Abu Dhabi's Hub71 is focused on attracting global climate technology funds to the UAE capital to expand the start-up environment and help the emirate reach its sustainability and climate goals.
The Abu Dhabi Global Market-based technology ecosystem recently partnered with Princeville Capital, backed by Hollywood star Leonardo DiCaprio, to support ventures focused on developing climate technology.
“This collaboration marks a significant milestone, as Princeville Capital will not only commit financial resources but also establish a physical presence in Abu Dhabi, bringing its expertise and dedicated team,” Hub71 said in a statement on Thursday.
“This partnership … is set to accelerate the development of ClimateTech start-ups in the region.”
With offices in Europe, the US and Asia, Princeville invests in growth-stage companies in sectors such as FinTech, digital health, e-commerce and green technology.
It has invested in companies including German solar firm Enpal, China’s Cainiao, Chile’s food tech company NotCo and EV charging company Volta. It also has investments in Turkey’s Trendyol.
The latest partnership comes as Hub71 continues to attract new start-ups developing climate technology.
In April, it said five start-ups would join Hub71+ ClimateTech, a specialised ecosystem launched during the Cop28 summit in Dubai, to boost decarbonisation technologies and help countries achieve net-zero targets.
Start-ups that joined Hub71+ ClimateTech include Canada’s Basetwo, which has raised $6 million in funding and provides plant engineers with real-time recommendations to reduce energy consumption and emissions.
Giga Energy, which is developing technology to mitigate flare gas, and aquaculture tech company Aqua Development also joined.
The UAE is pursuing a green agenda that includes a pledge to achieve net zero by 2050, reduce carbon emissions by 40 per cent by 2030 and invest tens of billions in clean energy.
Hub71's new partnership aims to build a “robust network” of stakeholders including regulators, corporates, investors, policymakers and academic institutions to support start-ups, the tech start-up accelerator said.
“Princeville Capital’s financial commitment to Hub71 ClimateTech start-ups is a clear validation of the potential we are nurturing from Abu Dhabi,” Basma Al Dhaheri, head of value creation at Hub71, said.
“Empowering the development of climate solutions not only addresses a critical global challenge but also plays into the UAE’s broader strategy of achieving net zero by 2050.”
Hub71 is backed by the Abu Dhabi government and the emirate's sovereign wealth fund Mubadala Investment Company. It supports the development of tech start-ups with incentives and access to investors, corporations, government organisations and academic institutions.
Hub71 is supporting 318 start-ups from 24 strategic sectors of the economy. These ventures in aggregate have raised $1.6 billion in financing, according to Hub71 data.
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UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
Visa changes give families fresh hope
Foreign workers can sponsor family members based solely on their income
Male residents employed in the UAE can sponsor immediate family members, such as wife and children, subject to conditions that include a minimum salary of Dh 4,000 or Dh 3,000 plus accommodation.
Attested original marriage certificate, birth certificate of the child, ejari or rental contract, labour contract, salary certificate must be submitted to the government authorised typing centre to complete the sponsorship process
In Abu Dhabi, a woman can sponsor her husband and children if she holds a residence permit stating she is an engineer, teacher, doctor, nurse or any profession related to the medical sector and her monthly salary is at least Dh 10,000 or Dh 8,000 plus accommodation.
In Dubai, if a woman is not employed in the above categories she can get approval to sponsor her family if her monthly salary is more than Dh 10,000 and with a special permission from the Department of Naturalization and Residency Dubai.
To sponsor parents, a worker should earn Dh20,000 or Dh19,000 a month, plus a two-bedroom accommodation
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Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
1,000 Books to Read Before You Die: A Life-Changing List
James Mustich, Workman
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE%20
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Mohammed bin Zayed Majlis
UAE currency: the story behind the money in your pockets
The studios taking part (so far)
- Punch
- Vogue Fitness
- Sweat
- Bodytree Studio
- The Hot House
- The Room
- Inspire Sports (Ladies Only)
- Cryo
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
