Technology startups at Hub71 secured record funding of AED 8.02 billion last year, marking an annual growth of 44.7% compared to AED 5.4 billion in 2023. Additionally, startup revenues increased to AED 4.5 billion, up from AED 3.5 billion the previous year.
Ahmed Ali Alwan, CEO of Hub71, highlighted that the initiative began as an ambitious idea to support entrepreneurs from Abu Dhabi, transforming into an ecosystem connecting founders, investors, and partners to create a sustainable impact. He noted that the platform received over 3,100 applications from entrepreneurs across more than 20 countries, selecting 46 startups, with 70% originating from international markets.
Mohamed Al Khoury, Head of Marketing and Corporate Communications at Hub71, confirmed that the platform has created over 800 jobs in the past six years. He explained that startups are carefully selected according to specific criteria, with the platform welcoming two cohorts of companies annually.
Al Khoury added that each company receives incentives totaling AED 750,000 during their first year, comprising a cash incentive of AED 250,000, another AED 250,000 in non-cash incentives, and an additional AED 250,000 after one year. He emphasized that companies join Hub71 not solely for financial incentives, but also to benefit from the comprehensive ecosystem.