The billion-dollar
innovation hub
shaping the future of sustainability
At the heart of Abu Dhabi’s tech community is Hub71 – a vibrant ecosystem that is helping to build the next generation of startups from the ground up.
In December 2022, Abu Dhabi-based accelerator Hub71 hit a major milestone; its community of startups collectively raised one billion U.S. dollars.
“A true sign of a quality startup is a founder’s ability to raise capital from high-profile investors,” says Badr Al-Olama, acting CEO of Hub71. “Our community is increasingly accelerating deal flow and reinforcing Abu Dhabi’s stature as a top investment destination for startups at all stages.”
“The success of Hub71 is a testament to the growing importance of the UAE capital as an incubator of tech talent and entrepreneurship. To better understand its impact, two tech entrepreneurs share their experience of being part of the community.
A window of opportunity
Zain Tarawneh and Max Chizhov are on a mission to reimagine the climate landscape.
Tarawneh is co-founder of Green Future Project (GFP) – an end-to-end solution helping businesses through the entire ESG journey, from planning to reporting. GFP boasts over 70 B2B clients across seven countries, who have so far planted 280,000 trees, offset 12,000 tons of CO2, and protected 57 hectares of rainforest.
Chizhov is co-founder of iFarm, an innovative AgTech company that provides bespoke vertical farming systems powered by software and automation – allowing farmers to grow year-round in any climate. There are currently 19 facilities with the Finnish firm’s technology operating or being built worldwide, largely in Europe and the Middle East.
Both companies seek to enable the next generation of environmental action, whether it be through agricultural sustainability or corporate responsibility. But early in their development, they saw that to shape the sector, a departure was needed – away from the frameworks of Europe, towards the budding opportunities of the Middle East.
“The Gulf region happens to be a place with lots of positive conditions for developing vertical farming businesses,” says Chizhov. “Food security and sustainable food economics are high on the agenda in MENA, and investment growth in vertical farming is bolstered by significant government support.”
“Abu Dhabi has a different kind of focus,” says Tarawneh. “You have more government entities that are trying to diversify the culture in the startup ecosystem, and they have a way of shaping incentives to make it very easy for companies to come and operate here. They make it a no-brainer for people to come here too.”
Co-founder of iFarm
Co-founder of iFarm
Chizhov cites easy communication with government organizations, transparency and the speed of solving important tasks as some of the ways that iFarm benefits directly from being based in the emirate.
GFP and iFarm accelerated their path to the emirate through the Hub71 programme. The emirate’s flagship program to support global innovation is backed by sovereign wealth fund Mubadala and Abu Dhabi Global Market (ADGM), the rapidly growing international financial center on Al Maryah Island, which hosts global corporations, fintechs, private equity and venture capitalists, asset managers and advisory firms.
Other examples of government support for innovation include the Abu Dhabi Investment Office’s (ADIO) $545 million Innovation Programme, which has so far partnered with seven AgTech companies in the region to support innovative R&D projects.
A community like no other
After being selected to join Hub71’s second cohort in November 2022, Tarawneh relocated to Abu Dhabi while her co-founders remained at GFP’s Italian HQ. As one of the first players in climate tech to enter the region, she saw an opportunity to play a part in shaping the emergence of the sector in a market pursuing an ambitious growth agenda.
Co-founder of iFarm
Co-founder of iFarm
“Climate tech is basically the pairing of innovative technologies with solutions,” says Tarawneh, “and we want to make that accessible for businesses and individuals to engage with in a very simple and straightforward way. Even more so with COP28 on the horizon.”
On arrival, Tarawneh recalls being won over by the emirate’s pace of life, way of doing business and community of like-minded entrepreneurs.
“There’s this energy here,” she says. “Something bubbling under the surface. I’m Jordanian and, as an Arab woman in business, I could see straight away that we were being given the space, freedom, power and autonomy to build”.
“I fell in love with Abu Dhabi from the first visit,” says Chizhov. “This is a city where you feel like you are part of something bigger. There are so many companies with which you can organize productive meetings, and the pace of activity here greatly contributes to efficiency in your professional and personal lives.”
iFarm was selected to join Hub71’s third cohort of 2022, and announced the relocation of its global HQ from Helsinki to Abu Dhabi in February 2023.
“It was a strategic move,” says Chizhov, “and Hub71 brought us opportunities that are of great importance for any startup, such as support to set up an office and R&D facilities.”
“Throughout our growth,” Tarawneh explains, “the Hub71 community has felt like an extension of the GFP team, providing expertise and support that has directly affected outcomes. Having all these experts come together to mutually support each other is a very special thing.”
A global tech ecosystem
iFarm and GFP have much to be optimistic about. In 2022 alone, Hub71 onboarded 53 high-growth technology companies – adding to the 200 already part of the scheme – who have collectively raised more than USD $156.7 million.
“Being part of Hub71 has put us firmly in the spotlight,” says Tarawneh. “From an investment point of view, and a commercial point of view, it is setting us apart.”
And as Hub71 grows, so do the opportunities for other founders looking to grow their businesses in Abu Dhabi. With its strategic location, world-class infrastructure, access to funding, and extensive support network, the emirate provides an environment for the next generation of startups to thrive.
“I take every chance to get to know future partners, customers and investors,” says Chizhov. “Abu Dhabi is a hub of opportunities for businesses.”
Co-founder of Green Future Project
Co-founder of Green Future Project
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