Dubai: Abu Dhabi’s Masdar City and Hub71 have expanded their partnership to promote opportunities for clean tech and climate tech startups focused on sustainability, the companies said on Wednesday.
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 startups 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 startup ecosystem partner.
“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,” said Ahmed Baghoum, the acting CEO of Masdar City.
Hub71 startups 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 program to enhance the benefits available to climate tech start-ups, including finance.
“The joint effort from all three entities will provide startups a platform to scale their cleantech innovation, provide access to shareholder networks, and prepare them to showcase their capabilities at COP28,” added Baghoum.
Hub71 has supported over 200 startups that have collectively raised more than $1 billion in funds since its launch in 2019. It recently onboarded another 20 startups 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, startups 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, the deputy CEO of Hub71.