Abu Dhabi Launches $2 Billion Scheme to Aid Local Web3 Startups

Abu Dhabi, the UAE’s megacity, is launching a well-funded initiative that will provide Web3 startups with vast resources for growth.

Abu Dhabi has launched a new $2 billion initiative to support Web3 and blockchain technology startups in the region.

According to reports, the Hub71+ Digital Assets ecosystem initiative of the United Arab Emirates city will also facilitate startup access to several programs and potential partners. These collaborators are most likely from the corporate, government, and investment sectors.

A press release elaborated on the newly established Abu Dhabi initiative for Web3 startups. The following is stated in the announcement:

“The initiative will be based at Hub71 in Abu Dhabi Global Market (ADGM), providing Web3 startups with a progressive regulatory environment and world-class blockchain and virtual asset infrastructure.”

In addition, the press release explains:

“FABRIC, the research and innovation center of First Abu Dhabi Bank (FAB), is the anchor partner of Hub71+ Digital Assets, while digital asset exchanges and service providers are part of the initiative to facilitate the discovery, trading, and custody of digital assets.”

Participants Discuss the Abu Dhabi Initiative for Web3 Startups

Ahmad Ali Alwan, Deputy Chief Executive Officer of Hub71, commented on the news, describing Hub71+ Digital Assets as Abu Dhabi’s openness to blockchain-centric ideas. According to him, the UAE capital seeks to move the needle in order to facilitate global disruptive change and transformation. Decentralization, according to Alwan, is the future of the blockchain-based internet, and Web3 startups are significant catalysts for this future.

Alwan also stated that the collaborative opportunities provided by ADGM, FAB, and FABRIC, as well as leading Web3 enablers, would benefit startups the most. This is due to the fact that these startups would be able to safely fundraise, develop, and commercialize innovations. Furthermore, all startup operations would take place in the MENA region’s largest regulated virtual assets jurisdiction.

ADGM CEO Dhaher bin Dhaher Al Mheiri also commented on the Abu Dhabi Web3-friendly scheme. According to Al Mheiri, the launch of Hub71+ Digital Assets would solidify the relationship between ADGM and Hub71. In addition, he stated that the emergence of new technologies and ecosystems, such as Web3, has the potential to transform the world. According to Al Mheiri, the digital landscape is constantly changing, and ADGM is committed to providing a comprehensive facilitatory environment. He believes that an ADGM-supported environment would result in the secure and seamless adoption of digital assets across the board. Furthermore, Al Mheiri stated that the alliance will allow startups and digital assets to access ADGM’s diverse ecosystem. Startups would be better positioned to function at maximum capacity and capabilities if they had access to world-class and innovative infrastructure.

Meanwhile, FAB Group Chief Operating Officer Suhail Bin Tarraf stated that the collaboration would position FAB at the forefront of blockchain innovation. According to Tarraf, banks currently enjoy the same level of trust in blockchain transactions as they do in traditional finance. As a result, First Abu Dhabi Bank remains well-positioned to capitalize on new opportunities.