ABU DHABI, 25th June, 2019 (WAM) — Following a recent announcement from Ghadan 21 that aims to bolster private sector growth in Abu Dhabi, Hub71 has announced today the strategic decision of four startup pioneers to set up a presence with the majority of their development and engineering capabilities at Hub71 in Abu Dhabi.
The startups include UAE-based BitOasis, the largest digital asset exchange platform in the Middle East, Lamsa, an award-winning Arabic language learning app, US-based Surkus, the world’s most powerful experiential marketing tech platform and Bayzat, an insurance and HR tech startup, who will all start operations at Hub71 over the coming weeks.
These firms will make up the first cohort of startups at Hub71 to qualify for early admission and are to benefit from Hub71’s generous incentive packages which includes heavily subsidized housing, office space and health insurance plans for the founders and their employees.
The packages, which will save startups up to AED3.5 million of non-dilutive capital, are designed to help firms invest their available capital on growing their businesses and attracting high-quality engineers. All four startups are planning their next phase of growth, and through Hub71 they will gain access to a global network of interconnected business enablers and industry partners.
Commenting on the announcement, Mahmoud Adi, CEO of Hub71, said, “We are thrilled to have four ground-breaking startups, Lamsa, Surkus, BitOasis and Bayzat, as part of Hub71’s community of founders. Abu Dhabi is fast becoming known as a launchpad for growth where tech innovators can turn bright ideas into reality through its great infrastructure, support and access to a wider global ecosystem. We hope to inspire more pioneering startups to Abu Dhabi over the coming months with breakthrough technologies that disrupt industries and sectors.”
Hub71, strategically located in Abu Dhabi Global Market Square on Al Maryah Island, is powered by Mubadala, Microsoft, Abu Dhabi Global Market with the backing of the Ghadan 21 programme, which is working to accelerate the Abu Dhabi economy. The tech hub aims to foster startup success, innovation and growth and is uniquely positioned to bring together government entities, corporations, academics and startups.