Hub 71 launches Mena competition to help start-ups grow globally

ABU DHABI / WAM

Hub71 announced that Aldar Properties, the Department of Health (DoH), and the Abu Dhabi Global Market (ADGM) have come together as partners for its Mena Growth Competition, powered by the MIT Enterprise Forum Pan Arab.
Hub71 is an initiative of the Ghadan 21 programme and global tech ecosystem in association with the Mubadala Investment Company, Microsoft, SoftBank Vision Fund and the ADGM.
The competition will provide 10 finalists with the opportunity to pitch their winning ideas to corporates and venture capitalists (VCs) over a five-day workshop in Abu Dhabi. Judges will then select three winning start-ups, which will be offered the opportunity to join Hub71’s community in Abu Dhabi.
Mahmoud Adi, CEO of Hub 71, said, “Through our collaboration with MIT Enterprise Forum Pan Arab, Hub71’s Mena Growth Competition 2019 will support pioneering startups from the region — helping them make a mark for themselves globally.”
It was also announced that the first round of funding from recently announced Ghadan Ventures Fund by Abu Dhabi Investment Office has committed to invest up to AED50 million in Abu Dhabi start-ups and new fund managers.
Elham Al Qasim, Acting CEO of Abu Dhabi Investment Office and Executive Dire-ctor, Ghadan 21 Sector, Abu Dhabi Executive Office, said, “We have had a great response to the Ghadan
Ventures Fund, both from start-ups seeking fund ma-tching and new fund managers looking to establish in Abu Dhabi. The fund plays an integral role in growing the start-ups at Hub71 and the ecosystem in general.”