DUBAI, March 24 (Xinhua) -- Abu Dhabi, capital of the United Arab Emirates (UAE), will invest 1 billion dirhams (270 million U.S. dollars) to support technology startups, a government statement said Sunday.
In the statement, the Abu Dhabi government said it would invest billions of dollars in industry, tourism and infrastructure to reduce its reliance on oil revenues.
The new initiative will also involve the launch of a 500-million-dirham fund in investment in new projects, said Ibrahim Ajami, head of investment company Mubadala Ventures.
The objective of the plan is to start 100 companies in three to five years, Ajami added.
As a big investor, Mubadala has channelled 225 billion dollars in technology companies in the financial district of Abu Dhabi.
