The New Jersey Economic Development Authority (NJEDA) has signed a memorandum of understanding (MOU) with Hub71, Abu Dhabi’s technology ecosystem, to support startups in both New Jersey and Abu Dhabi. The agreement aims to help eligible startups with local setup, regulatory matters, and access to capital.
This partnership follows Governor Phil Murphy’s economic mission to the United Arab Emirates earlier this year. According to Governor Murphy, “Throughout my administration, New Jersey has been focused on maintaining strong international economic relationships and developing new opportunities for the Garden State’s entrepreneurs. This MOU will harness the power of international collaboration to strengthen the innovation economy of both Abu Dhabi and New Jersey, which will create good-paying jobs and bolster the Garden State’s economic competitiveness.”
The MOU was formalized alongside the Abu Dhabi Investment Forum held in New York. It is part of Hub71’s strategy for cross-border expansion that builds on its existing partnerships in Asia and Europe. Earlier this year, NJEDA announced the creation of the New Jersey Business Acceleration and Softlanding Ecosystem (NJ BASE), a facility designed to attract foreign companies by offering co-working space and business support as they expand into the United States.
H.E. Ahmed Jasim Al Zaabi, Chairman of Hub71, stated: “Abu Dhabi is shaping a new era of innovation; one that is globally connected and rooted in collaboration. By connecting ecosystems across borders, we are empowering ambitious founders to scale impactful ventures, reaffirming the importance of international collaboration in driving economic diversification, job creation, and inclusive, sustainable development.”
Governor Murphy visited Hub71 during his trip to the UAE on April 30th. Since its launch in 2021, Hub71 has supported over 290 startups that have collectively raised $2.4 billion in funding.
Tim Sullivan, Chief Executive Officer at NJEDA said: “Under Governor Murphy’s leadership, New Jersey is cultivating important international partnerships around the globe, leading to greater investments into new industries and a more diverse economy. The NJEDA has built a robust toolkit to support innovative startups in the state, and we’re excited to work with Hub71 to promote the exciting initiatives that Abu Dhabi and the Garden State have to offer.”
Ahmad Ali Alwan, CEO of Hub71 added: “Technology continues to transcend borders, and innovation ecosystems must strengthen their ties to support the global ambitions of founders. Our collaboration with Choose New Jersey is focused on unlocking soft-landing opportunities for startups looking to expand internationally, while deepening the exchange of knowledge, talent, and innovation. By opening our ecosystems to one another, we are creating pathways for ideas and ventures to achieve global scale.”
NJEDA offers various programs supporting business growth including research grants as well as tax credits such as its Net-Operating Loss Program and Angel Investor Tax Credit Program.
Hub71 provides incentives through its Access program—offering up to AED 500,000 in support packages for startups with potential follow-on incentives after one year—and connects them with investor networks within Abu Dhabi.
For further information about NJEDA programs visit their official website at https://www.njeda.com/. Details about Hub71’s offerings can be found at https://hub71.com/.
