Skip to content Skip to Search
Skip navigation

Startup funding in Abu Dhabi’s Hub71 hit $1.2bn by 2022 end

People, Person, Adult Hub71
Ahmad Ali Alwan, deputy CEO of Hub71, says the impact report presents the growth and strategic development of Abu Dhabi as a global technology ecosystem

Startups at Abu Dhabi’s global tech ecosystem Hub71 raised almost AED4.5 billion ($1.2 billion) collectively in venture capital from 2019 until the end of 2022.

The number of startups rose 102 percent year on year to more than 200 in 2022, with 51 new early-stage companies relocating to the UAE’s capital to scale exponentially. 

More than 900 jobs were created by the end of 2022, Hub71 said in a statement. 

In a year devoted to driving impact for startups and Abu Dhabi, Hub71 facilitated 41 proofs of concept for corporate partners worth AED160 million and enabled founders to save AED81 million in costs through its incentive program.

Last year, Hub71 expanded its range of initiatives designed to attract tech startups worldwide to the UAE capital and break into the market with access to a growing pool of investors ranging from over 30 venture capital firms to family offices and commercial partners.  

Badr Al-Olama, acting CEO of Hub71, said they are now “solidifying the impact we generate on a global scale by doubling down on breakthrough technologies”. 

Nine of the 51 startups onboarded by Hub71 in 2022 raised more than AED 36.7 million in funding each, reflecting AED575 million collectively. 

The entrepreneurial community comprises 48 nationalities and the companies are present in more than 20 sectors, such as climate tech, fintech, health tech and education tech. 

Applications to join Hub71 grew 102 percent cohort-on-cohort, with almost a third sourced by partner referrals.

Ahmad Ali Alwan, deputy CEO of Hub71, said the top focus remains on generating impact: “As we continue our pursuit of building homegrown unicorns, our 2022 impact results reinforce that Hub71 is a platform that champions innovation among startups and technology companies while supporting the nation’s knowledge-based economy and its transformation.”

In 2023 Hub71 is broadening its reach into specific technology subsectors by launching Hub71+ specialist ecosystems dedicated to unlocking the potential of technologies, including digital assets, climatetech and biotech. 

Latest articles

Residents use kayaks to evacuate their flooded residential complex in Dubai following the April storm

Floods prompt Abu Dhabi to issue urban planning tender

Abu Dhabi’s Department of Municipalities and Transport has issued a tender for studies to aid the city’s urban planning efforts, including infrastructure resilience during storms. The tender for consultancy services opened last month and closes on July 4. It emerges after UAE president Sheikh Mohamed bin Zayed Al Nahyan ordered an urgent review of the […]

Qatar Kazakh mobile network

Qatar company buys Kazakh mobile network for $1bn

Qatar Power International Holding has bought Kazakhstan’s largest mobile phone network. The Qatari company, a private conglomerate based in Lusail, has bought Kazakhtelecom subsidiary Mobile Telecom-Service LLP, Reuters reported, citing a statement from the Kazakh government on Tuesday. Mobile Telecom-Service LLP is a joint venture between Swedish telco Tele2 and Kazakh high speed mobile internet […]

Saudi imports GCC

UAE dominates Saudi imports

Saudi Arabia’s imports from its neighbouring five GCC countries rose 5 percent to SAR21 billion ($5.6 billion) in the first quarter of 2024. Oman led the growth, but goods trade with Qatar suffered a steep decline, according to figures from Saudi platform Argaam, citing the Saudi General Authority for Statistics (GASTAT). Goods shipped from the […]

It is hoped the use of AI will speed up the time-consuming process of screening patients for cancer

Mubadala-backed US startup working on AI cancer care

A US genomics startup, backed by Abu Dhabi’s sovereign wealth fund Mubadala, is working with ChatGPT creator OpenAI to improve cancer screening and treatment using artificial intelligence models. Color Health, which uses data science and machine learning for genetic testing and counselling in hereditary cancer and heart conditions, has developed an AI assistant, or “copilot”, […]