Hub71, backed by Abu Dhabi state fund Mubadala Investment Co, the SoftBank Vision Fund, and Microsoft, has accepted 100 start-up firms since its inception in 2019 after a selection process that drew about 3,500 applications, said Hub71 chief operating officer Jida Itani.
Start-ups have become encouraged to base themselves in the UAE following a handful of successes by local technology companies, as investors search for potential tech unicorns - privately held start-ups with a valuation of more than $1 billion -- in the Middle East, she said. Careem, a Middle East and Asia ride hailing app, was acquired by Uber for $3.1 billion in 2020, which was the largest exit for a startup from the region. Amazon in 2017 acquired e-commerce marketplace Souq.com for $580 million.
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