Homehttps://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/Businesshttps://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/Softbank, Microsoft helps Abu Dhabi launch a technology center
Softbank, Microsoft helps Abu Dhabi launch a technology center
Mubadala Ventures, the technical hand of one of Abu Dhabi's sovereign funds, launched a $ 142 million technology hub called Hub71 on Sunday, along with a $ 145 million fund dedicated to investing in these startups. This is the first place where there are all the key ingredients that these start-up companies must gather to support them in order to succeed, "said Elam Alcalim, executive director at Abu Dhabi's investment office. Alcalim said companies will enjoy financial incentives and key government and regulatory support.
Softbank and Microsoft have not made any financial commitments to Hub71, but will have local staff to support the center and its startup companies. building a transformation business, "Microsoft Gulf said in a tweet on Sunday, the technology giant will offer its services at preferential prices to start-ups in Hub71, said Alqasim
Softbank's Chief Executive Massayoshi Son recorded video
"This is an innovative project that will see technology companies, start-ups, academics and investors who work together to create something really exciting for the technology sector in the region and beyond," said Son in a statement
С has close ties with Abu Dhabi, who has invested $ 15 billion in the $ 100 billion Softbank Vision Fund
Hub71 will start accepting applications in April and expects to have at least 100 startup companies over the next few years (19659007) Chrysler's iconic building will be sold at a huge loss ” data-src-mini=”//cdn.cnn.com/cnnnext/dam/assets/190308154529-02-chrysler-building-file-small-169.jpg” data-src-xsmall=”//cdn.cnn.com/cnnnext/dam/assets/190308154529-02-chrysler-building-file-medium-plus-169.jpg” data-src-small=”http://cdn.cnn.com/cnnnext/dam/assets/190308154529-02-chrysler-building-file-large-169.jpg” data-src-medium=”//cdn.cnn.com/cnnnext/dam/assets/190308154529-02-chrysler-building-file-exlarge-169.jpg” data-src-large=”//cdn.cnn.com/cnnnext/dam/assets/190308154529-02-chrysler-building-file-super-169.jpg” data-src-full16x9=”//cdn.cnn.com/cnnnext/dam/assets/190308154529-02-chrysler-building-file-full-169.jpg” data-src-mini1x1=”//cdn.cnn.com/cnnnext/dam/assets/190308154529-02-chrysler-building-file-small-11.jpg” data-demand-load=”not-loaded” data-eq-pts=”mini: 0, xsmall: 221, small: 308, medium: 461, large: 781″ src=”data:image/gif;base64,R0lGODlhEAAJAJEAAAAAAP///////wAAACH5BAEAAAIALAAAAAAQAAkAAAIKlI+py+0Po5yUFQA7″/>
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] Abu Dhabi still has not a remarkable start from the city hell. High startup costs such as licensing, employee visas, and mandatory rental of office space often deter entrepreneurs. In addition, there is no pre-financing in the region to attract large investors.
To deal with some of the challenges, Abu Dhabi is now offering a two-year start-up license for $ 700. This includes visas for up to 4 employees and no office space requirements. Hub71 will offer free housing, office space and health care for seed technology companies and a 50% subsidy package for more established businesses.
… we want to make sure there are no barriers in the early years, "Alqasim told CNN Business