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.
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In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
Pox that threatens the Middle East's native species
Camelpox
Caused by a virus related to the one that causes human smallpox, camelpox typically causes fever, swelling of lymph nodes and skin lesions in camels aged over three, but the animal usually recovers after a month or so. Younger animals may develop a more acute form that causes internal lesions and diarrhoea, and is often fatal, especially when secondary infections result. It is found across the Middle East as well as in parts of Asia, Africa, Russia and India.
Falconpox
Falconpox can cause a variety of types of lesions, which can affect, for example, the eyelids, feet and the areas above and below the beak. It is a problem among captive falcons and is one of many types of avian pox or avipox diseases that together affect dozens of bird species across the world. Among the other forms are pigeonpox, turkeypox, starlingpox and canarypox. Avipox viruses are spread by mosquitoes and direct bird-to-bird contact.
Houbarapox
Houbarapox is, like falconpox, one of the many forms of avipox diseases. It exists in various forms, with a type that causes skin lesions being least likely to result in death. Other forms cause more severe lesions, including internal lesions, and are more likely to kill the bird, often because secondary infections develop. This summer the CVRL reported an outbreak of pox in houbaras after rains in spring led to an increase in mosquito numbers.
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Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Other key dates
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Finals draw: December 2
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Finals (including semi-finals and third-placed game): June 5–9, 2019
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Euro 2020 play-off draw: November 22, 2019
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Euro 2020 play-offs: March 26–31, 2020
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