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Stock impact report

Abu Dhabi's tech hub sees surge of interest from start-ups [Reuters]

Uber Technologies, Inc. (UBER) 
Last uber technologies, inc. earnings: 2/6 04:05 pm Check Earnings Report
Company Research Source: Reuters
abroad despite the economic impact of the coronavirus pandemic last year, amid increased optimism from the sector. 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. “Despite COVID and everything else, start ups continue to apply. In fact we have seen a surge in particular sectors that have been accelerated by the pandemic like health tech, education tech and fintech,” Itani said. 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. Anghami, a Middle East and North Africa-focused rival to Spotify, became a target for a so-called special purp Show less Read more
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