Hub71, Abu Dhabi's global tech ecosystem, has announced a strategic partnership with Venturewave Capital, a leading Irish private equity and venture capital firm. This collaboration aims to fortify the technology and investment ties between the United Arab Emirates and Ireland. The agreement follows a series of high-level bilateral exchanges designed to enhance cross-border innovation, capital flow, and founder mobility between the two nations.
Strengthening Diplomatic and Economic Ties
The foundation for this partnership was established earlier this year during a UAE delegation's visit to Ireland, led by H.E. Reem Al Hashimy, Minister of State for International Cooperation. This visit, commemorating 50 years of diplomatic relations, included key engagements between Hub71 and Irish government and industry leaders. These discussions in Dublin were pivotal in exploring opportunities for collaboration between the two rapidly growing tech ecosystems.
Building on this momentum, Hub71 recently hosted an Irish delegation led by H.E. Peter Burke, Ireland's Minister for Enterprise, Tourism and Employment. The visit provided senior representatives from Enterprise Ireland and other partners a firsthand look at Hub71's vibrant tech community. It served to highlight the significant scaling opportunities available to Irish startups within Abu Dhabi's dynamic ecosystem and its strategic global position.
A Strategic Partnership for Growth
The formal outcome of this ongoing dialogue is a partnership agreement with Venturewave Capital, which is currently incorporating within the Abu Dhabi Global Market (ADGM). This strategic move strengthens Hub71’s access to the Irish technology scene, creating a clear entry point for Irish startups into Abu Dhabi. It also unlocks reciprocal opportunities for founders based in the UAE looking to expand their reach into European markets.
As Hub71's first Irish venture capital partner, Venturewave will play a crucial role in nurturing startups across priority sectors. These areas include Health, Education, Food & Agriculture, Climate, and Sustainable Finance. The firm will also contribute its expertise to Hub71's selection process and provide vital support for founders aiming for European and North American markets.
Leadership Perspectives on the Collaboration
Ahmad Ali Alwan, CEO of Hub71, emphasized the growing relationship between the two innovation hubs. "The partnership with Venturewave Capital strengthens Hub71's venture network and opens new pathways for founders on both sides," he stated. This collaboration is seen as a key step in accessing international markets, capital, and expertise for startups in both nations.
Alan Foy, Chairman of Venturewave Capital, echoed this sentiment, highlighting a shared mission to drive global impact through innovation. "This strategic collaboration within the dynamic ADGM ecosystem reinforces our commitment to backing transformative technology companies," Foy remarked. He noted the partnership will foster deeper links between the UAE and Ireland, creating a gateway to Europe for innovation and capital.
This alliance between Hub71 and Venturewave Capital represents a significant milestone in connecting the innovation landscapes of the UAE and Ireland. It provides a structured pathway for startups to scale internationally, backed by robust venture capital support and ecosystem access. The partnership aligns perfectly with Abu Dhabi's overarching strategy to forge strong global connections and cultivate a world-class environment for high-growth companies.