oil economy.
Last year, the country unveiled the Entrepreneurial Nation initiative, the goal of which is to make the Emirates home to 20 unicorns — a term referring to start-ups valued at more than $1bn — by 2031, as well as to attract and expand small and medium enterprises.
Veil (Object Lessons)
Rafia Zakaria
Bloomsbury Academic
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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Moment of the day Sadeera Samarawickrama set pulses racing with his strokeplay on his introduction to Test cricket. It reached a feverish peak when he stepped down the wicket and launched Yasir Shah, who many regard as the world’s leading spinner, back over his head for six. No matter that he was out soon after: it felt as though the future had arrived.
Stat of the day - 5 The last time Sri Lanka played a Test in Dubai – they won here in 2013 – they had four players in their XI who were known as wicketkeepers. This time they have gone one better. Each of Dinesh Chandimal, Kaushal Silva, Samarawickrama, Kusal Mendis, and Niroshan Dickwella – the nominated gloveman here – can keep wicket.
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Australia (15-1): Israel Folau; Dane Haylett-Petty, Reece Hodge, Kurtley Beale, Marika Koroibete; Bernard Foley, Will Genia; David Pocock, Michael Hooper (capt), Lukhan Tui; Adam Coleman, Izack Rodda; Sekope Kepu, Tatafu Polota-Nau, Tom Robertson.
Replacements: Tolu Latu, Allan Alaalatoa, Taniela Tupou, Rob Simmons, Pete Samu, Nick Phipps, Matt Toomua, Jack Maddocks.
Schedule:
Pakistan v Sri Lanka:
28 Sep-2 Oct, 1st Test, Abu Dhabi
6-10 Oct, 2nd Test (day-night), Dubai
13 Oct, 1st ODI, Dubai
16 Oct, 2nd ODI, Abu Dhabi
18 Oct, 3rd ODI, Abu Dhabi
20 Oct, 4th ODI, Sharjah
23 Oct, 5th ODI, Sharjah
26 Oct, 1st T20I, Abu Dhabi
27 Oct, 2nd T20I, Abu Dhabi
29 Oct, 3rd T20I, Lahore
