Hub71 Drives Record Growth in 2024, Boosting Tech Investment UAE
Hub71, Abu Dhabi's global tech ecosystem, has published its 2024 Impact Report, highlighting a year of major growth and international momentum. The ecosystem continues to strengthen Abu Dhabi's position as a center for innovation, entrepreneurship, and tech investment UAE.
In 2024, Hub71 startups raised $2.17 billion (AED 8.02 billion), up 44.7% from 2023. This increase reflects strong investor confidence in Abu Dhabi's innovation economy. Startup revenue also rose to $1.2 billion (AED 4.5 billion), showing steady commercial success.
Applications to join Hub71 surpassed 3,100, with founders from over 20 countries. Notably, more than 70% of startups selected were international, with strong representation from the US, UK, and Germany. Hub71's global reach continues to grow.
According to the 2024 Global Startup Ecosystem Report, Abu Dhabi is the fastest-growing emerging startup ecosystem in MENA. Its value rose 28% to $4.2 billion. Hub71's sector-specific focus, through programs like Hub71+ Digital Assets, ClimateTech, and AI, played a key role.
Partnerships with tech leaders such as Google, NVIDIA, and AWS are also accelerating growth. Startups in the Digital Assets program alone raised over $100 million, strengthening Abu Dhabi's technology leadership.
Capital access remains a priority. In 2024, Hub71's partners deployed $65 million (AED 238 million) into the ecosystem. New investors such as Princeville Capital and Golden Gate Ventures joined. In addition, Tech Barza, Hub71's capital club, closed its first deal and grew membership by 10%.
To further support early-stage startups, Hub71 launched an Angel Investor Support Package. This initiative helped activate five new angel networks, boosting startup scalability in Abu Dhabi.
Meanwhile, strategic partnerships helped startups gain market access. In 2024, Hub71 startups signed 91 corporate deals worth $28 million (AED 103 million) with government and private sector players. Programs like the Regulatory Sandbox allowed startups to pilot solutions in smart mobility, digital health, and food innovation.
Despite a changing funding environment, Hub71 startups attracted major investments. FinTech startup FlapKap raised $34 million (AED 124.7 million). ClimateTech innovator 44.01 secured $37 million (AED 135.7 million) to expand its carbon capture technology. HealthTech startup BioSapien closed $5.5 million (AED 20 million) to advance its cancer treatment implant.
Today, Hub71 is home to a growing community of founders focused on solving global challenges. With strong access to capital, strategic partners, and specialist programs, Hub71 is helping Abu Dhabi's innovation economy thrive.
Hub71's 2024 Impact Report confirms its role as a major driver of tech investment UAE and highlights its contribution to shaping the future of global technology.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
4 hours ago
- Gulf Today
BNW Developments and Masah Group sign AED 1 billion deal to launch flagship ‘Aqua Arc' in Ras Al Khaimah
In a strategic move poised to elevate the luxury real estate landscape of Ras Al Khaimah, BNW Developments has signed a landmark construction partnership valued at AED 1 billion with Masah Group. The agreement appoints MAN Construction, a subsidiary of Masah, as the principal contractor for Aqua Arc, BNW's ultra-luxury waterfront development on Al Marjan Island. This milestone unites two industry leaders—BNW, one of the region's fastest-growing private developers with a project pipeline exceeding AED 22 billion, and Masah, a GCC-recognized Tier 1 contracting firm renowned for its turnkey capabilities and engineering expertise. The signing ceremony welcomed key stakeholders from both companies. Representing Masah Group were Mr. Mohammed Abdul Nayeem (Chairman, Masah Holdings & MAN Construction), Mr. Mohammed Alhabib (Vice Chairman), Mr. Althaf Kazi (CEO & Managing Partner, MAN Specialized Contracting), Mr. Mirza Naseem Beg (CEO, Alpha Metals), and Mr. Mohammed Misbah (Advisor to the Chairman). From BNW Developments, Mr. Ankur Aggarwal (Chairman & Founder) and Mr. Vivek Anand Oberoi (Managing Director & Co-Founder) were present to mark the alliance. 'Partnering with BNW for Aqua Arc is a proud milestone for Masah,' said Mr. Nayeem. 'This reflects a shared vision to build iconic communities that represent both regional identity and global excellence.' Aqua Arc: Precision Meets Elegance Poised to become a landmark on Al Marjan Island, Aqua Arc combines contemporary architecture with panoramic sea views and sustainable design. With a focus on detail, execution, and elegance, the project aims to redefine coastal luxury living. 'At BNW, design ambition must be matched by delivery,' said Ankur Aggarwal. 'Masah's engineering depth and commitment to timelines make them an ideal partner.' 'Masah are not just builders—they're masters of scale and structure,' added Vivek Anand Oberoi. 'Their ethos perfectly aligns with ours: excellence, transparency, and long-term value creation.' Expanding Beyond Borders This collaboration marks a pivotal moment in BNW's regional growth, with plans to expand into Saudi Arabia in 2026. With a shared commitment to innovation and sustainability, BNW and Masah are set to deliver projects that reflect ambition, quality, and regional pride.
Khaleej Times
9 hours ago
- Khaleej Times
Dubai is becoming Crypto's new playground as Singapore tightens regulations
Dubai is fast emerging as a magnet for global cryptocurrency players as regulatory tightening in Singapore prompts a new wave of digital asset firms to relocate to more business-friendly jurisdictions. A growing number of exchanges, including Bitget and Bybit, are actively exploring Dubai and Hong Kong as alternative hubs after Singapore introduced sweeping new restrictions on overseas crypto activity. The Monetary Authority of Singapore (MAS) announced last month that all crypto service providers incorporated in the city-state and serving international clients must obtain a Digital-Token Service Provider licence by June 30, 2025. Those who fail to comply could face fines of up to SGD 250,000 (Dh734,500) and three years in prison. With no grace period or exemptions for smaller players, the directive has triggered what industry insiders are calling a "crypto exodus." 'This is effectively a moratorium on fresh licences, hence the migration,' said Vikram R Singh, CEO of blockchain consultancy Antier, which recently expanded its operations to IFZA (International Free Zone Authority) in Dubai. 'Singapore is tightening the screws, while Dubai is opening the door wider.' The UAE's approach to digital assets offers a stark contrast. Over the past three years, the country has developed a comprehensive regulatory framework for cryptocurrencies, earning the confidence of global players seeking predictability, innovation, and favourable tax regimes. According to global compliance consultancy Sumsub, the UAE attracted crypto investments worth more than $30 billion in 2024 alone, marking a new regional high. A major draw for both individual investors and companies is the UAE's tax structure. There is no income or capital gains tax on crypto profits for individuals, while corporate entities operating from free zones can reduce the newly introduced 9 per cent federal corporate tax to virtually zero if their revenues are generated outside the country. Moreover, unlike many jurisdictions where regulatory oversight is centralised, the UAE offers multiple regulatory options. While federal authorities oversee crypto activities on the mainland, independent frameworks are administered by free-zone regulators in Dubai, the Dubai International Financial Centre (DIFC), Abu Dhabi Global Market (ADGM), and IFZA. 'This multi-regulator environment allows founders to pick the oversight that best fits their business model,' Singh said, describing the UAE as 'possibly the most pragmatic and adaptive crypto jurisdiction in the world right now.' Dubai's credentials as a crypto hub received a major boost in April when TOKEN2049, the world's largest crypto event, attracted nearly 15,000 delegates from more than 4,000 companies. The event showcased the emirate's growing influence in the blockchain and digital finance space, supported by strong public-private collaboration. Notably, local capital is also backing infrastructure to support the industry's growth. Emirates NBD's Liv digital bank and Abu Dhabi's MGX fund are jointly funding the development of a 30-storey 'Crypto Tower' in the Dubai Multi Commodities Centre (DMCC), which will house crypto startups, accelerators, and venture firms. Dubai regulators are also taking steps to prepare the financial system for the next wave of digital transformation. The Dubai Financial Services Authority (DFSA) recently issued fresh guidance on tokenised securities and real-world assets, a move seen as paving the way for greater institutional adoption. Singh said Antier is already collaborating with UAE partners to launch marketplaces for tokenised assets, aligned with the country's digital economy strategy. 'Dubai's proactive stance perfectly matches our infrastructure for real-world asset tokenisation and digital asset trading,' Singh said. 'As tokenisation reshapes global finance, we intend to provide the bridge between traditional markets and Web3.' Experts believe that Singapore's clampdown will only accelerate Dubai's ascent in the crypto ecosystem. Already home to major players like Binance, and OKX, Dubai continues to position itself as a global centre for blockchain innovation, digital finance, and tokenised markets. What sets the emirate apart is its balance of regulatory clarity and entrepreneurial freedom. While ensuring robust compliance mechanisms, Dubai encourages experimentation and growth through regulatory sandboxes and innovation-friendly policies. The Virtual Assets Regulatory Authority (VARA), launched in 2022, has been central in creating a structured yet welcoming ecosystem for digital asset firms. As more global crypto firms seek regulatory certainty and operational efficiency, Dubai's blend of infrastructure, investment climate, and strategic geographic location is proving to be an irresistible combination. With Singapore tightening its regulatory perimeter and other jurisdictions still catching up, Dubai appears poised to solidify its position as the world's next crypto capital.
Arabian Post
a day ago
- Arabian Post
UAE's Amazon Bazaar Brings Budget Shopping to Mobile Shoppers
Arabian Post Staff -Dubai Amazon has unveiled a new mobile‑only shopping section called Bazaar within its Amazon. ae app in the UAE, delivering value‑focused products across fashion, home and lifestyle categories. Launching initially in beta for select users, the platform offers items priced mostly under AED 25, with some starting at just AED 4, alongside tiered savings, fast delivery, and a 15‑day returns policy. Stefano Martinelli, Vice‑President of Amazon MENA, said Bazaar is meant to be 'fun and effortless to browse', offering the trusted reliability of Amazon combined with surprising value. A launch‑month promotion grants shoppers a 25 per cent discount across all Bazaar purchases in July. ADVERTISEMENT Accessible via the 'Bazaar' icon in the Amazon. ae app or by searching 'Bazaar', the platform also supports browsing on mobile web at amazon. ae/bazaar. Desktop users must scan a QR code in the browser to open the feature within the app. Bazaar has its own search, cart and checkout system, distinct from the main Amazon experience. The interface is vibrant and purpose‑built for quick deal discovery. The platform integrates reviews and star ratings to aid user decisions. Delivery is standard across Amazon Bazaar accounts: orders above AED 90 qualify for free shipping and typically arrive within 6–12 days. Returns are free within 15 days for most products. Beyond initial price advantage, Bazaar encourages bulk purchases with automatic discounts: 5 per cent off orders over AED 150, and 10 per cent off for orders over AED 300. Combined with the launch‑month 25 per cent promotion, savings can accumulate significantly. In the UAE's booming e‑commerce environment—forecast to exceed US$ 13.8 billion by 2029—Bazaar positions Amazon to capture more bargain‑seeking consumers, complementing existing daily‑need offerings. Dharmesh Mehta, Vice‑President at Amazon, referred to the local variant as Amazon Bazaa r or 'Amazon Haul' as in other markets, noting its alignment with prior launches in the US, UK, Germany and Saudi Arabia. Gulf Business, Khaleej Times, What's On, Times of India and Arabian Business all report that Bazaar has launched in the UAE over the past week, emphasising its mobile‑first approach and bargain pricing. Analysts say the platform could strengthen Amazon's value proposition in the region and give competitors like Noon, Carrefour, and Mumzworld a run for their money in the low‑cost segment. Bazaar's playful app interface—especially its 'crazy‑low' deals and under‑AED 25 'super savers' sections—appeals to price‑sensitive shoppers.
