Abu Dhabi: Hub71 on Wednesday announced a new corporate engagement programme with the goal of providing corporates with access to high growth start-ups.
Two MoU’s were signed with Aldar and Abu Dhabi Commercial Bank (ADCB) on the sidelines of the Technology Innovation Pioneers Summit in Abu Dhabi to get the new programme rolling. The programme aims to act as a bridge between the major corporates and start-ups that are looking to transform industries and address major problems.
“The Hub71 corporate engagement programme creates a platform for corporates and start-ups to engage, address challenges, adopt new products and services, and test new business models,” said Ibrahim Ajami, head of ventures — Mubadala Capital and acting chief executive officer at Hub71.
“Corporations also play a major role in acquiring start-ups to continue to grow their businesses and this can serve as an opportunity for corporates to identify key targets for their strategic agendas. Aldar and ADCB are two leaders in our region that recognise the importance of working very closely with technology start-ups and looked to Hub71 as a partner to do this,” he added.
As part of the agreement, Aldar will look to establish a physical presence at WeWork x Hub71 for its innovation team. The team will share incentive programmes for property technology start-ups, provide mentorship, host innovation workshops, corporate events and pitch days. Aldar will also explore the opportunity to launch a PropTech innovation test bed to pilot new products and services in addition to a global PropTech challenge alongside Hub71.
“We want to curate the best property technologies on the planet here in the UAE. Digital is driving change across all industries, and real estate is no exception, and we want to harness the power of that change whilst in its infancy here in the region,” said Greg Fewer, chief financial and sustainability officer at Aldar.
“Our MoU with Hub71 will help the UAE attract global and regional PropTech talent, which will enable us to take a more structured approach to investing in, and innovating alongside, entrepreneurs,” he added.
“This will help us become closer to our customers, identify more sustainable approaches to how we do business, and ultimately drive growth for us, and our partners,” Fewer said. Mohammad Al Jayyash, acting group chief operating officer at ADCB, said the framework agreement would be a good opportunity for the bank to explore and test new fintech solutions as part of the bank’s digital transformation.
“ADCB is very proud to be the first bank to partner with Hub71 as we continue on our digital journey to deliver faster, better, simpler experiences for our customers, leveraging transformative technologies.
“The partnership demonstrates our ongoing support of the 2021 vision and our commitment to the economic growth of the country. ADCB will play a pivotal role at the Centre of an expanded and innovative ecosystem, with access to the best technology start-ups through Hub71,” he added.