FNB has announced the launch of a virtual card that customers can create on the FNB and RMB Private banking apps. The virtual card…
Mubadala, the Abu Dhabi government’s investment company has announced that it will invest a total of $250-million in startups from the Middle East and North Africa (MENA) region.
The firm explained in a statement yesterday on LinkedIn that the $250-million will include a $150-million fund of funds and a $100-million direct fund.
The investment company further explained in a post on Twitter that the $150-million fund of funds programme will invest in funds that back startups at the Abu Dhabi government’s $142-million tech hub Hub 71.
Mubadala’s $150-million fund of funds will invest in funds that back Hub71 startups
The Abu Dhabi government launched Hub 71 in March as part of its 50-billion dirham ($13.6-billion) stimulus programme which it announced last September (see this story).
In addition, Mubadala in a subsequent tweet committed to three funds, namely San Francisco-based seed and Series-A deep tech venture fund Data Collective, Middle East Venture Partners and Dubai-based Global Ventures.
Featured image: Mubadala head of ventures Ibrahim Ajami (Mubadala)