Business Bureau, Gulf Today

Hub71, Abu Dhabi’s global tech ecosystem powered by Mubadala Investment Company, has forged a strategic partnership with French national investment bank, Bpifrance, to strengthen joint efforts that boost innovation and provide mutually beneficial opportunities for tech startups, companies and entrepreneurs in Abu Dhabi and France underpinning the two organizations’ commitment to supporting entrepreneurship.

The agreement will foster close collaboration between Hub71 and Bpifrance that will bridge the gap between the dynamic tech ecosystems of Abu Dhabi and Paris. 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.

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 Hub71 and French startups. Hanan Harhara Al Yafei, CEO at Hub71, added: “Cementing our strategic partnership with such an esteemed institution like Bpifrance casts the net wider for Hub71 startups to successfully enter the French market.

“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.

Khaled Al Shamlan, Head of Sovereign Investment Partnerships - Mubadala Capital, Mubadala Investment Company, said: “We fully support Hub71’s new agreement with Bpifrance as it builds on our strategic relationship with the investment bank to raise funding opportunities for lucrative French tech businesses that can deliver significant returns on investment.

“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.”

Nicolas Dufourcq, CEO at Bpifrance, commented: “France is a hotbed for tech innovation with a deep talent pool, world-class universities and research institutions, and with 10,000 startups in various sectors, the French startup scene is thriving.

“Pooling our resources together with Hub71 creates an attractive value proposition that will help Abu Dhabi-based startups and entrepreneurs thrive in France.”