Business : Abu Dhabi To Launch New Technology Hub

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Abu Dhabi commits to diversify its economy with an investment committing up to 1 billion dirhams ($272 million) to launch its new technology hub.

U.S. tech giant Microsoft will offer a strategic partnership in providing technology and cloud services to the startups that join the hub as Dubai continues its push to reduce reliance on oil revenue.

Abu Dhabi derives about 50 percent of its real gross domestic product and about 90 percent of central government revenue from the hydrocarbon sector.

The emirates had also launched a 50 billion dirham stimulus fund in September 2018 to accelerate economic growth in the country.

The new initiative also involves the launch of a 500 million dirham fund to invest in start-ups, said the CEO of Mubadala Ventures, the main investor of the technical hub located in the emirates financial district.

He further added that the immense market opportunities will witness the growth of nearly 100 companies in the next three to five years time.