ABU DHABI (Reuters) – Abu Dhabi will commit up to 1 billion dirhams ($272 million) to help innovation new businesses, it said on Sunday, in a devoted center point as a component of endeavors to broaden its economy.
US tech monster Microsoft will be an essential accomplice, giving innovation and cloud administrations to the organizations that join the center as the capital of the Unified Middle Easterner Emirates proceeds with its push to lessen dependence on oil income.
Abu Dhabi infers around 50% of its genuine GDP and around 90% of focal government income from the hydrocarbon area, as per appraisals organization S&P.
The emirate sent off a 50 billion dirham ($13.6 billion) boost store, Ghadan 21, in September last year to speed up monetary development. Ghadan implies tomorrow in Arabic.
The new drive, named Center point 71, will likewise include the send off of a 500 million dirham asset to put resources into new businesses, said Ibrahim Ajami, head of Mubadala Adventures, the innovation arm of Mubadala Speculation Co.