Mon 11/07/2022 10:12 a.m
ABU DHABI, 7th November, 2022 (WAM) — Hub71, Abu Dhabi’s global technology ecosystem, and Al Yah Satellite Communications Company (Yahsat) today announced a collaboration to accelerate the adoption of startup technologies in satellite communications accelerate.
Through this partnership, Yahsat will work with the founders of the Hub71 community to drive technological innovations that support the development of the UAE’s mobile satellite capabilities.
The first deal resulting from the new partnership is an agreement between Yahsat and Hub71-based startup Mental VR, a virtual reality (VR) software development company. Mental VR will provide its state-of-the-art VR technology and deliver dynamic and seamless training programs for Yahsat employees in remote locations.
The broader partnership between Yahsat and Hub71 will help identify technology startups that have the potential to advance the UAE’s space industry and strengthen satellite communications technologies.
Both backed by Mubadala Investment Company, Hub71 and Yahsat will work together to build national capacity and contribute to the UAE’s economic growth over the next 50 years. As part of the partnership agreement, Yahsat has named Hub71 as its innovation partner.
Hub71 startups will work with Yahsat’s global experts and receive strategic mentorship to gain insights into satellite technologies and the space industry. Startups can also explore commercial opportunities through Yahsat’s satellite and technology program.
Badr Al-Olama, Acting Chief Executive Officer of Hub71, said: “Our partnership with Yahsat reaffirms our commitment to supporting technology initiatives that matter to Abu Dhabi. Through this partnership, we will foster economic opportunity and strengthen the UAE’s growing position as a leading global hub of technological excellence.”
Ali Al Hashemi, Chief Executive Officer of Yahsat, stated: “Yahsat is proud to have been a pioneer in the satellite services industry in the UAE and to have been committed to establishing the nation as a global center for space technology. Our partnership with Hub71 aligns with our commitment to building local capabilities and improving the national space economy through collaborations with the startup ecosystem. As two UAE companies with an incorporation base in Abu Dhabi, we look forward to working together to create greater opportunities for the development and improvement of the satellite services industry.”
Since its inception, Hub71 has rapidly expanded its ecosystem, which is now home to nearly 200 startups operating across 20 sectors. The global tech ecosystem has created a thriving business environment for founders with dedicated programs promoting expanded business and fundraising opportunities. Hub71 startups have raised AED3.2 billion from reputable investors worldwide since 2019 and generated revenue of AED2.7 billion.