At the recent 2023 Abu Dhabi Finance Week, a fireside chat brought together key players in the region’s dynamic ecosystem, shedding light on pivotal shifts that promise to shape the future of tech startups in the capital. At the Finance Week in Abu Dhabi, which is currently undergoing a profound transformation in its investment strategies, global financial leaders convened to explore the transformative theme, ‘Investing In The Transition Era’.
Moderated by Sonia Gokhale, Co-Founder & General Partner at VentureSouq, the conversation featured Ahmad Ali Alwan, Deputy CEO of Hub71, and Mahmoud Adi, Founding Partner at Shorooq Partners. The stage was set for an exploration of how collaboration, sustainability, and talent development are taking centre stage in Abu Dhabi’s investment narrative.
Ahmad opened the discussion with insights into Abu Dhabi’s tech startup evolution. Highlighting the surge in international opportunities, he attributed this growth to collaborative efforts between Hub71 and venture capital partners. The diversity of represented sectors and the influx of cutting-edge technologies showcased Abu Dhabi’s strategic importance as a global hub.
Mahmoud delved into the city’s unique positioning as the “capital of capital.” The discussion unfolded around collaborations leveraging the robust infrastructure in areas such as cloud computing and healthcare innovation.
Collaboration emerged as the linchpin for innovation and growth, with both speakers highlighting Abu Dhabi’s regulatory agility. The government’s constructive engagement and nimble response to feedback were showcased as catalysts for a thriving ecosystem where partnerships flourish.
Recognising the need for more capital across the value chain, Mahmoud pointed to the challenging early and growth stages. He called for increased participation from institutions, angel investors, families, and friends. The conversation pivoted towards Abu Dhabi’s potential to play a leadership role in catalysing market dynamics.
Ahmad shared Hub71’s success in fostering a community-centric space, where startups collaborate, share challenges, and collectively grow. The discussion emphasised the significance of activating Abu Dhabi’s capital ecosystem, encouraging local deployment over reliance on foreign investors.
In closing, both speakers expressed optimism about an imminent tipping point in Abu Dhabi’s tech startup landscape. Entrepreneurs were encouraged to seize the moment, leveraging the city’s unique attributes as a hub for innovation. The fireside chat not only provided a snapshot of the current scenario but also painted a promising picture of substantial growth and global recognition on the horizon.
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