Hub71, Abu Dhabi’s tech ecosystem, has launched a new initiative called Hub71+ Digital Assets. Its focus will be on the decentralised online space of Web3, which builds on innovations such as blockchain technology and the metaverse.
The initiative has over £2 billion of capital committed to funding Web3 startups and blockchain technologies in Abu Dhabi. Hub71+ Digital Assets intends to offer Web3 startups access to an extensive range of programmes and investment partners in the UAE and other global markets.
Based at Hub71 in Abu Dhabi Global Market, the initiative will provide Web3 startups with a progressive regulatory environment and a blockchain and virtual asset infrastructure. FABRIC, the research and innovation centre of First Abu Dhabi Bank (FAB), is the anchor partner of Hub71+ Digital Assets.
Accelerated growth of Web3
Deputy chief executive officer of Hub71, Ahmad Ali Alwan said, “Hub71+ Digital Assets signifies that Abu Dhabi is open to disruptive businesses driving forward change and transformation on a global level. Decentralisation is the future of a blockchain-based internet, and Web3 startups will play an immense role in accelerating this transition. Teaming up with ADGM, FAB and its research and innovation centre, FABRIC, alongside the world’s leading Web3 companies and enablers under one roof will provide founders with an opportunity to fundraise, develop and commercialise innovations safely while operating within the largest regulated jurisdiction of virtual assets in the MENA region.”
Web3 startups that have reached the unicorn stage — companies valued at more than $1 billion — will also benefit from Hub71’s value creation program, which will support business relocation to Abu Dhabi and growth in the Middle East. The new initiative intends to support the UAE Digital Economy Strategy, which aims to double the contribution of the digital economy to non-oil GDP to more than 20% within ten years.
Group chief operating officer at First Abu Dhabi Bank, Suhail Bin Tarraf also commented saying, “FAB is trusted as a financial partner to our customers in the real world, and those same customers are now increasingly active in the Web3 space as well. Staying ahead of the curve when it comes to innovations such as blockchain, NFTs and the metaverse, is yet another way we fulfil our Customer First promise as we leverage new opportunities at the intersection of digital identity, ownership, and value.”
Web3 startups can apply now to be part of the initiative and benefit from this wide range of incentives toward the future growth of Web3. We also recently saw Saudi Arabia spend a massive $450 million to claim a stake in AR startup Magic Leap.
Paige Cook is a writer with a multi-media background. She has experience covering video games and technology and also has freelance experience in video editing, graphic design, and photography. Paige is a massive fan of the movie industry and loves a good TV show, if she is not watching something interesting then she's probably playing video games or buried in a good book. Her latest addiction is virtual photography and currently spends far too much time taking pretty pictures in games rather than actually finishing them.
