Spacewatch Global reports on efforts to attract NewSpace and other technology companies to Abu Dhabi:
Abu Dhabi’s sovereign wealth fund Mubadala is set to create a start-up ecosystem in Abu Dhabi that will attract New Space and other emerging technology companies to the Gulf Arab state. The ecosystem will be called Hub71 and will include Softbank’s Vision Fund and Microsoft as partners, according to Khaldoon Khalifa Al Mubarak – Mubadala’s Chief Executive Officer – in an interview with Nikkei Asian Review.
Hub71 is being funded by Mubadala to the tune of one billion Dirhams (U.S.$272 million) that will be used for subsidizing or to co-invest in promising startups involved in New Space, artificial intelligence, biotechnology, and microelectronics. Hub71 will be based in the financial district of Abu Dhabi, the capital city of the United Arab Emirates, and is part of the UAE’s overall strategy of diversifying its economy away from its dependency on hydrocarbons.
Mubadala manages assets worth over U.S.$250 billion in the United States, Europe, and more recently, in the Asia-Pacific region. Mubadala’s investments in Asia – totaling U.S.$15 billion to date – have been primarily made via Softbank’s Vision Fund.