Dubai is making significant strides in its ambition to become a leading crypto and blockchain hub in the Middle East. The city has partnered with Solana to provide blockchain infrastructure for its Dubai Multi Commodities Centre (DMCC), a free economic zone. The move is expected to accelerate the development of a thriving Web3 ecosystem in Dubai.
The DMCC, with a market valuation of $8 billion (approximately Rs. 66,622 crore), is one of the most prominent economic zones in Dubai. It has chosen Solana, known for its eco-friendly blockchain, to help its members develop on blockchain technology and scale their businesses.
As part of this partnership, Solana will establish an operating space in DMCC’s crypto center, enabling collaborations with the existing 23,000 firms operating within the economic zone. These firms include technology partners, exchanges, government entities, investors, incubators, and service providers.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, emphasized the support the organization would provide to Solana ecosystem projects. DMCC aims to offer complimentary setup and business licensing to these projects while enabling its members to access Solana’s blockchain platform and dedicated engineering teams to enhance their businesses.
Dubai’s DMCC boasts the largest concentration of crypto, blockchain, and Web3 businesses across the Middle East and North Africa (MENA) region. This strategic move aligns with Dubai’s ambition to establish itself as a crypto and blockchain hub, making it attractive to blockchain-focused businesses and investors.
In March of this year, Dubai introduced regulations for corporate firms engaging in crypto-based activities and services, charging $27,000 (approximately Rs. 22 lakh) for operational permissions.
Dubai continues to show its commitment to the crypto and blockchain industry, with projects like the construction of the world’s first hotel designed in the shape of the Bitcoin symbol. This initiative underlines Dubai’s support for the digital assets industry.
Solana, a blockchain platform often compared to Ethereum for its usability, will play a pivotal role in helping the DMCC achieve its ambitions in the blockchain and Web3 ecosystem. With this partnership, Dubai is taking concrete steps towards its goal of becoming a key player in the global crypto landscape.