Is Abu Dhabi the New Silicon Valley?

10X Technology

Mokshita P.
10X Technology
Published:

Is Abu Dhabi the New Silicon Valley?

Hub71’s 2024 Impact Report reveals US$2.17B raised by startups, 70 percent international participation, and sector-driven growth, positioning Abu Dhabi as MENA’s fastest-growing startup ecosystem.

Let’s talk about one of the biggest stories in tech ecosystems this year—Hub71 in Abu Dhabi. If you’ve been tracking innovation in the region, you’ll know this is no ordinary startup hub. In just six years, Hub71 has transformed from a bold idea into one of the fastest-growing tech communities in the world. And its 2024 Impact Report paints a vivid picture of how far it has come.

This year was nothing short of record-breaking. Startups based at Hub71 raised US$2.17 billion—that’s a 44.7 percent jump from the US$1.5 billion raised in 2023. Let that sink in. In a global climate where many startups struggled to raise funds, Abu Dhabi’s founders bucked the trend. Investors clearly believe in what’s being built here.

And it’s not just about raising capital. These startups generated a whopping US$1.2 billion in revenue, up from US$1 billion the previous year. This is real traction—real business. Real impact.

Global Founders are Flocking to Abu Dhabi

Applications to join Hub71 came in from over 3,100 entrepreneurs across 20+ countries, reflecting Abu Dhabi’s rising status as a launchpad for global innovation. Of the 46 startups selected this year, 70 percent were international, with a strong showing from the US, UK, and Germany.

Most of these startups are at the Seed or Series A stage—hungry, early-stage companies looking for the right ecosystem to scale. And increasingly, they’re choosing Abu Dhabi. Why? Because the ecosystem works.

As Ahmad Ali Alwan, Hub71’s CEO, puts it:

“What started as a vision to empower founders has grown into a thriving community of entrepreneurs, investors, and partners… We’re focused on positioning Abu Dhabi as a global hub for technology and innovation.”

Sector-Focused Growth Is the Secret Sauce

This isn’t just about quantity—it’s about smart, sector-driven growth. Hub71 has doubled down on key industries through specialist ecosystems like:

  • Hub71+ Digital Assets

  • Hub71+ ClimateTech

  • Hub71+ AI (launched this year!)

These clusters are solving massive global problems—from clean energy to Web3 to deep tech. Startups in just the Digital Assets program raised over US$100 million. And with heavyweight partners like Google, NVIDIA, AWS, Solana, and Hashed, the innovation engine is in full throttle.

It’s no surprise that Abu Dhabi is now ranked the fastest-growing startup ecosystem in MENA by the 2024 Global Startup Ecosystem Report, with a 28 percent growth in ecosystem value to US$4.2 billion.

Smart Capital + Smart Regulation = A Winning Combo

Capital access remains central to Hub71’s success. In 2024 alone, capital partners injected US$65 million into its startups. Notable newcomers include Princeville Capital, The Catalyst, and Golden Gate Ventures.

Meanwhile, Tech Barza, Hub71’s exclusive capital club for family offices, recorded its first startup deal and grew membership by 10 percent. And to supercharge early-stage investment, Hub71 launched an Angel Investor Support Package empowering new angel networks like Falcon Valley and Qora71.

But what’s money without market access? Startups at Hub71 also signed 91 corporate deals worth US$28 million with government and private sector players. Initiatives like the Regulatory Sandbox, developed with entities like ADDED, Abu Dhabi Mobility, and ADAFSA, helped startups test cutting-edge solutions in real-world settings—from smart mobility and digital health to food innovation and alt-proteins.

Big Wins from Startups with Real Impact

Let’s talk success stories. Here are a few startups that made major moves from their base in Abu Dhabi:

  • FlapKap, a FinTech company, raised US$34 million to scale its AI-powered lending across the GCC.

  • 44.01, a ClimateTech innovator, secured US$37 million to scale its groundbreaking CO₂-to-rock mineralization technology.

  • BioSapien, a HealthTech disruptor, closed US$5.5 million to advance trials for its 3D-printed cancer treatment implant, MediChip™.

These are not just great startups—they’re building solutions with global relevance and real-world results.

The Big Picture

What Hub71 is doing goes beyond startups. It’s shaping Abu Dhabi’s strategic economic clusters—from SAVI (smart mobility) to AGWA (sustainable agriculture and food security). The ripple effect touches industries, economies, and lives.

The takeaway? Abu Dhabi isn’t just participating in the future—it’s building it. Hub71 is the engine powering that future.

And if you’re a founder, investor, or innovator looking for your next big move, this might just be your sign. Keep your eyes on Abu Dhabi—this is only the beginning.