Following on Gov. Phil Murphy’s economic mission to the United Arab Emirates (UAE) earlier this year, the New Jersey Economic Development Authority entered into a memorandum of understanding (MOU) with Hub71, Abu Dhabi’s global tech ecosystem, to promote each other’s programs that support innovative startups.
Under the MOU, the NJEDA and Hub71 will support eligible startups with local setup, regulatory engagement, and capital access. This is intended to strengthen New Jersey and Abu Dhabi’s entrepreneurial ecosystems and bolster the creation of startup companies and high-quality jobs.
“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,” said Murphy.
The MOU was signed in parallel to the Abu Dhabi Investment Forum (ADIF), which took place this week in New York. This marks another milestone in Hub71’s cross-border expansion strategy, complementing existing partnerships across Asia and Europe and advancing its mission to scale ventures globally from Abu Dhabi.
Earlier this year, the NJEDA announced the creation of the New Jersey Business Acceleration and Softlanding Ecosystem (NJ BASE), which will serve as the state’s first facility to attract foreign companies in key industries, by offering a supportive co-working space to expand and grow their business in the United States.
“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, 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.”
Murphy toured Hub71 on April 30 during his visit to the UAE. Hub71 provides startups with access to international markets, a robust capital ecosystem, progressive regulation, and a vibrant community of skilled talent, enabling founders to build, scale, and sustain technologies.
Since their inception in 2021, Hub71 has onboarded more than 290 startups into their programs, which have recorded $2.4 billion in funding, reflecting Abu Dhabi’s standing as one of the fastest-growing emerging startup ecosystems in the Middle East and North Africa.
The NJEDA’s Strategic Innovation Center initiative is assisting in the creation of facilities around the state that support research and development, innovation, and entrepreneurship through mentorship, networking opportunities, hands-on training, business support services, and education opportunities. Other initiatives, such as the Net-Operating Loss Program and the Angel Investor Tax Credit Program, unlock access to capital for innovative startup companies.
Hub71’s flagship Access program offers startups a support package that includes up to AED 500,000 in in-kind and cash incentives, and the opportunity for top-performing startups to receive up to AED 1 million in follow-on support after completing one year at Hub71. Beyond capital, startups gain access to the Hub71 network and Abu Dhabi market, talent pool, and investor networks.
