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Abu Dhabi lures technology start-ups to its dedicated hub
- Monday | 25th March, 2019
ABU DHABI (Reuters) – Abu Dhabi will commit up to 1 billion dirhams ($272 million) to support technology start-ups, it said on Sunday, in a dedicated hub as part of efforts to diversify its economy. The emirate launched a 50 billion dirham ($13.6 billion) stimulus fund, Ghadan 21, in September last year to accelerate economic growth. Mubadala which has committed $15 billion to the Softbank Vision Fund, plans to launch a $400 million fund to invest in leading European technology companies. Abu Dhabi will also announce a new research and development initiative on Monday linked to the Ghadan 21 plan, according to an invitation sent to journalists. Abu Dhabi derives about 50 percent of its real gross domestic product and about 90 percent of central government revenue from the hydrocarbon sector, according to ratings agency S&P.
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