Abu Dhabi Starts $2B Initiative to Back Web3 Startups.

Abu Dhabi's tech ecosystem, Hub71, has launched a new $2 billion initiative to support web3 and blockchain technology startups in the region.
The Hub71+ digital asset ecosystem initiative will give startups access to a wide range of programs and potential corporate, government and investment partners, according to a press release Wednesday.
The program also assists companies relocating to Abu Dhabi to facilitate startup growth in the Middle East and global markets. The initiative will be based at his Hub71 in the financial district of Abu Dhabi Global Markets. FABRIC, the research and development center of First Abu Dhabi Bank (FAB), is the anchor partner for this initiative, which also includes crypto exchanges and service providers.
The capital of the United Arab Emirates (UAE) has long been positive about the crypto industry. The city's international financial center introduced regulations for digital assets in 2018.