Abu Dhabi is doubling down on its push into the technology sector with a $250 million investment to support start-ups from the Middle East and North Africa Region .Mubadala, Abu Dhabi’s state investment arm, announced that  its new MENA tech funds will invest in companies and venture funds that help boost local tech incubator Hub71.

Abu Dhabi has set up a dedicated  hub to attract technology start-ups, called Hub71, and is encouraging other related investments as part of its effort to diversify the economy away from oil revenues.

Ibrahim Ajami, head of Ventures at Mubadala Capital said that the latest investments include a $150 million fund that will be invested in other technology funds and $100 million targeted directly at early-stage companies.

“The MENA funds will drive the economic development of Abu Dhabi by stimulating tech investment activity,” Ajami told delegates at a Fintech event.

Under its $150 million fund, Mubadala Capital will also invest in San Francisco-based Data Collective Venture Capital, Middle East Ventures Partners and Global Ventures. The $100 million fund will focus on early stage tech companies that will be part of the Hub71 development. The fund aims to invest in a portfolio of 15 firms. Hub71 was launched earlier this year as part of a broader effort by the government of the United Arab Emirates (UAE) to diversify its economy. Microsoft and Soft Bank are also partners in the Abu Dhabi-based scheme. Hub71 offers incentives like office space and health care coverage to encourage start-ups to set up shop in the region.

With offices in Abu Dhabi, London and San Francisco, Mubadala Ventures investments include a $15 billion investment in Softbank’s Vision Fund I. It manages the $400 million Mubadala Ventures Fund 1 in the United States and another $400 million fund in Europe.

Mubadala Capital is the financial investment arm of Abu Dhabi’s sovereign wealth fund, Mubadala Investment Company.