UAE Emerges as a Leading Hub for Web3 Projects with Over 1,450 Active Organizations

UAE’s Growth in the Web3 Space

The United Arab Emirates (UAE) has rapidly positioned itself as a prime location for Web3 projects due to governmental initiatives fostering a conducive environment for digital innovation. According to a recent report from the Web3 platform Crypto Oasis Ecosystem, over 1,450 active Web3 organizations are operational within the country, employing nearly 7,000 individuals.

Classification of Web3 Organizations

The report categorizes Web3 projects into two groups: native and non-native blockchain projects. Native blockchain projects, which rely exclusively on decentralized technologies, constitute a sizable 65% of organizations with around 950 active entities, while the remaining 35% represent non-native blockchain organizations.

Dubai Multi Commodities Centre’s Role

The Dubai Multi Commodities Centre (DMCC) has registered more than 460 native organizations, making up over 50% of all native blockchain companies operating in Dubai. This significant concentration of activity highlights Dubai’s role as a strategic hub for blockchain initiatives.

Government Initiatives Promoting Blockchain Adoption

The UAE government has been proactive in embracing blockchain technologies across various sectors, including metaverse development, nonfungible tokens (NFTs), and Web3 applications. The ongoing Future Blockchain Summit in Dubai exemplifies the government’s commitment to promoting global business opportunities for innovators in the Web3 space.

Ambitious Metaverse Goals

In July, the Dubai government announced an ambitious metaverse strategy aimed at transforming the region into one of the top 10 metaverse economies worldwide. This initiative is expected to create over 40,000 virtual jobs by 2030, further solidifying the UAE’s position in the metaverse landscape. Supporting this vision, the UAE Ministry of Economy has set a precedent by becoming one of the first governments to establish a headquarters in the metaverse.

Attracting Global Crypto Platforms

The UAE’s focus on Web3 and blockchain technology has drawn the attention of leading global crypto platforms. Binance, for example, has actively engaged with Middle Eastern investors by establishing licensed operations in Abu Dhabi, Dubai, and other regions, further enhancing the country’s reputation as a burgeoning crypto hub.