Ibrahim Ajami, Head of Ventures - Mubadala Capital and Acting CEO of Hub71, said: “Technology continues to transform the corporate landscape and we are seeing major corporations digitize their businesses like never before. The Hub71 Corporate Engagement Program creates a platform for corporates and startups to engage, address challenges, adopt new products and services, and test new business models. Corporations also play a major role in acquiring startups to continue to grow their businesses and this can serve as an opportunity for corporates to identify key targets for their strategic agendas. Aldar and ADCB are two leaders in our region that recognize the importance of working very closely with technology startups and looked to Hub71 as a partner to do this.”
As part of the long-term strategic commitment, Aldar will look to establish a physical presence at WeWork x Hub71 for its innovation team. The team will share incentive programs for property technology (“PropTech”) startups, provide mentorship, host innovation workshops, corporate events and pitch days. Aldar will also explore the opportunity to launch a PropTech innovation test bed to pilot new products and services in addition to a global PropTech challenge alongside Hub71.
Greg Fewer, Chief Financial & Sustainability Officer, Aldar, said: “We want to curate the best property technologies on the planet here in the UAE. Digital is driving change across all industries, and real estate is no exception, and we want to harness the power of that change whilst in its infancy here in the region. Our MoU with Hub71 will help the UAE attract global and regional PropTech talent, which will enable us to take a more structured approach to investing in, and innovating alongside, entrepreneurs. This will help us become closer to our customers, identify more sustainable approaches to how we do business, and ultimately drive growth for us, and our partners.”
By becoming a founding partner of Hub71, ADCB demonstrates its commitment to delivering its digital agenda in an impactful way. The partnership provides ADCB with the opportunity to collaborate with an ecosystem of successful FinTech startups who will drive innovation for the benefit of its customers. ADCB will have extensive opportunities to test new and different FinTech propositions and to accelerate its own digital transformation. ADCB is committed to playing an active part in the ecosystem, providing start-ups with support and local market insights.
Mohammed Al Jayyash, Acting Group Chief Operating Officer for ADCB, commented: “ADCB is very proud to be the first bank to partner with Hub71 as we continue on our digital journey to deliver faster, better, simpler experiences for our customers, leveraging transformative technologies. The partnership demonstrates our ongoing support of the 2021 vision and our commitment to the economic growth of the country. ADCB will play a pivotal role at the center of an expanded and innovative ecosystem, with access to the best technology startups through Hub71. We look forward to working with Hub71 to explore new ways to improve the bank’s capabilities and drive meaningful innovation based on our customers’ needs and expectations.”
Hub71 is a flagship initiative of the AED 50 billion economic accelerator program ‘Ghadan 21’ and was launched in early 2019 to provide Abu Dhabi with a new global tech ecosystem. It is a key enabler to help startups succeed in the region, while working alongside strategic partners such as Mubadala, Softbank Vision Fund, Abu Dhabi Global Market and Microsoft.
To find out how to join the Hub71 Corporate Engagement Program or to apply for Hub71 Incentive Program, visit www.hub71.com.
Hub71, named after the UAE’s formation in 1971, is a tech ecosystem located in the heart of Abu Dhabi that brings together several key elements for startup success: access to capital, access to market opportunities, and a favorable business environment. Backed by Mubadala Investment Company – its growing international tech community of tech giants, venture capitalists, tech ecosystem players, and global startups can expect to benefit from an interconnected global network. Alongside strategic partners Microsoft, SoftBank Vision Fund, and Abu Dhabi Global Market; Hub71 is creating the optimal environment for transformative tech companies looking to maximize success, produce outstanding tech innovations, and scale globally. For the greater social and economic good of Abu Dhabi, Hub71 is a flagship initiative of the Dh50 billion economic accelerator program ‘Ghadan 21’, which means ‘tomorrow’ in Arabic. For more information visit www.hub71.com and follow us on @Hub71AD #Hub71.
Aldar Properties PJSC is the leading real estate developer in Abu Dhabi and through its iconic developments, it is one of the most well known in the United Arab Emirates, and wider Middle East region.
From its beginnings in 2005 through to today, Aldar continues to shape and enhance the urban fabric of the UAE’s Capital City in addition to other key areas of the Emirate.
Aldar develops exciting and innovative projects, such as the internationally recognized HQ building situated in the Al Raha Beach development, the Gate Towers in Shams Abu Dhabi on Al Reem Island, in addition to Yas Island’s F1 circuit.
Aldar’s shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH), and is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders.
Aldar seeks to create quality, comfortable, desirable destinations that enrich the lives of Abu Dhabi residents as well as tourists within the Emirate. Aldar is playing a leading role in the development and provision of world class retail - Yas Mall, international standard education through Aldar Academies, iconic entertainment venues such as the Yas Marina Circuit, and community amenities across its entire portfolio.
Aldar is driven by a vision to be the most trusted and recognized real estate lifestyle developer in Abu Dhabi and beyond.
For more information on Aldar please visit www.aldar.com or follow us on: Instagram, Twitter and LinkedIn.
ADCB Group is a leading UAE banking group that provides over 1 million customers with a full suite of products and services, spanning Consumer Banking, Wholesale Banking, Treasury & Investments and Property Management. ADCB operates a network of 72 branches and over 450 ATMs across the UAE.
On 1 May 2019, ADCB and Union National Bank merged and the combined entity acquired Al Hilal Bank, which operates as a separate Islamic banking entity under its own brand within the Group. The transaction reinforced ADCB’s position as the third largest bank in the UAE by assets. As at 31 December 2019, the Group’s total assets stood at AED 405 billion.
ADCB Group, which is 60.2% owned by the Government of Abu Dhabi through the Abu Dhabi Investment Council, trades on the Abu Dhabi Securities Exchange (ADX) under the ticker of ADCB. As at 31 December 2019, ADCB’s market capitalisation was AED 55 billion.
Media contacts: Arvin Rivera, TechHubEdelman@Edelman.com ; +971 50 662 0301
© Press Release 2020