Abu Dhabi's Mubadala Investment Company is set to launch a new hub for tech startups in conjunction with Japan's SoftBank Group.
The company's venture capital arm, Mubadala Ventures, has announced ‘Hub 71', a $142m fund for startup investment and tech hub.
Hub 71 - named after the year that the UAE was founded - will tap into the government's Ghadan 21, the $13.6bn stimulus package to provide jobs, SME boost that was announced last year.
Ghaden 21 aims to further underpin the emirate's status as a vibrant and integrated destination of choice for tech companies and startups in collaboration with key firms specialising in this field from around the world.
As a part of its commitment to the region, Japanese-owned SoftBank opened offices in Abu Dhabi, UAE, and Riyadh, Saudi Arabia, last year.
Backers of the almost $100 billion Vision Fund include wealth funds from the Middle East, including Saudi Arabia and Abu Dhabi.