The tech hub will offer AED 1 billion ($367 million) of investment into funds and start-ups in its first five-year cycle, in a bid to boost and diversify the economy away from its dependence on oil.
Thursday 21, March 2019 BY MUZORIWA KUDAKWASHE
Mubadala is collaborating with SoftBank to attract some of the world’s most valuable start-ups to a new technology hub in Abu Dhabi, reported, Financial Times.
The sovereign wealth fund is in talks with companies to set up offices in the Abu Dhabi and these includes Improbable, Oyo as well as Plenty, SenseTime and WeWork, all of which have raised money from SoftBank’s Vision Fund.
Additionally, Mubadala Ventures is set to unveil plans for the new hub next week, including a partnership with Microsoft.
Mubadala has committed $15 billion to SoftBank’s Vision Fund, making it the second-biggest backer after Saudi Arabia’s Public Investment Fund, while SoftBank has said it will provide half the cash for a new $400 million Mubadala European start-up fund.
Additionally, the new tech hub is called, Hub 71, and it will be located over four floors of a building in the capital’s financial district, and will have offices for both SoftBank and Amazon.
Similarly, Microsoft will provide its technology and cloud services to start-ups operating in the hub.
Mubadala will also offer financial incentives to start-ups, including discounted licencing, office space, residential housing and health insurance.