PHOTO
Abu Dhabi’s Mubadala Investment Company-backed global tech ecosystem, Hub71, has entered into a strategic partnership with French national investment bank, Bpifrance, to provide opportunities for tech startups and boost innovation.
The agreement will foster close collaboration between Hub71 and Bpifrance that will bridge the gap between the tech ecosystems of Abu Dhabi and Paris, said HUB71 in a statement on Monday.
The global tech ecosystem and French investment bank have agreed to explore launching programmes that immerse select startups in the Abu Dhabi and French tech ecosystems, offering the successful startup applicants with access to mentorship, meetings with potential partners and opportunities to pitch investors.
Hanan Harhara Al Yafei, CEO at Hub71, said: “Bpifrance shares our long-term commitment of promoting entrepreneurship, ensuring French startups can arrive in Abu Dhabi’s Hub71 and use our dynamic ecosystem as a springboard to a prosperous Middle East and North Africa region.”
Each programme aims to develop new and innovative technology products and services designed for the UAE and French markets. Hub71 and Bpifrance have also agreed to explore co-investment opportunities in startups.
“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 innovate French companies in the MENA markets,” Khaled Al Shamlan, Head of Sovereign Investment Partnerships – Mubadala Capital, Mubadala Investment Company, said.
Bpifrance aims to contribute to economic development and promote growth for companies of all sizes, through innovation, financing products for corporate development and consulting.
According to the statement, the bank also supports non-French companies by matching them with potential investors and partners, helping them build strategic tech partnerships and helping global startups enter France.
(Writing by Seban Scaria; editing by Daniel Luiz)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2020
