#AbuDhabi's tech hub sees surge of interest from start-ups | Reuters

Abu Dhabi's tech hub sees surge of interest from start-ups | Reuters

Abu Dhabi’s new technology hub says it has seen a surge in interest from start-up firms in the United Arab Emirates and abroad despite the economic impact of the coronavirus pandemic last year, amid increased optimism from the sector.

Hub71, backed by Abu Dhabi state fund Mubadala Investment Co, the SoftBank Vision Fund, and Microsoft (MSFT.O), has accepted 100 start-up firms since its inception in 2019 after a selection process that drew about 3,500 applications, said Hub71 chief operating officer Jida Itani.

"Despite COVID and everything else, start ups continue to apply. In fact we have seen a surge in particular sectors that have been accelerated by the pandemic like health tech, education tech and fintech," Itani said.

Start-ups have become encouraged to base themselves in the UAE following a handful of successes by local technology companies, as investors search for potential tech unicorns - privately held start-ups with a valuation of more than $1 billion -- in the Middle East, she said.