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Abu Dhabi launches $2B initiative to support startups



Hub71, the innovation hub of Abu Dhabi, has launched a $2 billion program to support blockchain and Web3 firms in the region. The Hub71+ Digital Assets ecosystem initiative, part of the city’s digital ecosystem in the United Arab Emirates, would reportedly make it easier for startups to access a number of initiatives and possible partners.

These collaborators most likely fall within the business, governmental, and investment sectors. The program will also assist companies moving to Abu Dhabi and encourage startup development in the Middle East and other international markets.

The press release stated that “the initiative will be based at Hub71 in Abu Dhabi Global Market (ADGM), providing Web3 startups with a progressive regulatory environment and world-class blockchain and virtual asset infrastructure.”  

The press release goes on to state that FABRIC, the research and innovation hub of First Abu Dhabi Bank (FAB), is the anchor partner of Hub71+ Digital assets. It also revealed that digital asset exchanges and service providers are taking part in the project to make it easier to find, trade, and manage digital assets.

The CEO of ADGM, Dhaher bin Dhaher Al Mheiri, commented on the Abu Dhabi Web3-friendly program. According to Al Mheiri, the launch of Hub71+ Digital Assets would solidify the relationship between ADGM and Hub71. Additionally, he pointed out that the introduction of new technologies and ecosystems, like Web3, has the potential to change the world. Al Mheiri claims that with the constant evolution of the digital environment, ADGM is still devoted to providing a comprehensive facilitative environment. He feels that the adoption of digital assets would be safe and simple in a setting supported by ADGM. Al Mheiri added that the collaboration would make it possible for start-ups and digital assets to access the varied ecosystem of ADGM. Startups would be in a better position to operate at their full potential and capabilities if they have access to top-notch, cutting-edge infrastructure.

In a statement about the development, Hub71’s deputy chief executive officer, Ahmad Ali Alwan, characterized Hub71+ Digital Assets as Abu Dhabi’s receptivity to blockchain-centered concepts. He claims that the capital of the UAE is working to create a worldwide environment that would enable disruptive change and transformation. According to Alwan, decentralization is the future of the blockchain-based internet, and Web3 startups are important drivers of this future.

Alwan further emphasized that companies would benefit most from the collaborative options offered by the key Web3 enablers ADGM, FAB, and FABRIC. This is because these startups would be able to safely raise funds, develop, and commercialize technologies. Additionally, all startup activities would be conducted within the MENA region’s largest regulated virtual assets jurisdiction.

Abu Dhabi and Crypto

The use and applicability of crypto have long been supported by Abu Dhabi. By way of its global financial hub, the city enacted regulations for digital assets in 2018.  A foundation with Abu Dhabi headquarters unveiled a $1 billion Web3-specific fund last month. To solidify UAE’s interest in blockchain, a metaverse was also opened in the UAE 5 months ago.

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