The basics:
- NJEDA signs MOU with Abu Dhabi’s Hub71 to support global tech startups
- Partnership helps startups expand, access funding & navigate regulations
- Builds on Gov. Phil Murphy’s mission to strengthen international ties
- Complements NJ BASE program to attract global business to New Jersey
The New Jersey Economic Development Authority signed a memorandum of understanding with Abu Dhabi’s Hub71 to support technology startups seeking to expand internationally, the agency announced Oct. 3.
The partners unveiled the MOU alongside the Abu Dhabi Investment Forum in New York. It aims to help eligible startups establish operations, navigate regulatory processes, and access capital in both New Jersey and Abu Dhabi. The initiative seeks to bolster the creation of innovative companies as well as high-quality jobs while expanding the global reach of both regions’ entrepreneurial ecosystems.
The partnership builds on Gov. Phil Murphy’s economic mission to the United Arab Emirates earlier this year. While there, he toured Abu Dhabi’s global tech ecosystem, Hub71.
“Throughout my administration, New Jersey has been focused on maintaining strong international economic relationships and developing new opportunities for the Garden State’s entrepreneurs,” Murphy said in an Oct. 3 press release. “This MOU will harness the power of international collaboration to strengthen the innovation economy of both Abu Dhabi and New Jersey, which will create good-paying jobs and bolster the Garden State’s economic competitiveness.”
Building on NJ BASE
For Abu Dhabi, the MOU represents another step in Hub71’s broader cross-border expansion strategy, which also includes partnerships across Asia and Europe. Since launching in 2021, Hub71 has onboarded more than 290 startups into its programs, which have collectively raised $2.4 billion in funding.
“Abu Dhabi is shaping a new era of innovation; one that is globally connected and rooted in collaboration,” said H.E. Ahmed Jasim Al Zaabi, chairman of Hub71. “By connecting ecosystems across borders, we are empowering ambitious founders to scale impactful ventures, reaffirming the importance of international collaboration in driving economic diversification, job creation, and inclusive, sustainable development.”
The agreement also complements the NJEDA’s launch earlier this year of the New Jersey Business Acceleration and Softlanding Ecosystem.
A first-of-its-kind facility in the state, NJ BASE aims to attract international companies by offering coworking space to help support expansion and growth of their business in the United States.
Past economic missions:
Click below to read – and see – more from other trips:
“Under Gov. Murphy’s leadership, New Jersey is cultivating important international partnerships around the globe, leading to greater investments into new industries and a more diverse economy,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA has built a robust toolkit to support innovative startups in the state, and we’re excited to work with Hub71 to promote the exciting initiatives that Abu Dhabi and the Garden State have to offer.”
Hub71 leaders emphasized that global cooperation is critical for startup growth.
“Technology continues to transcend borders, and innovation ecosystems must strengthen their ties to support the global ambitions of founders,” said Ahmad Ali Alwan, CEO of Hub71. “Our collaboration with Choose New Jersey is focused on unlocking soft-landing opportunities for startups looking to expand internationally, while deepening the exchange of knowledge, talent, and innovation.
“By opening our ecosystems to one another, we are creating pathways for ideas and ventures to achieve global scale.”
