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MASDAR CITY NAMES HUB71 OFFICIAL START-UP ECOSYSTEM PARTNER
Masdar City , Abu Dhabi ’ s flagship sustainable urban community and innovation hub , has strengthened ties with Hub71 , Abu Dhabi ’ s global tech ecosystem , to promote opportunities for clean tech and climate tech start-ups focused on sustainability .
Further to a memorandum of understanding ( MOU ) signed at Abu Dhabi Sustainability Week , the two entities will identify opportunities to collaborate in areas including mobility , food , health and climate action .
They will also promote knowledge sharing by providing Hub71 ’ s existing start-ups access to Masdar City ’ s corporate tenants and partners and explore incentives to help these companies establish permanent roots in the UAE . The agreement also names Hub71 Masdar City ’ s official start-up ecosystem partner .
“ H . H . Sheikh Mohamed bin Zayed Al Nahyan , the President of the UAE , has just announced that 2023 will be the year of sustainability . Partnerships like this one will be a vital component of bringing this vision to life and demonstrate our shared commitment to advancing the UAE economy through ambitious , tech-focused enterprises ,” said Ahmed Baghoum , Acting CEO of Masdar City . “ As one of the world ’ s most sustainable cities and a hub for innovation , research and development , we share Hub71 ’ s vision for providing start-ups with an ideal environment to scale technologies that will have a sustainable impact globally . Together , we will work toward the UAE ’ s mission to achieve net zero .”
Hub71 start-ups will also benefit from The Catalyst , the region ’ s first start-up accelerator focused on sustainability and clean tech , which is jointly owned by Masdar City and BP . The Catalyst and Hub71 will work together to develop a sector-focused accelerator programme to enhance the benefits available to climate tech start-ups , including finance .
“ The joint effort from all three entities will provide start-ups a platform to scale their clean tech innovation , provide access to shareholder networks and prepare them to showcase their capabilities at COP28 ,” added Baghoum .
Hub71 has supported over 200 start-ups that have collectively raised more than US $ 1 billion in funds since its launch in 2019 . It recently onboarded another 20 start-ups from six countries operating in different strategic sectors .
“ Our partnership with Masdar City will support the growth of start-ups in the climate tech and sustainability sectors in Abu Dhabi , building on the UAE capital ’ s robust strategy and initiatives in these sectors . By providing operational , engagement and exposure opportunities , start-ups will be in a better position to deploy clean technologies that will contribute toward the national and global climate change agenda ,” said Ahmad Ali Alwan , Deputy CEO of Hub71 .
“ Green tech and climate tech investments are needed to address the environmental and climate challenges facing the world today . Following Egypt ’ s COP27 and with COP28 taking place in the UAE later this year , the time is ripe for MENA ’ s climate tech start-ups to bloom . Our partnership with Hub71 and the success to date of The Catalyst show , we ’ re ready to make that happen ,” said Stephen Severance , Director of Growth at Masdar City . �
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