Abu Dhabi, the capital of the United Arab Emirates, is making a bold move to cement its place as a global hub for cryptocurrency and blockchain technology. The city’s technology sector has introduced a new initiative to finance Web3 startups, blockchain technologies, and metaverse applications, with a commitment of over $2 billion in capital.
The initiative is being led by Hub71, the capital’s tech ecosystem, which has officially launched its brand new Hub71+ Digital Assets. The new initiative will be based at Hub71 in Abu Dhabi Global Market (ADGM) and is expected to provide a major boost to the city’s rapidly growing crypto and blockchain industries.
Hub71’s value creation program will further support businesses moving to Abu Dhabi, as well as growth in the Middle East and global markets. Meanwhile, Hub71+ Digital Assets will contribute to supporting the UAE Digital Economy Strategy, the goal of which is to double the contribution of the digital economy to non-oil gross domestic product (GDP) to more than 20% within 10 years, Zawya reported.
According to the Emirates News Agency (WAM), the new initiative is aimed at “providing the region’s most promising digital asset and blockchain startups with access to capital, mentorship, and support, with the goal of accelerating the development of the region’s digital economy.”
The launch of this initiative will additionally strengthen the ADGM-Hub71 partnership, opined Dhaher bin Dhaher Al Mheiri, CEO of ADGM. New technologies and ecosystems, such as Web3, may transform the world, Al Mheri said, adding that this partnership will enable startups to access innovative infrastructure and benefit from ADGM’s “diverse ecosystem and progressive regulatory environment.”
The initiative is part of a broader push by Abu Dhabi to embrace new technologies and position itself as a leader in the global tech industry. Over the past few years, the city has invested heavily in infrastructure, talent development, and regulatory frameworks to support the growth of its tech sector.
The launch of Hub71+ Digital Assets is expected to attract a new wave of startups and entrepreneurs to the city, drawn by its supportive regulatory environment, strong investor networks, and world-class infrastructure.
Commenting on the initiative, Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, said, “Abu Dhabi is committed to supporting the growth of its technology sector and providing a world-class ecosystem for entrepreneurs and startups. We believe that Hub71+ Digital Assets will play a critical role in supporting the growth of the region’s digital economy and positioning Abu Dhabi as a global hub for blockchain and cryptocurrency innovation.”
The move by Abu Dhabi to embrace blockchain and cryptocurrency technology comes at a time when the industry is experiencing explosive growth around the world. With new use cases emerging every day, from NFTs to DeFi, the potential of blockchain technology to transform industries and create new economic opportunities is virtually limitless.
In conclusion, Abu Dhabi’s $2 billion investment in Web3 startups, blockchain technologies, and metaverse applications is a clear signal of the city’s commitment to embracing new technologies and cementing its place as a global tech hub. With its supportive regulatory environment, strong investor networks, and world-class infrastructure, the city is well-positioned to lead the way in the development of the digital economy in the years to come.
