The programme also aims to further drive Abu Dhabi’s position as a global hub for technology and entrepreneurship

The Abu Dhabi Investment Office (ADIO) and Microsoft welcomed 21 technology startups in the second edition of the jointly-run GrowthX Accelerator programme that aims to provide selected companies with access to the market and investors.

The new batch of startups will participate in a series of activities for 12 weeks. The activities will equip them with technical and technological knowledge to advance their business ideas, which aim to solve real-world challenges being faced by corporations in the region, Microsoft said on Tuesday.

The programme also aims to further drive Abu Dhabi’s position as a global hub for technology and entrepreneurship.

Abu Dhabi has been a leader in leveraging advanced technology to generate sustainable economic impact, said Mohamed Al Dhaheri, acting executive director of business enterprise at ADIO.

Key to our approach has been the empowerment of innovative tech startups that play an important role in accelerating innovation and boosting entrepreneurship, he said.

The UAE continues to support the startup ecosystem with programmes and partnerships to boost the sector and encourage investments.

Startups in Hub71, the global technology ecosystem based in Abu Dhabi Global Market, secured Dh1.5 billion ($0.41 billion) worth of investments, created 1,000 new jobs and posted revenue of about Dh1.2 billion ($0.33 billion) since the hub’s inception in 2019.

Abu Dhabi venture capital firm Shorooq Partners launched a $150 million fund to support early-stage startups operating in the Middle East and North Africa and Pakistan region, while Abu Dhabi’s holding company ADQ and the Turkey Wealth Fund formed a new $300 million technology fund.

The GrowthX Accelerator is part of the Microsoft for Startups Middle East and Africa programme.