Abu Dhabi wants to back Web3 startups with a new $2 billion initiative

Updated: 16 February 2023

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Abu Dhabi’s tech ecosystem, known as Hub71, recently proved its dedication to the crypto sector and pursuit of a decentralized future. Hub71 announced that it had started a $2 billion initiative that intends t back blockchain and Web3 startups in the region.

The move has the goal of supporting existing startups, as well as attracting new companies to the region, which will further strengthen Abu Dhabi as one of the biggest crypto hubs in the world.

Details of the new initiative

The initiative is known as the Hub71+ Digital Assets ecosystem initiative, and apart from the funding, it will also offer startups access to a wide range of programs. Apart from that, emerging Web3 companies will have a unique opportunity to connect with multiple corporate, government, and investment partners.

Hub71 has launched the Hub71+ Digital Assets specialist ecosystem in Abu Dhabi Global Market with AED7billion of funding available to accelerate Web3 startup growth in #AbuDhabi, reinforcing the emirate’s position as a world leading tech hub. pic.twitter.com/mPfL9V1zgl

— مكتب أبوظبي الإعلامي (@admediaoffice) February 16, 2023

The idea was described in a press release published yesterday, February 15th, explaining that the program will even support businesses that choose to relocate to Abu Dhabi. However, the main goal is startup growth in both the Middle East and global markets.

The plan is to base the initiative at Hub71, in the Abu Dhabi Global Market financial district. First Abu Dhabi Bank’s (FAB) research and development hub, known as FABRIC, will be the anchor partner of the initiative. Apart from development companies, the initiative will even include crypto service providers, as well as crypto exchanges.

Abu Dhabi remains open to disruptive businesses and technologies

According to Hub71’s Deputy Chief Executive Officer, Ahmad Ali Alwan, the launch of the initiative is meant to represent Abu Dhabi’s openness to disruptive businesses that drive transformation and change on a global scale.

Congratulations to Hub71 @hub71ad on the launch of ‘#Hub71+ Digital Assets’, with more than $2 billion of capital committed to funding #Web3 startups and blockchain technologies from #AbuDhabi, the UAE’s capital. It was great to catch up with Ahmad Ali Alwan, Deputy CEO of Hub71. pic.twitter.com/e1QhHZSStk

— Patrick P. L. Tsang (@patpltsang) February 16, 2023

He continued by saying that decentralization is the future of the blockchain-based internet, which is the future version of the web where WEb3 startups will play a massive role.

Dhaher bin Dhaher Al Mheiri, the CEO of ADGM — one of the collaborators on the initiative — the launch of Hub71+ Digital Assets will further strengthen the association between Hub71 and ADGM itself. The press release mentioned him saying that “In the rapidly evolving digital landscape, the rise of new technologies and ecosystems such as Web3 has the potential to transform the world, and ADGM is committed to providing a holistic environment that facilitates the seamless and secure adoption of digital assets.”

Furthermore, he believes that the alliance will allow startups and digital assets alike to benefit from the diverse ecosystem and progressive regulatory environment that ADGM has to offer.

FAB’s Group Chief Operating Officer, Suail Bin Tarraf, also commented on the new initiative, stating that the bank is trusted as a financial partner to its customers in Web3 space and the real world. The new partnership will further allow the bank to stay ahead of the curve in terms of innovations, such as NFTs, Metaverse, and other products of the blockchain technology.

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