Masdar City, Abu Dhabi’s flagship sustainable urban community, has launched Tech Park, a new destination for start-ups focused on technology, sustainability and the digital economy.
The strategic hub will house companies receiving funding and mentorship through the Catalyst, the Middle East’s first start-up accelerator specialising in clean technology and sustainability.
Yousef Baselaib, executive director for Sustainable Real Estate at Abu Dhabi Future Energy Company (Masdar), said: “The launch of Tech Park marks an important milestone in Masdar City’s development. As a sustainable urban community with a rapidly growing clean-tech cluster and business free zone at its core, we are delighted to welcome the addition of Tech Park, the first destination of its type focused on innovation in the digital economy and sustainability.”
Overlooking Masdar Park, Tech Park is an eco-friendly cluster of offices, hot desks and workshops made from recycled shipping containers. Current tenants include Safe City Group, a local developer of turnkey solutions for smart and safe city projects, De L’Arta, a UAE skincare brand whose products are made from sustainable and locally sourced ingredients, Solva Technologies, Mana Ventures and Al Hakeem Advanced Engineering Services.
Tech Park’s shipping containers meet Masdar City’s strict sustainability standards, having significantly lower embodied energy costs than regular offices.
Also a tenant, the Catalyst hopes to attract 30 more start-ups to Tech Park by the end of 2021, as part of its ongoing programme to incubate at least 12 new homegrown and international business ventures per year.
Plans have also been announced to host the UAE Clean Tech Challenge, a global business plan competition for clean-tech start-ups, which will take place in November.
“As development continues to gather pace at Masdar City, as more residents choose the city as their home, and as more businesses set up operations here, a genuine innovation ecosystem is taking shape,” said Baselaib.
The working population at Masdar City today exceeds 4,000 with around 600 companies now operating out of the city, from global corporations such as Siemens, Honeywell and Lockheed Martin, to homegrown enterprises and freelance entrepreneurs.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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