Hub71, an Abu Dhabi-based global technology platform managed by Mubadala Investment Company, has announced the conclusion of a strategic partnership agreement with the French National Investment Bank (BPI France), with the aim of coordinating efforts, stimulating innovation and providing opportunities with benefits. A joint venture for technology companies, institutions and entrepreneurs in Abu Dhabi and France, which supports the commitment of both sides to enhance the entrepreneurship ecosystem.
The agreement will contribute to strengthening the close cooperation between “HB71” and “BPI France”, which would converge the dynamic technological system in both Abu Dhabi and Paris. The two sides agreed to explore launch programs that include a selected group of startups operating in the technology field in Abu Dhabi and France, which would provide distinguished startups with access to training, meetings with potential partners and opportunities to attract investors.
Each program aims to develop new and innovative technology products and services designed for the UAE and French markets. The two sides also agreed to explore joint investment opportunities in start-ups in “Hub 71” and France.
“There is no doubt that strengthening partnerships with reputable institutions of the size of BBI France will help the startup community in the HB71 platform to enter the French market,” said Hanan Harhera Al Yafei, CEO of HB71.
She added, “We have a long-term commitment with BBI France to strive towards promoting entrepreneurship, by helping French companies join the HB71 platform in Abu Dhabi, and taking advantage of the platform’s dynamic ecosystem in order to achieve a thriving business environment.” In the Middle East and North Africa region, we see tremendous potentials through establishing bridges of communication between France and Abu Dhabi in terms of the technological system between them and supporting relations between investors on both sides and potential partnerships for French entrepreneurs who benefit from our cooperative community, through the incentives program (HB 71). .
For his part, Khaled Al-Shamlan, Head of the Sovereign Investment Partnerships Unit at Mubadala Financial Investments of Mubadala, said: “We fully support the new agreement that (HB71) entered into with BBI France, which is based on Mubadala’s strategic partnership with The French Bank, in order to enhance financing opportunities for French companies that achieve profitability in the technological field and generate large returns on investment.
He added, “As a global investor, we are proud of our long and proven record of support for French companies, and we will continue to strive to achieve our goal of providing investment opportunities for the latest group of innovative French companies in the Middle East and North African markets.”
“France is an incubator for innovation in technology, with its companies that have an in-depth base of talent, world-class universities and research centers, and they have 10,000 startups in various sectors,” said Nicolas D’Forque, CEO of BPI France. Promote the prosperity of the startup field. ”
He added, “Sharing our resources with HB71 will contribute to a valuable and attractive ecosystem and help startups and entrepreneurs in Abu Dhabi thrive in France. As an organization that focuses on strategic partnerships and aims to support high-growth global startups in France, we see Great opportunities will be achieved through this agreement, which will increase the investment horizons for the business community in Hub71, with the strong support of us. ” The cooperation agreement between the two sides is based on the joint 10-year roadmap between the United Arab Emirates and France, as well as the strategic partnership with HB71 led by Mubadala and the main investor in the LAC I Fund, the multi-billion dollar fund that it manages. BPI France aims to raise 10 billion euros.
BBI France aims to contribute to economic growth and enhance the efforts of companies of all sizes to expand, through innovation and the provision of financing products for growth and institutional consulting. The bank also supports non-French companies, by introducing them to potential investors and partners, helping them to build strategic partnerships in the technology field, and supporting global startups to enter the French market.
HB71 will participate in a panel discussion entitled: “Abu Dhabi: The Technology Gateway to the Middle East?”, In partnership with the Abu Dhabi Global Market and Mubadala Financial Investments Europe, which will be held within the activities of the sixth session of the Inno Generation Conference 2020 To be convened by BBI France, it will shed light on the factors that make Abu Dhabi a gateway for French start-ups and venture capital firms to enter the Middle East.
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