Abu Dhabi-based tech ecosystem Hub71 has entered into a bilateral support agreement with French national investment bank, Bpifrance to create mutually beneficial opportunities for tech startups, companies and entrepreneurs in both countries with a focus on driving innovation.
The partnership will allow the Mubadala-backed initiative and Bpifrance to bridge the gap between the dynamic tech ecosystems through closer collaboration.
Hub71 and the French investment bank will consider conducting initiatives that will allow interactions among chosen startups from Abu Dhabi and French tech ecosystems and provide them opportunities for mentorship, collective partnership and presentations to investors.
Both partners will create co-investment opportunities in startups to develop new and innovative technology products and services designed for UAE and French markets.
“Bpifrance shares our long-term commitment to promoting entrepreneurship, ensuring French startups can arrive in Abu Dhabi’s Hub71 and use our dynamic ecosystem as a springboard to the prosperous Middle East and North Africa region.”
In turn, Khaled Al Shamlan, Head of Sovereign Investment Partnerships – Mubadala Capital, Mubadala Investment Company, said, “We fully support Hub71’s new agreement with Bpifrance as it builds on our strategic relationship with the investment bank to raise funding opportunities for lucrative French tech businesses that can deliver significant returns on investment.
“As a global investor, we are proud to have a long and successful record of supporting French businesses, and our goal remains to provide investment opportunities for the latest crop of innovating French companies in the MENA markets.”
“France is a hotbed for tech innovation with a deep talent pool, world-class universities and research institutions, and with 10,000 startups in various sectors, the French startup scene is thriving.
“Pooling our resources together with Hub71 creates an attractive value proposition that will help Abu Dhabi-based startups and entrepreneurs thrive in France.”
Bpifrance aims to contribute to economic development and promote growth for companies of all sizes, through innovation, financing products for corporate development and consulting.
The bank also supports non-French companies by matching them with potential investors and partners, helping them build strategic tech partnerships and helping global startups enter France.