Hub71, a global tech ecosystem based in Abu Dhabi Global Market Square, has signed an agreement with Oyo Hotels & Homes to provide select accommodation to start-ups that have been granted incentive packages for employees.
The accommodation will be centrally located on Al Reem Island, 2km from Hub71 and Oyo said it will be leasing, fitting out and managing residential units, providing both furnished and unfurnished units.
Earlier last month, as part of Hub71’s incentive package, it was announced that WeWork will provide subsidised office spaces from early 2020.
Mahmoud Adi, CEO of Hub71, said: “Hub71 is designed to support global startups during the most important phase of growth; furthermore, we’re delivering on our promise of building a solid ecosystem based on strong partnerships and collaborations with both international and local players.
"Through our partnership with Oyo, we will offer free leases for start-ups with up to five employees for two years, and 50 percent subsidised leases for start-ups with up to 25 employees for three years.
"Not only is Hub71 supporting startups with mentorship and improved market access, but we’re directly adding value to their bottom line. We are confident that our partnership with the global hospitality company will be monumental to the growth of Abu Dhabi’s tourism and tech scene.”
Oyo Hotels & Homes currently hosts guests from around the world in over 23,000 hotels and over one million rooms under management.
Ritesh Agarwal, group CEO and founder of Oyo Hotels & Homes, said: “We are thrilled to partner with Hub71, offering OYO's standardised accommodation to start-ups. We understand that running a successful company demands razor-sharp focus on solving a problem, and with Oyo as a trusted accommodation partner, the young entrepreneurs, founders and their families will have one less thing to worry about.”
As a flagship Ghadan 21 program working to accelerate Abu Dhabi’s new world economy, Hub71 is bringing together global partners to create the optimal environment for start-ups.
Mubadala Investment Company leads the tech hub in partnership with Microsoft and SoftBank Vision Fund along with Abu Dhabi Global Market, creating a unique global ecosystem.
Startups can apply for Hub71’s incentive packages from Q4 of 2019 via www.Hub71.com.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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