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Masdar signs an agreement with “71Hub” to promote the growth of startups in the field of clean technology and sustainability

Aya Hussain Masdar City, Abu Dhabi’s leading research and development complex and innovation destination, has signed a Memorandum of Understanding With “Hub200”, the global technology ecosystem in Abu Dhabi, with the aim of enhancing the horizons of cooperation and investment opportunities available to emerging companies in the field of Clean technology and climate technology that focus on sustainability.

In addition to the MoU, the two sides will identify available collaboration opportunities in areas including mobility, food, health, and climate action, and enhance knowledge sharing through access to existing startups in the Hub. 71” to companies and strategic partners in Masdar City, and to explore incentive programs to help these companies consolidate their position in the UAE and take them as headquarters always her. According to the memorandum of understanding, Hub20 will become the official partner of Masdar City in the startup ecosystem.

On this occasion, Ahmed Baghoum, Acting CEO of Masdar City, said: “His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of The state, may God protect him, declared 2023 the ‘year of sustainability’ in the United Arab Emirates. There is no doubt that establishing partnerships such as this partnership will be one of the main components and pillars for achieving this vision on the ground. Our partnership with ‘Hub20’ reflects our shared commitment to the advancement of the local economy by supporting ambitious technology-focused companies. As one of the most sustainable cities in the world and a hub for innovation, research and development, we share the ‘Hub71’ vision to provide startups with an environment An ideal that enables it to grow, expand and develop advanced technologies that will make a sustainable impact at the global level. We will work together to make more efforts to contribute to the UAE’s strategy to achieve climate neutrality.”

Hub71 startups will also be able to benefit from the Technology Innovation Support Unit, the first accelerator in the world. Middle East focuses on sustainability and clean technology startups, jointly owned by Masdar City and BP. The Technology Innovation Support Unit (TISU) and Hub200 will collaborate to develop an industry-focused accelerator program to enhance the benefits available to startups. in technology for climate action, including financing. Baqhoum added: “The joint efforts of the three parties will provide startups with a platform to scale their cleantech innovations, gain access to shareholder networks, and prepare them to showcase their innovations and products in The upcoming “COP 20” summit in the UAE. and “Hub” ” with the support of more than 71 A startup that has generated more than $1 billion in investments since the ecosystem was launched in 2019. The Hub 71 recently included 27 Another startup from six countries operating in different strategic sectors. For his part, Ahmed Ali Alwan, Executive Vice President of Hub 71 said””: “Our partnership with Masdar City supports the growth of startups that are active in the climate technology and sustainability sector in the Emirate of Abu Dhabi, and falls within the framework of the strategy and initiatives launched by the UAE capital in this sector. By providing opportunities to operate, share, and connect, startups will have the potential to deploy clean technologies that contribute to the implementation of national and international climate change goals.”

In turn, Stephen Severance, Director of Growth at Masdar City, said: “There is an urgent need To invest in green technology and climate technology to meet the environmental and climate challenges facing the world today. Following the twenty-seventh session of the Conference of the Parties (COP11) in Egypt, and with the UAE hosting the twenty-eighth session of the Conference at the time Later this year, conditions are right for climate technology startups to flourish in the Middle East and North Africa region. Our partnership with Hub200 and the success of TISU to date reflects our willingness to make this happen.”