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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The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
UAE currency: the story behind the money in your pockets
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
Top 10 most polluted cities
- Bhiwadi, India
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- Delhi, India
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- Noida, India
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- Peshawar, Pakistan
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Results:
5pm: Abu Dhabi Fillies Classic (PA) Prestige Dh 110,000 1.400m | Winner: AF Mouthirah, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Abu Dhabi Colts Classic (PA) Prestige Dh 110,000 1,400m | Winner: AF Saab, Antonio Fresu, Ernst Oertel
6pm: Maiden (PA) Dh 80,000 1,600m | Winner: Majd Al Gharbia, Saif Al Balushi, Ridha ben Attia
6.30pm: Abu Dhabi Championship (PA) Listed Dh 180,000 1,600m | Winner: RB Money To Burn, Pat Cosgrave, Eric Lemartinel
7pm: Wathba Stallions Cup (PA) Handicap Dh 70,000 2,200m | Winner: AF Kafu, Tadhg O’Shea, Ernst Oertel
7.30pm: Handicap (PA) Dh 100,000 2,400m | Winner: Brass Ring, Fabrice Veron, Ismail Mohammed
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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%E2%80%98FSO%20Safer%E2%80%99%20-%20a%20ticking%20bomb
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