Abu Dhabi: Unleashing Tomorrow Abu Dhabi Unleashing Tomorrow

The Reuters news staff had no role in the production of this content. It was created by Reuters Plus, the brand marketing studio of Reuters.

PRODUCED BY REUTERS PLUS FOR

Abu DhabiUnleashing Tomorrow

Abu Dhabi has a reputation as a hotbed of innovation and a hub for disruptive start-ups.

With extensive funding from venture capital and private equity funds, well-equipped innovation and research centers and a variety of start-up accelerators and incubators, Abu Dhabi is developing a vibrant and growing tech scene. One of the Emirate’s leading lights is Trukker, a technology-enabled truck aggregator which aims to optimize the fleet management of truck deliveries. It allows users to book space in a truck, choose the pick-up and drop-off locations and let the company take care of the rest. Another celebrated success story is Insilico Medicine. Named after ‘in silico’ experiments which are performed either on a computer or via computer simulation software, the company is looking to transform drug discovery and development using generative AI. Insilico is already making waves in the pharmaceutical space, and the company’s President and Co-founder, Dr Alex Aliper, told Reuters Plus he sees applications for his company’s technology far beyond medicine.

Creating a favorable environment for start-up activity, Abu Dhabi offers a diverse range of 12 accelerators and incubators that nurture tech start-ups from early-stage seed funding through all the stages to success. Offering mentoring, advice, funding and co-working spaces, these programs have supported hundreds of innovative tech businesses. Among them is Hub71, an initiative by the Department of Economic Development (DED), powered by Mubadala Investment Company, and based in Abu Dhabi Global Market (ADGM). Hub71 is Abu Dhabi’s global technology ecosystem, bringing together entrepreneurs, corporations, policymakers, and investors to help founders scale innovative ventures globally from Abu Dhabi. Hub71 aims to attract start-ups worldwide that are committed to establishing operations in Abu Dhabi across critical sectors and advanced technologies spanning the economy. Hub71 offers programs to support startups at every stage and provides incentives in exchange for equity to make the relocation process and growth journey easier for founders. The initiative has already supported over 315 start-ups from 28 countries that have collectively raised $1.5 billion in funding since it launched in 2019. Notable start-ups include Hong Kong’s Archireef, which aids coral restoration in the Arabian Gulf using 3D-printed reef tiles; and Pakistani fintech start-up Abhi, that allows employees to withdraw their salaries at any time. Both successful start-ups have established their headquarters in Abu Dhabi. Other programs also support the start-up culture, such as Catalyst Partners, an accelerator located in the Masdar City Free Zone focusing on sustainability and clean technology. Disrupt AD nurtures collaboration between founders, fund managers, incubators, and accelerators to bring to life transformative ideas and disruptive companies. In 2019, the UAE launched the Golden Visa program to smooth the way for start-up founders to set up shop in the city. Valid for up to ten years and offering ownership of the business within the UAE, the visa aims to foster an open-arms approach to overseas innovators.

Accelerating innovation

Facilitating technology innovation, Abu Dhabi has a strong digital infrastructure underpinned by superfast 5G mobile coverage. Abu Dhabi has made strides as a “smart city”, using digital connectivity to create a data-enabled, sustainable urban infrastructure with efficient transport networks. Abu Dhabi is rated as the number one smart city in the region in the IMD Smart City Index 2023 and the 13th globally. Among other achievements, Abu Dhabi is the first capital city in the world to achieve 100% fiber to home broadband connectivity and is number one for fixed broadband speed. The UAE capital ranks 18th worldwide in the IMD World Digital Competitiveness report. While boasting the presence of global tech giants such as IBM, Microsoft, Intel, Samsung and Dell, Abu Dhabi also offers a plethora of networking events for tech businesses and start-ups such as Techstars Start-up Weekend, Abu Dhabi Finance Week and Abu Dhabi Sustainable Week. Sustainability is an area of special interest for Abu Dhabi, and the city has set up funds to encourage start-ups which resolve environmental and climate-related issues. Hub 71 works with the New Energy Nexus program to support early-stage climate tech companies and has partnered with Abu Dhabi Investment Office (ADIO) to help later stage climate tech companies set up and grow in Abu Dhabi. At the COP28 climate conference last year, the UAE announced $30bn funding for climate justice vehicle Alterra, which becomes the world’s largest vehicle for climate change action. It will act as a magnet for further climate focused investment, which will help develop GreenTech innovations. Entrepreneurs and tech titans of the future considering where to locate their next venture should have Abu Dhabi firmly in their sights. With its massive funding, robust infrastructure, and attractive living environment, it is at the forefront of the exciting technological revolution already underway.

From the Ground Up

Disclaimer: The Reuters news staff had no role in the production of this content. It was created by Reuters Plus, the brand marketing studio of Reuters. To work with Reuters Plus, contact us here.

Collectively raised in funding since it launched in 2019

$1.5bn

Countriesinvolved

The Hub71 initiative:

Start-ups supported

Abu Dhabi’s Smart and Autonomous Vehicle Industry (SAVI) cluster is a hub for smart mobility in the region

315

New frontiers

Benefiting from seamless regulation, strong tax advantages and an exceptionally livable urban environment, Abu Dhabi is a haven for tech entrepreneurs to push new frontiers in areas such as mobility, healthcare, fintech and agriculture. This is attracting international innovators who are heading to Abu Dhabi to develop the disruptive technologies of the future. They can tap into huge sources of funding from sovereign wealth funds such as ADIA, ADQ, Mubadala, and a plethora of global VC and private equity companies. In a new drive for innovation, Abu Dhabi is looking to become a nexus for smart mobility development, with the launch of SAVI, an innovation cluster for the Smart and Autonomous Vehicle Industry. Launched in October 2023, this has moved Abu Dhabi another step along the road to becoming a global player in the mobility revolution. SAVI supports the commercialization of disruptive innovations across land, sea, and air. Launched by the Abu Dhabi Department of Economic Development (ADDED) and other institutions, SAVI is developing ground-breaking inventions such as air taxis, self-driving automobiles, and autonomous shipping. The cluster focuses on supporting green mobility in pursuit of a zero-emissions future. Earlier this year, US electric aircraft manufacturer Joby signed an agreement to take part in Abu Dhabi’s SAVI cluster and has plans to launch an air taxi service across UAE by 2026.

In AI, sustainability, and much more, Abu Dhabi has opportunities for both start-ups and global enterprises.

Discover more

Abu Dhabi Powerhouse

There are ambitious goals at the heart of Abu Dhabi’s development strategy: from slashing carbon emissions to expanding clean energy and transport.

Abu Dhabi Sustainable Future

Ascending the ranks of the world’s leading financial centers, Abu Dhabi is a magnet for investors and businesses.

Abu Dhabi Financial Fortitude