Abu Dhabi is fast setting up into an essential global hub for innovation in financial technology and tons of different considerable industries by encouraging funding and supporting startups to attract commerce-makers from every industry to the Emirate.
Bridging cultures and continents, Abu Dhabi is the capital of the UAE and stands at an intersection between Europe, Asia, and Africa.
Attentive to the need for economic diversification and the cultivation of expert skill all the way thru more than one industries, the federal government has taken many proactive and a long way-reaching measures all the way thru the final decade.
John Hensel, Chief Operating Officer and Chief Income Officer on the US-basically based mostly blockchain-basically based mostly financial and regulatory technology company Securrency, mentioned that the UAE, right this moment, has now not most attention-grabbing shifted in direction of an data-basically based mostly economic system but has furthermore committed to transitioning to a low carbon economic system, setting up insurance policies and initiatives to diminish emissions.
Securrency arrived in Abu Dhabi in 2017 and entered the Abu Dhabi World Market (ADGM) Regulatory Sandbox to innovate fintech alternatives.
Out of the tip six accomplishing capital (VC) investments within the Middle East within the well-known quarter of 2020, Hensel mentioned that four had been within the UAE, amounting to $173 million from traders all the way thru the field.
In accordance with startup data platform MAGNiTT, the UAE maintained its dominance as the excellent recipient of accomplishing funding (60% of all deals) in 2019 at $426m
Whereas funding exercise is expected to humdrum as the field grapples with Covid-19, Hensel mentioned the UAE is nicely-positioned to brace for impact.
“Abu Dhabi has successfully pivoted to change right into a world forerunner in aerospace, biomedical, tourism, manufacturing, agriculture, aquaculture and a bunch of different rising industries – including the financial services predicament,” he mentioned.
Moreover, he mentioned that many graduates of New York University Abu Dhabi and Khalifa University bear long previous on to make contributions to technological developments equivalent to blockchain and man made intelligence (AI), serving to to order Abu Dhabi to the forefront of global innovation.
Vivid entrepreneurial spirit
As traders are compelled to re-mediate in regards to the longevity of companies and the flexibility for operations to proceed amid the coronavirus pandemic, Hensel mentioned these rising technological developments would possibly perchance provide a precious market opportunity that would possibly perchance stand the take a look at of these unsure instances.
“Mitigating dangers below the abundant resources, the education system is correct one aspect attracting a flurry of companies and traders,” he mentioned.
WisdomTree Investments (WTI), a provider of Substitute Traded Funds (ETF), Substitute Traded Products (ETP) and asset management services with over $64b in Sources below Administration (AUM), led Securrency’s Series A alongside-aspect the Abu Dhabi Investment Set of work (ADIO).
Hensel mentioned that an extremely keen entrepreneurial spirit is evident all the way thru the industry neighborhood of Abu Dhabi.
Supported by Abu Dhabi’s Ghadan 21 stimulus programme, the Hub71 accelerator neighborhood has succeeded in attracting 39 startups from eight various worldwide locations, VC funds and colossal tech players including Microsoft for Startups, Amazon and SenseTime.
After opening its doors correct over a yr ago, Hub71 has thrived and only lately place a goal of attracting 100 ventures by the tip of 2020.
Funded by Mubadala, SoftBank Vision Fund, Microsoft and Abu Dhabi World Market, Hub71 is dedicated to supporting startups even within the face of enterprise adversity.
Presenting sizable funding alternatives
“As economic turbulence prompted by the pandemic impacts companies worldwide, Hub71 is imposing measures to accommodate companies remotely, showcasing the nurturing and versatile industry culture,” Hensel mentioned.
Moreover, he mentioned that Abu Dhabi will weather the pandemic and emerge stronger than ever when financial markets within the damage rebound.
“Years of constructing and industry collaboration bear reinforced the industry neighborhood to withstand this fresh duration of volatility. Undeterred by the pandemic, VCs are encouraged by the entrepreneurial bustle for food – asserting that resilience and more active portfolio management are of crucial significance when the economic system is below stress,” he mentioned.
Moreover, he mentioned that the regulatory frameworks, investor safety, and tax incentives all play a mountainous goal in setting up Abu Dhabi’s optimal ecosystem for funding.
“VC funding has been surging within the UAE, and while now not but fully developed, it gifts sizable alternatives for global traders,” he mentioned.