Abu Dhabi is trying to attract start-up investment in a new technology hub. It seems that the United Arab Emirates intends to become a country whose economy does not depend on oil revenues. In this regard, Abu Dhabi will allocate AED 1 billion dirhams (USD $272 million) in order to support technology start-ups.
It is expected that the American technology giant Microsoft will become a strategic partner and will provide its technology and cloud services to enterprises that have joined the hub. According to S&P rating agency, about 50% of real GDP and about 90% of the revenues of the central government in Abu Dhabi are from the hydrocarbon sector.
Last September a fund was set up, whose budget is estimated at AED 50 billion dirhams (USD $13.6 billion). The programme was named Ghadan 21 and its goal is to accelerate economic growth. Following the Ghadan 21, the project Hub 71 was launched. According to the head of Mubadala Ventures Ibrahim Ajami, AED 500 million dirhams will be spent to implement plans for attracting new companies in a new technology hub.