Latest news with #Hub71
Time of India
5 days ago
- Business
- Time of India
5,600 startups and counting: UAE leads GCC's startup revolution
With over 5,600 startups launched in UAE alone in 2024, the GCC is accelerating its high-tech ambitions through fintech hubs, innovation sandboxes, and investor-backed ecosystems/Representative Image TL;DR: The UAE registered 5,600+ startups in Q2 2024, the most among GCC nations; boosted by supportive legislation and diverse innovation hubs. Over 550 fintech companies operate in the UAE, supported by ecosystems like Hub71 , which raised $224 million in early-stage investments and facilitated over 423 jobs. Oman launched a regulated fintech sandbox, accepting digital payments, DLT, and alternative finance ideas, backed by Central Bank initiatives. The GCC is entering a high-tech era fueled by ecosystem building, open regulations, and investor interest. A quiet revolution is reshaping the Gulf's economic landscape, driven not by oil but by a surge in startups, fintech innovation, and digital infrastructure. From the UAE adding over 5,600 new startups in just one quarter of 2024 to Oman launching its first fintech sandbox, the region is fast positioning itself as a future-ready tech hub. As governments ease regulations and investors funnel billions into digital ventures, the GCC's pivot to a knowledge economy is no longer aspirational, it's unfolding in real time, reshaping industries from finance to healthcare. UAE: The Gulf's Innovation Powerhouse As of Q2 2024, 5,600+ startups registered, led by Abu Dhabi, Dubai, and Sharjah. A report by Startup Genome confirms the UAE's emirates as the fastest-growing startup ecosystems in the Middle East and North Africa (MENA) region. Statista shows the UAE hosts 550+ fintech firms, nearly 10% of all new startups. As per Hub71(Abu Dhabi), it registered $4.2 billion ecosystem value (2021–23), attracting over $224 million in early-stage funding, and 423+ local jobs. Dubai saw its ecosystem valued at $23 billion by end‑2023; In5 incubated 1,000 startups and raised AED 7.8 billion ($2.1 billion) to date. Fintech Central: Scale, Support, and Scaleups Fintech startups lead the charge: As per Forbes Middle East, in 2024, UAE-based payment solutions provider Ziina secured $22 million in Series A funding. This funding round was led by Altos Ventures, with participation from other prominent investors like Fintech Collective, Avenir Growth, and Y Combinator Astra Tech (Abu Dhabi) spans payments, VoIP, AI, and microfinance In December 2024, Astra Tech's subsidiary, Quantix Technology Projects, secured a $500 million asset-backed securitization financing from Citi. This funding is specifically for their CashNow consumer lending platform and is considered one of the largest fintech deals in the UAE. Quantix was also the first fintech company in the UAE to receive a Finance Company License from the Central Bank of the UAE since 2008. These successes underline ecosystem maturity and investor confidence. Oman: Regulated Innovation & Sandboxing Experiments Oman's Central Bank and FSA launched a fintech regulatory sandbox, accepting proposals in digital payments, blockchain/DLT, open banking, and alternative finance. Initial participants include OmanPay and AmwalPay, signaling a strategic push towards inclusive financial innovation. These sandbox frameworks allow live testing with consumer safeguards mirroring global best practices. GCC Expansion: Qatar, Bahrain & Saudi Catching Up Although UAE leads, Bahrain, Qatar, and Saudi Arabia are building fintech frameworks, sandboxes, and investment zones. GCC-wide tech zones (e.g., DIFC, Bahrain FinTech Bay, Qatar's FinTech Hub) reflect collective momentum. GCC initiatives foster collaboration through funding, regulatory ease, and cross-border mobility. Regulatory Environment & Open Innovation The UAE boasts free-zone legal frameworks, investor-friendly laws, and international treaties supporting full foreign ownership and simple setup . Hub71, backed by Ghadan 21 and Mubadala, provides mentorship, capital access, and global partnerships. Oman's sandbox requires business viability, AML/CFT compliance, and risk measures, ensuring responsible fintech growth . Challenges & Future Opportunities Scaling : Though registration volume is high, transitioning startups to mature stages remains a challenge; funding concentration is often in the top 10 ventures . Talent gaps : Tech growth demands greater local skill development—particularly in AI, IoT, Blockchain, and cybersecurity. Ecosystem integration : Collaboration between national systems and across GCC borders offers both a challenge and unique advantage. The GCC is rapidly evolving into a high-tech powerhouse. The UAE leads with scale, investment, and regulatory support, while Oman pioneers safe experimentation through sandboxes. Other Gulf states are steadily building complementary infrastructures. For entrepreneurs and investors, the region offers a fertile landscape but success hinges on translating startup registration numbers into sustainable growth, mature businesses, and an integrated GCC marketplace.
Zawya
6 days ago
- Business
- Zawya
‘Ovasave' raises $1.2mln pre-seed round to advance women's healthcare
ABU DHABI - Ovasave, a Hub71 FemTech startup focused on fertility and hormonal health, has successfully completed its pre-seed round, raising $1.2 million from a mix of regional and international investors. The round was led by PlusVC, Annex Investments, and New York-based 25 Madison, with additional backing from the UAE and Saudi-based strategic angel investors and prominent family offices. The $1.2 million capital raised will be used to support regional expansion across the GCC, scale corporate partnerships, and launch the next phase of Ovasave's mobile app, which will include menstrual cycle tracking, symptom monitoring, access to care, and AI-driven treatment protocols. The raise comes as the UAE accelerates national reforms in healthcare and women's rights, offering a timely window for FemTech innovation. Ovasave is registered with the Department of Health – Abu Dhabi and supported by Abu Dhabi's global tech ecosystem, Hub71, further aligning it with the nation's broader digital and preventive health strategies. Majd Abu Zant, Co-founder of Ovasave, said, 'Abu Dhabi's focus on innovation, healthcare, and entrepreneurship has created a competitive environment for founders and investors alike. As an Abu Dhabi-based startup supported by Hub71, Ovasave has benefited from a strong regulatory framework, access to capital, and proximity to regional decision-makers. It's the right environment to build and scale high-impact ventures, and from here, we are expanding into Saudi Arabia and the wider MENA region.' Torkia Mahloul, Co-founder and CEO of Ovasave, said, "There is a critical need for timely intervention in women's health, particularly around fertility and hormonal health. This funding marks a crucial step in our mission to disrupt women's health and expand access to fertility and hormonal care across the region.' Built with a clear purpose, Ovasave is shifting women's care from reactive to proactive. Its solutions are designed to reduce costs, improve outcomes, and make it easier for women to access support in an area that has long been considered taboo and under-discussed. Ovasave's fundraising comes amid growing investor interest in women's health and fertility innovation across the MENA region. With a $1.2 million pre-seed round now closed, Ovasave is expanding operations to Saudi Arabia this summer, with broader regional growth across MENA being part of their three-year expansion strategy. A recent report by FemTech Analytics (FTA) revealed that the FemTech market in the MENA region is projected to reach $3.8 billion by 2031, growing at a CAGR of 15 percent during the forecast period from 2021 to 2031.
Al Etihad
08-07-2025
- Business
- Al Etihad
AI-driven startup in Abu Dhabi helps businesses cut costs, carbon emissions
9 July 2025 01:05 MAYS IBRAHIM (ABU DHABI)CarbonSifr is proving that climate action doesn't have to come at the cost of AI-powered climate-tech startup, backed by Abu Dhabi's Hub71, has been helping businesses measure, reduce, and remove their carbon emissions – while unlocking cost savings and new revenue company's CEO and Co-Founder, Onur Elgun, recognised a growing appetite for sustainability in the GCC region, not just among companies, but their customers, was built to meet that demand, offering a simple solution to what is typically a data-heavy, time-consuming collection and emissions baselining – tasks that once required teams of consultants and months of work – can now be completed in hours, with a drag-and-drop only need to upload their data: procurement records, utility bills, and travel platform's AI engine analyses millions of data points, maps them to localised emissions factors, and identifies carbon hotspots, low-emission alternatives, and cost-saving opportunities.'We're talking about 40 million SKUs [stock keeping units] worth of procurement data for some clients,' Elgun said in an interview with Aletihad. 'No human team can clean, enrich and map that. This is where AI takes over.' Beyond Emissions ReportsUnlike platforms that focus on emissions reporting, which Elgun likens to 'taking a photo of a house on fire', CarbonSifr is built to drive business outcomes. Clients aren't just told what their carbon footprint is. They're shown how to reduce it and turn it into competitive advantage.'Reporting alone doesn't reduce emissions or increase revenues,' Elgun said. 'We go a step further by converting emissions data into business intelligence, whether that's cost reductions or new customer engagement opportunities.'The platform helped the ride-hailing giant Careem introduce an 'eco-friendly ride' option, calculate the emissions per trip, and offset them through local mangrove under a year, Careem completed half a million of these low-emission rides, engaging over 100,000 customers and unlocking a valuable new market segment.'These eco-products tap into a younger, climate-conscious demographic,' Elgun said. 'They boost customer acquisition, increase retention, and add a revenue stream.' Region-Specific by DesignCarbonSifr places great emphasis on data sovereignty and security, according to Elgun. Built on Meta's open-source LLaMA models and trained in-house, its AI can be deployed on private clouds or even on a client's premises.'This means their data never leaves their ecosystem. Businesses have full visibility and full data sovereignty over what they share with us,' Elgun key strength of CarbonSifr is its deep regional insight. While global platforms often miss regional nuances, CarbonSifr has developed a localised emissions factor database tailored specifically to the district cooling systems to variations in local utility fuel mixes, the platform incorporates real-world data from providers such as DEWA and ADDC to deliver highly contextualised analysis. Hub71: The LaunchpadElgun credits CarbonSifr's rapid growth to Abu Dhabi's tech ecosystem and startup accelerator Hub71, which provided crucial early momentum through mentorship, training, funding, and client introductions. When CarbonSifr joined, it didn't have a finished product yet. What it did have was a clear vision – and Hub71 bet on it.'They gave us access to training, funding support, and most importantly, introductions,' Elgun said. 'Doors that would normally take months to open were opened immediately.'The platform also gave the team visibility at regional events, while connecting them to a community of founders who shared their challenges and helped them solve its launch less than three years ago, CarbonSifr now supports more than 100 brands. To date, it has measured over Dh7 billion worth of purchases and removed over 1,500 tonnes of CO₂ through local nature-based solutions.'Right now, the smartest businesses are realising that climate action is good business,' Elgun argues that treating climate action purely as a CSR initiative limits its impact. However, when it's integrated with core business goals, like driving revenue, reducing costs, or engaging customers, it becomes far more effective and the playbook CarbonSifr is betting on as it expands into the GCC region from the UAE capital. Elgun added that the company plans on deepening its sectoral know-how across sectors that dominate the region's economy, including construction, oil and gas, mobility, tourism, and hospitality. Source: Aletihad - Abu Dhabi
Time Business News
25-06-2025
- Business
- Time Business News
Business Setup in Abu-Dhabi - Basic to Advanced Guide
Abu Dhabi, the capital of the United Arab Emirates (UAE), offers a dynamic environment for entrepreneurs, investors, and multinational companies to set up their business. With its strong infrastructure, stable economy, and investor-friendly policies, Abu Dhabi is an ideal destination for business setup in the Middle East. provides everything you need to know about business setup in Abu Dhabi, including types of business structures, legal requirements, cost breakdown, and steps involved. Why Choose Abu Dhabi for Business Setup? 100% Foreign Ownership – Available in most sectors under the new UAE Commercial Companies Law. Tax Advantages – No personal income tax, and corporate tax exemptions for certain sectors and free zones. Strategic Location – Access to the GCC, Africa, Europe, and Asia markets. Political & Economic Stability – Safe, secure, and well-regulated business environment. Government Support – Initiatives like TAMM, ADDED, and Hub71 foster innovation and streamline registration processes. Business Structures Available in Abu Dhabi You can choose from several legal forms depending on your business activity and ownership preferences: 1. Mainland Company Can operate across the UAE and globally. 100% foreign ownership allowed (in most sectors). Registered with Abu Dhabi Department of Economic Development (ADDED). 2. Free Zone Company Ideal for export/import businesses and tech startups. 100% ownership with customs benefits. Operate within a specific free zone. Popular Free Zones: Abu Dhabi Global Market (ADGM) Khalifa Industrial Zone (KIZAD) Masdar City Free Zone Twofour54 (media sector) 3. Offshore Company No physical presence required in UAE. Primarily for holding companies, international trading, and asset protection. Step-by-Step Guide to Setting up a Business in Abu Dhabi Step 1: Choose the Business Activity Select from over 2,000 permitted activities listed by ADDED. This determines the license type: Commercial, Industrial, or Professional. Step 2: Select Legal Structure Sole Proprietorship Limited Liability Company (LLC) Civil Company Branch Office Free Zone Company Step 3: Register Trade Name Choose a unique business name via the TAMM portal . . Comply with UAE naming guidelines. Step 4: Apply for Initial Approval From ADDED (mainland) or relevant Free Zone Authority. Step 5: Prepare Legal Documents Memorandum of Association (MoA) Lease agreement (Ejari or Tawtheeq) Shareholder agreements (if needed) Step 6: Get Office Space Required for all licenses. Choose flexi-desk, co-working, or physical office. Step 7: Obtain Business License Pay the fees and receive the trade license. Valid for 1 year, renewable. Step 8: Visa & Bank Account Apply for investor and employee visas. Open a UAE corporate bank account. Cost of Business Setup in Abu Dhabi Costs vary depending on the business type, location (mainland vs. free zone), and office requirements: Item Approximate Cost (AED) Trade Name Registration 750 – 1,000 Initial Approval 1,000 – 2,000 License Fee 10,000 – 25,000 Office Rent 5,000 – 20,000+ Visa (Investor/Partner) 3,500 – 6,000 Total Estimated Setup Cost 20,000 – 50,000+ Note: Free zones may offer packages starting from AED 12,000 Starting a Business in Free Zone Fujairah Abu Dhabi is a strategic decision that offers long-term benefits. With full foreign ownership rights, tax-friendly laws, and world-class infrastructure, the emirate is one of the most attractive investment hubs in the region TIME BUSINESS NEWS
Mid East Info
24-06-2025
- Business
- Mid East Info
Stryde Acquires Qora71 to Launch Stryde71, Creating a New Force in Venture Capital - Middle East Business News and Information
Acquisition of Qora71, launched with the support of Hub71's Angel Investor Program, marks Stryde's entry into global tech investing Abu Dhabi, UAE – June, 2025 – Stryde, a DFSA-regulated digital investment platform, has announced the acquisition of Qora71, the region's fastest growing angel investment network. As part of the deal, Qora71 will be rebranded as Stryde71, establishing a new vertical within the Stryde ecosystem focused on venture capital and technology deals syndication. The acquisition marks Stryde's entry into global venture capital and strengthens its position as a multi-vertical private markets investment platform enabling individuals and institutions to seamlessly access global deals. Alongside Stryde Sports, Stryde71 expands venture capital access to both qualified and retail investors. Additional verticals are in development, as Stryde advances its mission to unlock high quality alternative investments. Qora71 was launched with support of Hub71's Angel Investor Support Package with the aim of unlocking greater access to early-stage capital for founders across the Middle East. In just five months, the network built a community of more than 130 angel investors and facilitated more than 50 investments, deploying over $2 million in capital, with over $1m additional in the pipeline. Founded by Youssef Salem, Qora71 quickly became a platform for community-led investing, enabling strategic capital formation through a digitally enabled syndicate model. 'Bringing Qora71 into the Stryde family is a major milestone,' said Hadi Halabi, Co-founder, Stryde. 'Yousef's leadership and what Qora71 built at Hub71 in record time is nothing short of inspirational. Together, we're unlocking the next generation of startup investing in the region and globally.' Youssef Salem who now joins Stryde as Partner said: 'Qora71 was born out of a desire to give exceptional founders access to meaningful capital, connectivity, and market access, all powered by a community of strategic angels. In five short months, we proved that vision. Now with Stryde, we can scale that impact exponentially.' Stryde71 combines Qora71's community-driven syndicate model with Stryde's DFSA-regulated platform offering a seamless, end-to-end investment experience. Marking Stryde's entry into Abu Dhabi via ADGM, the new arm enables retail and qualified investors to co-invest in exclusive startup deals, while giving founders a one-stop platform to raise capital across early and growth stages. Basma Ahmed AlBadi AlDhaheri, Head of Value Creation at Hub71 said: 'Through Qora71, we supported early-stage investors and catalyzed meaningful outcomes, facilitating capital deployment into high-potential startups and accelerating their growth. The launch of Stryde71 is a natural next step. It reflects not only the success of the initiative, but also the collective progress of our community and our broader mission to strengthen Abu Dhabi's capital landscape.' The acquisition reflects the growing momentum behind early-stage funding in Abu Dhabi and the increasing availability of infrastructure supporting founders across the venture landscape. As the UAE strengthens its position as a global hub for innovation, Stryde71 represents a new model of regulated, community-driven investing designed to accelerate startup growth and attract global capital. About Stryde: Stryde is a DFSA-regulated digital multi-vertical private markets investment platform enabling individuals and institutions to seamlessly access global deals, offering a seamless, end-to-end investment experience. About Hub71: Hub71 is Abu Dhabi's global tech ecosystem that enables founders to build globally enduring homegrown tech companies in any sector by providing access to global markets, a capital ecosystem, a global network of partners, and a vibrant community filled with highly skilled talent governed by forward-thinking regulation. Backed by the Government of Abu Dhabi and Mubadala Investment Company, Hub71 is growing its vibrant community of tech startups, investors, government, and corporate partners to ensure the availability of investment, commercial activities, and incentives from the public and private sectors. Through Hub71's entrepreneurial infrastructure, value-add programs, enabling services and support packages, founders can build, and scale widely adopted technologies with purpose and impact. Hub71 is on a mission to introduce new minds and technologies to Abu Dhabi, finding new ways to build globally enduring technology companies and sustain the nation's continuous economic development.
