Abu Dhabi Investment Forum
Hub71, the international tech ecosystem based in Abu Dhabi, has entered into its first partnership with a US entity, partnering with the New Jersey Economic Development Authority (NJEDA). This collaboration aims to establish a transatlantic link that enables high-growth startups to expand their reach globally. The Memorandum of Understanding (MoU) was finalized during the Abu Dhabi Investment Forum (ADIF) held in New York.
The newly formed agreement allows for mutual access between the startup communities in Abu Dhabi and New Jersey, offering founders the chance to grow in both regions. This initiative aligns with the broader strategic partnership between the US and UAE, particularly in fields such as artificial intelligence (AI) and clean energy.
Creating global opportunities for entrepreneurs
Startups will receive support through collaborative programs, market explorations, and targeted introductions to key investors, regulatory bodies, and corporate partners. This strategic assistance will grant founders access to new clientele, investment prospects, and specialized knowledge aimed at boosting their commercial success.
Ahmad Ali Alwan, CEO of Hub71, commented: “Technology knows no boundaries, and it is essential for innovation ecosystems to strengthen their connections to aid the global aspirations of entrepreneurs. Our partnership with Choose New Jersey focuses on providing soft-landing opportunities for startups seeking international growth while enhancing the exchange of expertise, talent, and innovation. By integrating our ecosystems, we are paving the way for businesses to scale globally.”
Tim Sullivan, the CEO of NJEDA, stated: “Under Governor Murphy’s guidance, New Jersey is developing vital international collaborations that promote increased investments in emerging industries and foster a diversified economy. The NJEDA has established a strong framework to assist innovative startups, and we look forward to collaborating with Hub71 to highlight the exciting prospects available in both Abu Dhabi and New Jersey.”
Enhancing innovation connections between the US and UAE
This MoU is a continuation of Governor Phil Murphy’s economic mission to the UAE in April, during which he visited Hub71’s facilities at the Abu Dhabi Global Market. This partnership further solidifies Abu Dhabi’s role as a crucial entry point for US startups aiming to penetrate the MENA region and beyond.
The collaboration with NJEDA marks a significant step in Hub71’s global outreach strategy, complementing other partnerships across Asia and Europe, including a recent agreement with the Japan External Trade Organisation (JETRO). Collectively, these efforts underscore Hub71’s dedication to establishing a worldwide connected ecosystem that fosters the sharing of innovation across key markets.
As Abu Dhabi bolsters its reputation as a central hub for technology and entrepreneurship, this agreement reinforces Hub71’s goal of propelling startup development through international collaboration and synergy with top-tier innovation ecosystems.