Abu Dhabi Goes All-In on Crypto With $2 Billion Investment Program for Web3 and Blockchain Startups
Abu Dhabi's tech ecosystem has launched a new initiative with over $2 billion of capital committed to funding Web3 startups, blockchain technologies, and metaverse apps in the United Arab Emirates capital.
The capital's tech ecosystem, called Hub71, has officially launched its brand new Hub71+ Digital Assets, which will be based at Hub71 in Abu Dhabi Global Market (ADGM). According to the Emirates News Agency (WAM),
"This ecosystem is dedicated to advancing Web3, a decentralised online space built on innovations like blockchain technology and metaverse applications."
With a massive capital of $2 billion, Hub71+ Digital Assets aims to fund different startups in the Web3 field and offer them access to "an extensive range" of programs and initiatives, as well as corporate, government, and investment partners both in the country and globally, the report said.
The initiative will also provide Web3 startups with "a progressive regulatory environment and world-class blockchain and virtual asset infrastructure."
Hub71's value creation program will further support businesses moving to Abu Dhabi, as well as growth in the Middle East and global markets. Meanwhile, Hub71+ Digital Assets will contribute to supporting the UAE Digital Economy Strategy, the goal of which is to double the contribution of the digital economy to non-oil gross domestic product (GDP) to more than 20% within 10 years, Zawya reported.
Furthermore, per WAM, the anchor partner of the new initiative is FABRIC, the research and innovation center of First Abu Dhabi Bank (FAB). Suhail Bin Tarraf, Group Chief Operating Officer at FAB, stated that the bank is an increasingly trusted financial partner in the Web3 space. This latest partnership, Bin Tarraf said, will
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