Abu Dhabi will commit up to 1 billion dirhams ($272 million) to support technology startups, it said on Sunday.
U.S. tech giant Microsoft will be a strategic partner. Providing technology and cloud services to the businesses that join the hub as the capital of the United Arab Emirates continues its push to reduce reliance on oil revenue.
The emirate launched a 50 billion dirham ($13.6 billion) stimulus fund, Ghadan 21, in September last year to accelerate economic growth. Ghadan means tomorrow in Arabic. The new initiative, named Hub 71, is linked to Ghadan will also involve the launch of a 500 million dirham fund to invest in start-ups, said Ibrahim Ajami, head of Mubadala Ventures, the technology arm of Mubadala.