The global tech ecosystem and the French national investment bank hope to pool their resources and insights for the betterment of startups in Abu Dhabi and Paris.
Abi Dhabi-based global tech ecosystem, HUB71, has announced that it has entered into a strategic partnership with French national investment Bank, Bpifrance, that will seek to establish a link between tech ecosystems of Abu Dhabi and Paris.
While it seems the details have yet to be ironed out, a statement from HUB71 explained that the two partners are set to ‘explore launching programmes that immerse select startups’, with accepted applicants set to receive mentorships, pitching opportunities and other perks. The two entities have also revealed that they will also ‘explore’ potential co-investment opportunities.
"Bpifrance shares our long-term commitment of promoting entrepreneurship, ensuring French startups can arrive in Abu Dhabi’s Hub71 and use our dynamic ecosystem as a springboard to a prosperous Middle East and North Africa region," said HUB71 CEO, Hanan Harhara Al Yafei, though it’s unclear whether similar opportunities will be afforded to Abu Dhabi-based startups in Paris.
The connection between HUB71 and Bpifrance runs deeper than the agreement and comes as part of a bilateral ten-year roadmap between France and the UAE, while sovereign wealth fund Mubadala Investment Company - a partner and backer of HUB71 - is an anchor investor in LAC I Fund,which is managed by Bpifrance.
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