Hashed Ventures, a South Korean venture capital firm, has partnered with Abu Dhabi’s tech ecosystem Hub71 to explore investment opportunities in the Middle East and North Africa’s (MENA) growing tech and crypto sectors, Bloomberg reported.

The Seoul-based company, managing assets worth approximately US$700 million, aims to leverage Abu Dhabi’s strategic position and Hub71’s resources to scale its portfolio companies and attract South Korean tech startups to the United Arab Emirates (UAE).

The collaboration with Hub71, a state-backed tech incubator, will provide Hashed Ventures with access to funding, mentorship, and market opportunities in the MENA region.

CEO Simon Seo-Joon Kim cited the UAE’s crypto-friendly regulatory environment as a decisive factor for Hashed’s expansion.

Abu Dhabi’s tech landscape is poised for diversification and advancement, with the partnership expected to introduce South Korean startups, especially those valued over US$1 billion, to the local market.

Hashed Ventures’ decision to establish a base in Abu Dhabi is part of its global strategy to mitigate the effects of domestic market challenges, such as South Korea’s declining population.