The oil-producing countries of the Middle East do everything in a big way, and the United Arab Emirates (UAE) is a prime example. Dubai, the second largest emirate of the federation, is the reference par excellence of modernity and aggressive innovation plans in all areas, because one of the goals of this nation is to be the global leader of Blockchain and cryptocurrencies.
To date, the UAE has several years of work focused on generating a legal, infrastructure and incentive platform for large technology companies, exchanges and innovators migrate their projects to Dubai. Everything in this city is flourishing, so the development opportunities are plentiful and they have the support of the established public and private sectors.
The last great adventure
To be a hub for development and innovation you have to offer infrastructure and facilities, and that is what the UAE has set out to do by announcing the construction of the “Crypto Tower” in Dubai, aimed at companies operating in the blockchain sector.
The project, carried out by Dubai Trade Centre and REIT Development - expected to be completed in 2027 - seeks to strengthen the position of this emirate as global innovation centerThe 17-story tower, with more than 150.000 square feet of rentable space, will feature nine floors of advanced offices, that is, capable of meeting the demands of companies blockchain and cryptocurrencies, Whether startups or established companies, they also hope to attract venture capital and investment firms.
The building will also have floors for Blockchain and artificial intelligence innovation incubators, a 10.000-square-foot indoor event space and a 3.500-square-foot outdoor area. The tower's design also includes a crypto club, art gallery, gold bullion shop, exotic car dealership, and a 5.000-square-foot vault storage area for valuables.
The vision expressed in this tower goes beyond its infrastructure, as it seeks to provide it with the main technological innovations, by incorporating blockchain for interactions between tenants, shared resources, smart contracts, among other tools.
Real estate tokenization pilot program
One of Dubai's flagship programs is the one carried out by the city's Land Department, in order to improve access and transparency of real estate investments through blockchain.
The plan, which was supported by the Virtual Assets Regulatory Authority, is aimed at the real estate tokenization, using blockchain for property titles.
The government measure is part of the trend of Integrate blockchain into traditional markets, that is, placing real-world assets such as bonds and loans into cryptocurrencies. According to the Dubai Land Department, digital tokens Traditional assets can be held and transferred fractionally on the blockchain, reducing obstacles for investors and increasing market liquidity.
The forecast is that the tokenized real estate assets could represent 7% of the sector's total transactions in Dubai, representing a value of $16 billion by 2033.
Billion-dollar investment
Another strategic measure, recently announced by the UAE, was the $2.000 billion injection into Binance, the largest crypto exchange in the world. The placement was carried out by the investment firm, MGX, based in the capital of the Emirates, Abu Dhabi, becoming the first to make an institutional investment in the digital currency exchange.
The movement ratified how the UAE is focused on transforming its economy to make it as digital as possible, and therefore the support for the blockchain technology and artificial intelligence.
The investment was made in stable coins -it was not specified which ones- but it highlighted the confidence that there is in the Emirates as crypto and blockchain hub, which is aligned with the primary objective of technological advancement that this nation set for itself.
Not in vain he also works on creating his first quantum computer, as a key project to have an iartificial intelligence infrastructure capable of hosting sophisticated blockchain process businesses.
