Abu Dhabi, the state capital of the United Arab Emirates is set to invest $250 million in tech startup across the Middle East and North Africa region MENA. The Tech fund which was announced by Abu Dhabi’s state investment arm, Mudala and is under the Hub71 initiative.
Hub71 is a community of founders, investors and business enablers that form a unique technology ecosystem strategically located in Abu Dhabi.
The hub provides startups in the MENA region with access to capital, business environment, and entrance to the global market. Apart from the UAE government, the hub is also supported by SoftBank and Microsoft.
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The Head of Venture at Mudala Capital, Ibrahim Ajami stated that the fund will create a new chapter for companies in the region as well as support the course of technological inventions. It will also accelerate the growth of great global technology in the region.
The MENA tech funds will build on Mudala’s ten years of experience in investing in tech companies globally. A fellow investor in the Hub71 initiative, Soft Bank has also committed $1.5 billion Softbank Vision Fund I to support tech startups like Uber WeWork and Slack.
Before the tech fund, Mudala has invested $770 million in US chipmaker Advanced Micro Devices stakes in 2017, though the company was sold a few months after the investment.
The introduction of the fund will, therefore, increase its interest in the tech space while providing funds to startups in Africa.
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