Situated in proximity to Northern Africa, Asia and Europe, Dubai is not just a travel destination for those seeking a beach vacation, but also fosters global networking and collaboration. It ranks as No. 5 on CryptoHubs2023:
Dubai and its sibling hub Abu Dhabi were rated tops in the regulatory structure, the most heavily weighted criterion at 35% of the total score. But the impact was blunted by the UAE’s bottom-quintile crypto adoption score, indicating that the larger population of the UAE is not as crypto-savvy as the residents in these two hubs.
Dubai has been growing as a business and financial services hub for the Middle East over the last few decades by embracing innovation. That’s particularly evident in how it approached crypto with deliberation and intention.In 2014 the local government engaged IBM to advise it on new technologies, Saqr Ereiqat, then IBM’s head of public sector consultancy in Dubai, said.
According to the Dubai Statistics Center, as of 2022, over 3.2 million of the Emirate’s total ~3.5 million population is non-Emirati, making it a “melting pot of people” as Al Kalooti explained. With such a diverse population, blockchain technology has numerous use cases in the city, ranging from remittances for those working in Dubai and sending money home or facilitating the flight of capital for those taking refuge from unstable economies.
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