Skip to main content

More fintech startups come to Abu Dhabi

The UAE wants to attract more entrepreneurs and startups to the country.
A general view of the city skyline at sunset from Dhow Harbour on Feb. 5, 2015 in Abu Dhabi, United Arab Emirates.

The Hub71 startup community Abu Dhabi welcomed 16 new members on Thursday. Here are some of the startups that will now be part of the business hub in the Emirati capital city, according to a press release: 

  • Trade Capital Partners — an Abu Dhabi-based company that raises money for small businesses. 
  • Zywa — a money management app designed for teenagers in the United Arab Emirates (UAE). 
  • Letswork — a service that allows users to book workspaces in the UAE, Bahrain and Portugal. 
  • TAG — a digital banking mobile phone application in Pakistan.

Hub71 is a network and workspace of startups in Abu Dhabi. It is backed by Abu Dhabi’s sovereign wealth fund Mubadala, Microsoft and others. 

The new startups have collectively raised more than $62 million in funding, according to the press release. 

Why it matters: The UAE is seeking to attract more startups and entrepreneurs to the country. Earlier this year, the Gulf state decided to reform its tax regime to reduce business fees in part to attract newer companies. Dubai’s economic zone has also launched an artificial intelligence licensing program to attract AI firms. 

The Emirates has had some success in attracting new talent. Several cryptocurrency platforms have announced moves to the UAE this year, for example. 

Know more: Financial technology, aka fintech, is especially important in the UAE. In February, the Abu Dhabi investment company ADQ received permission to create a new digital banking platform.

Join hundreds of Middle East professionals with Al-Monitor PRO.

Business and policy professionals use PRO to monitor the regional economy and improve their reports, memos and presentations. Try it for free and cancel anytime.

Free

The Middle East's Best Newsletters

Join over 50,000 readers who access our journalists dedicated newsletters, covering the top political, security, business and tech issues across the region each week.
Delivered straight to your inbox.

Free

What's included:
Our Expertise

Free newsletters available:

  • The Takeaway & Week in Review
  • Middle East Minute (AM)
  • Daily Briefing (PM)
  • Business & Tech Briefing
  • Security Briefing
  • Gulf Briefing
  • Israel Briefing
  • Palestine Briefing
  • Turkey Briefing
  • Iraq Briefing
Expert

Premium Membership

Join the Middle East's most notable experts for premium memos, trend reports, live video Q&A, and intimate in-person events, each detailing exclusive insights on business and geopolitical trends shaping the region.

$25.00 / month
billed annually

Become Member Start with 1-week free trial

We also offer team plans. Please send an email to pro.support@al-monitor.com and we'll onboard your team.

What's included:
Our Expertise AI-driven

Memos - premium analytical writing: actionable insights on markets and geopolitics.

Live Video Q&A - Hear from our top journalists and regional experts.

Special Events - Intimate in-person events with business & political VIPs.

Trend Reports - Deep dive analysis on market updates.

All premium Industry Newsletters - Monitor the Middle East's most important industries. Prioritize your target industries for weekly review:

  • Capital Markets & Private Equity
  • Venture Capital & Startups
  • Green Energy
  • Supply Chain
  • Sustainable Development
  • Leading Edge Technology
  • Oil & Gas
  • Real Estate & Construction
  • Banking

Already a Member? Sign in

Start your PRO membership today.

Join the Middle East's top business and policy professionals to access exclusive PRO insights today.

Join Al-Monitor PRO Start with 1-week free trial