Dubai is reaping the dividends of new tech investments because it has laid the grounds for a post-pandemic boom through a business-friendly and low-taxes environment, according to CNBC.
Ola Doudin, the co-founder of cryptocurrency platform BitOasis, noted:
“We’re definitely seeing Dubai leading that race, competing with other financial hubs and really positioning itself as a global crypto hub.”
Dubai has already set the ball rolling as a significant blockchain hub. For instance, the Dubai economy got powered by the UAE KYC (Know-Your-Customer) blockchain platform in July 2020. This prompted instant bank accounting functionality, secure digital customer onboarding, and sharing of verified data between financial institutions and licensing authorities.
Doudin pointed out how Dubai handled the pandemic is paying off because more people want to move to the city. He stated:
“Dubai, and the UAE overall, is a world-class example of dealing with a pandemic. Now you see talent internationally, from all parts of the world, wanting to move to Dubai.”
This correlates with the fact that Dubai welcomed 7.12 million overnight visitors in the first half of 2022, recording at least 183% growth compared to a similar period in 2021, according to Dubai’s Department of Economy and Tourism (DET).
Government agencies in the city are also jumping on the crypto bandwagon. For instance, the Dubai Police recently revealed plans to roll out the second bunch of non-fungible tokens (NFTs) after the first collection attracted approximately 23 million people globally.
The Dubai police released the first NFTs in late March as part of a campaign to showcase its security, innovation, and communication values. They comprised 150 free digital assets.