Partnership to support Abu Dhabi based startups with commercial opportunities to advance mobile satellite solutions
New agreement establishes Hub71 as Yahsat's Innovation Partner
Hub71 startup, Mental VR, secures first contract resulting from new partnership to support Yahsat with remote learning
Abu Dhabi, UAE, 7 November 2022: Hub71, Abu Dhabi's global tech ecosystem, and Al Yah Satellite Communications Company PJSC Yahsat (ADX: AEA007501017), the UAE's flagship satellite solutions provider listed on the Abu Dhabi Securities Exchange (ADX), today announced a collaboration to accelerate startup technology adoption in satellite communications.
Through this partnership, Yahsat will work with founders in the Hub71 community to advance technological innovations that support the development of the UAE's mobile satellite capabilities. The first contract 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 personnel in remote locations.
The wider partnership between Yahsat and Hub71 will help identify technology startups that have the potential to advance the UAE's space industry and strengthen satellite communication technologies. Hub71 and Yahsat are both supported by Mubadala Investment Company and will work collaboratively towards building national capabilities and contributing to the UAE's economic growth for the next 50 years. As part of the partnership agreement, Yahsat has appointed Hub71 as its Innovation Partner.
Hub71 startups will get to work alongside global experts from Yahsat and receive strategic mentorship to gain insights into satellite technologies and the space industry. Startups will also be able to explore commercial opportunities as part of Yahsat's satellite and technology program.
Badr Al-Olama, Acting Chief Executive Officer of Hub71, said: Our partnership with Yahsat reinforces our commitment to support tech initiatives that create impact for Abu Dhabi. Through this partnership, we will promote economic opportunities and strengthen the UAEs growing position as a leading global hub for technological excellence.
Ali Al Hashemi, Chief Executive Officer of Yahsat, added: Yahsat is proud to have been a pioneer in the satellite services industry within the UAE, championing the establishment of the nation as a global hub for space tech. Our partnership with Hub71 is aligned with our commitment to build local capabilities and enhance the national space economy through collaborations with the startup ecosystem. As two UAE entities with a foundational base in Abu Dhabi, we look forward to working together to create greater opportunities for the development and enhancement of the satellite services industry.
Since its inception, Hub71 has rapidly expanded its ecosystem, which is now home to almost 200 startups working across 20 sectors. The global tech ecosystem has created a thriving business environment for founders with dedicated programs that promote increased commercial and fundraising opportunities. Hub71 startups have raised AED 3.2 billion from renowned investors globally and generated AED 2.7 billion revenues since 2019.
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Partnership to support Abu Dhabi based startups with commercial opportunities to advance mobile satellite solutions
