Hub71 and Bpifrance to offer new mutual opportunities for Abu Dhabi and French-based startups
Bpifrance and Hub71’s partnership will bolster shared access and opportunities between the dynamic tech ecosystems of Abu Dhabi and France. With the support of Mubadala Investment Company, Bpifrance has established a new strategic partnership with Hub71, a global technology ecosystem in the capital city of the UAE, Abu Dhabi. The agreement provides development opportunities for tech startups…
Bpifrance and Hub71’s partnership will bolster shared access and opportunities between the dynamic tech ecosystems of Abu Dhabi and France.
With the support of Mubadala Investment Company, Bpifrance has established a new strategic partnership with Hub71, a global technology ecosystem in the capital city of the UAE, Abu Dhabi. The agreement provides development opportunities for tech startups and companies in Abu Dhabi and France, consolidating both organizations’ commitment to supporting entrepreneurs.
The partnership will come to life through the launch of programs that will immerse selected startups in the French and Abu Dhabi tech ecosystems. These programs will provide startups with mentorship, meetings with potential partners, and opportunities to find new investors. Each program will aim to develop innovative technology products and services for the French and UAE markets. Entrepreneurs will also have access to Bpifrance and Hub71’s shared networks. Co-investment opportunities will also be explored by Hub 71 and Bpifrance in French and Hub 71 startups.
Nicolas Dufourcq, CEO at Bpifrance, commented: “France is a hotbed for tech innovation with a deep talent pool, world-class universities, and research institutions, and with 10,000 startups in various sectors, the French startup scene is thriving.
“On the other side, Abu Dhabi is an international hub for entrepreneurs from all over the world. This ecosystem benefits from close ties with France, through its collaboration with INSEAD (the European Institute of Business Administration), Ecole 42 Abu Dhabi (a computer programming school), and the Sorbonne campus in Abu Dhabi. This is a real breeding ground for French startups seeking to grow internationally and in the Middle East.
“Pooling our resources together with Hub71 creates an attractive value proposition that will help Abu Dhabi-based startups and entrepreneurs thrive in France.”
Hanan Harhara Al Yafei, CEO at Hub71, said: “Cementing our strategic partnership with such an esteemed institution like Bpifrance casts the net wider for Hub71 startups to successfully enter the French market.
“Bpifrance shares our long-term commitment to promoting entrepreneurship, ensuring French startups can arrive in Abu Dhabi’s Hub71 and use our dynamic ecosystem as a springboard to the prosperous Middle East and North Africa region.”
Khaled Al Shamlan, Head of Sovereign Investment Partnerships – Mubadala Capital, Mubadala Investment Company, said: “We fully support Hub71’s new agreement with Bpifrance as it builds on our strategic relationship with the investment bank to raise funding opportunities for lucrative French tech businesses that can deliver significant returns on investment.
As a global investor, we are proud to have a long and successful record of supporting French businesses, and our goal remains to provide investment opportunities for the latest crop of innovative French companies in the MENA markets.”
The agreement builds on a 10-year Bilateral Roadmap between the UAE and France. Bpifrance has signed an MoU with Mubadala Investment Company, one of the world’s leading sovereign wealth funds, and strategic partner of Hub71, to come to this new development program for tech startups. Mubadala Investment Company is also committed to the LAC I Fund, a multibillion fund managed by Bpifrance and launched earlier this year, which aims to raise €10 billion.
Hub71, Abu Dhabi Global Market, and the Mubadala Ventures Europe recently hosted a conference on, ‘Abu Dhabi: The Tech Gateway to The Middle East?’ during the 6th edition of Bpifrance Inno Generation (BIG). You can find it here.