UAE Web3 Ecosystem Houses Almost 1.5K Active Organizations

Thanks to the steps taken by its government, the United Arab Emirates (UAE) has become one of the locations for Web3 projects that is expanding the fastest.

The Web3 platform Crypto Oasis Ecosystem recently released a research report that demonstrated the dominance of the UAE in the Web3 economy by identifying more than 1,450 active Web3 firms with close to 7,000 people.

Native blockchain projects and non-native blockchain projects were segregated into separate categories in the report for Web3-based projects. There are presently 950 organizations working on native blockchain projects, which are those that are exclusively based on native decentralized technology. By contrast, 350 organizations, or 35%, work on non-native blockchain initiatives.

The report noted that more than 460 native firms, or more than 50% of all local Blockchain organizations in Dubai, had registered with the Dubai Multi Commodities Centre (DMCC).

UAE government has been very proactive in promoting the use of blockchain technology

The UAE government has been very proactive in promoting the use of blockchain technology and the emerging industries connected to it, including Web3, nonfungible tokens (NFT), and metaverse. Another endeavor to encourage international commercial opportunities for Web3 innovators is the current Future Blockchain Summit in Dubai.

To become one of the top 10 metaverse economies in the world, the Dubai government unveiled a metaverse strategy in July. By 2030, Dubai wants to support more than 40,000 virtual employment, according to the project. By the end of September, the UAE Ministry of Economy, one of the first governments to establish a headquarters in the metaverse, had intensified its efforts.

Due to its emphasis on Web3 technology, the UAE has become a hub for some of the top crypto platforms and businesses worldwide. Binance, a global cryptocurrency exchange, established its footprint among investors in the Middle East by operating several authorized operations in Abu Dhabi, Dubai, and other areas.

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