IslamicFinance.de

Mubadala Investment Company has launched AED 918 million ($250 million) MENA-focused tech investment funds to support start-ups from the GCC as well as the entire Middle East region. The state investor stated that its new MENA tech funds will invest in companies and venture funds that help boost local tech incubator Hub71. The funds will include a AED 550 million ($150 million) programme, which is committed to support the Hub71 ecosystem. Mubadala Capital stated that it will commit to San Francisco-based Data Collective Venture Capital (DCVC), Middle East Ventures Partners (MEVP) and Global Ventures as a part of its first funds cohort. Similarly, the investment programme will also include a further AED 367 million ($100 million) fund dedicated to direct investments in early-stage technology companies. Microsoft and SoftBank Group are partners in Hub71, and the Abu Dhabi-based scheme offers incentives like office space and health care coverage to encourage start-ups to set up shop in the region.