The United Arab Emirates (UAE) is furthering its push into technology and artificial intelligence, in a bid to future-proof its oil, trade and tourism-dependent economy.

In the capital of Abu Dhabi where about 90% of central government revenue comes from the hydrocarbon sector, authorities have launched Hub 71 — a 1 billion dirham ($272 million) scheme driven by state investor Mubadala and supported by the Abu Dhabi government to attract and develop technology start-ups.

"We're looking global," Mahmoud Adi, the head of Hub71, told CNBC's "Capital Connection" Thursday. "We believe that Abu Dhabi can offer access to capital, access to ease of doing business, and we are extremely glad that yesterday we saw that the cabinet announced five-year visas," he added.

The UAE has put in place significant adjustments to its long-term visa system, which includes a 10-year residency visa for investors and specialists, and a five-year visa for exceptional students and entrepreneurs.

The new Hub71 program will be based at the Abu Dhabi Global Market site and will involve the launch of a 500 million dirham fund to invest in technology start-ups. It aims to attract 100 companies over the next three to five years by offering incentives such as housing, office space and health insurance.

"Hub71 will bring together three key factors essential for the success of Abu Dhabi's tech ecosystem — capital providers, business enablers and strategic partners, all under one roof," Mubadala's Deputy Group CEO Waleed Al Muhairi said in a statement.