Hub71 has signed an agreement with OYO Hotels & Homes (OYO). OYO will provide select accommodation to startups that have been granted Hub71’s Incentive Packages. Since its launch in 2013, OYO has brought about a change in the hotel franchising and leasing segment by offering standardized quality hospitality experiences to travelers and residents from all around the world at affordable prices.
The accommodation is centrally located on Al Reem Island, two kilometers from Al Maryah Island. OYO will be leasing, fitting out and managing residential units for Hub71 residents, providing both furnished and unfurnished units. Earlier last month, as part of Hub71’s Incentive Package, it was announced that WeWork will provide subsidized office spaces from early 2020.
Mahmoud Adi, CEO of Hub71, said: “Hub71 is designed to support global startups during the most important phase of growth; furthermore, we’re delivering on our promise of building a solid ecosystem based on strong partnerships and collaborations with both international and local players. Through our partnership with OYO, we will offer free leases for startups with up to five employees for two years, and 50% subsidized leases for startups with up to 25 employees for three years. Not only is Hub71 supporting startups with mentorship and improved market access, but we’re directly adding value to their bottom line. We are confident that our partnership with the global hospitality company will be monumental to the growth of Abu Dhabi’s tourism and tech scene.”
Today, OYO Hotels & Homes hosts guests from around the world in over 23,000 hotels and over one million rooms under management. Group CEO and Founder of OYO Hotels & Homes, Ritesh Agarwal, commented: “We are thrilled to partner with Hub71, offering OYO’s standardized accommodation to startups. We understand that running a successful company demands razor-sharp focus on solving a problem, and with OYO as a trusted accommodation partner, the young entrepreneurs, founders, and their families will have one less thing to worry about as they solve modern-day problems, while adding value to Abu Dhabi’s entrepreneurial ecosystem.”
As a flagship Ghadan 21 program working to accelerate Abu Dhabi’s new world economy, Hub71 is bringing together global partners to create the optimal environment for startups. Mubadala Investment Company leads the tech hub in partnership with Microsoft and SoftBank Vision Fund along with Abu Dhabi Global Market, creating a unique global ecosystem.