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Notably, UAE’s government focuses on Web3, metaverse, NFTs, and blockchain technology at large.
A new report has revealed that the United Arab Emirates (UAE) is one of the fastest-growing destinations for Web3 projects. According to the study, over 1,450 active Web3 organizations were in the UAE at the end of the third quarter. UAE-based Crypto Oasis and Roland Berger partnered to publish the Crypto Oasis Ecosystem Report, which discusses emerging technologies like Web3, blockchain, metaverse, and more.
More than 1,450 in UAE Operate in Web3
The report emphasizes the dominance of the UAE in the Web3 economy, identifying almost 7,000 individuals working in the industry. All the organizations operating in the blockchain are into two categories; the native blockchain projects and the non-native projects. Notably, the native blockchain projects solely exist on the native decentralized technology. Of the total number of Web3 organizations operating in the UAE, 65% (950) are native blockchain projects, and 35% or 500 falls under the non-native category. At the same time, about 77% of individuals working in the Web3 space are in native blockchain organizations.
On the other hand, 23% work in non-native firms. Furthermore, the report revealed that the Dubai Multi Commodities Centre (DMCC) has registered over 460 native organizations. This represents over 50% of all the native blockchain organizations in Dubai.
Founder of the Crypto Oasis, Ralf Glabischnig, spoke about the Web3 space in UAE. He said:
“We are pleased to see UAE supporting forward-thinking organizations such as startups, service providers, investors, as well as science and research institutions in the Web3 space. We also have industry leading stakeholders like ADGM, DIFC, DMCC, Simmons and Simmons, and State Street featured in our report which will provide the audience with a deeper insight into industry trends as well as educate and inform the reader of this ever growing and evolving ecosystem.”
UAE’s Continuous Commitment to Blockchain
Notably, UAE’s government focuses on Web3, metaverse, NFTs, and blockchain technology at large. An example is the Future Blockchain Summit in Dubai which aids Web3 opportunities for innovators. Pierre Samaties, a partner at Rolan Berger, commented on the burgeoning Web3 space.
“We strongly believe in the transition towards a crypto economy and see this reflected in the top C-Level executive agendas. The UAE is accelerating its global position as a crypto and Web3 hub, also thanks to prime ecosystem developers like Crypto Oasis.”
Not long ago, the UAE Ministry of Economy launched its headquarters in the metaverse. The Minister of Economy Abdulla bin Touq Al Marri spoke about the virtual office at the Dubai Metaverse Assembly. He mentioned that the virtual office would be equipped with advanced technology.