A new report has revealed that the United Arab Emirates (UAE) is one of the fastest growing destinations for Web3 projects. According to the study, more than 1,450 active Web3 organizations were in the UAE at the end of the third quarter. UAE-based Crypto Oasis and Roland Berger have partnered to publish the Crypto Oasis Ecosystem Report, which covers emerging technologies such as Web3, blockchain, metaverse, and more.
More than 1,450 UAE companies operate in Web3
The report highlights the UAE’s prominence in the Web3 economy, identifying nearly 7,000 people working in the sector. All organizations operating in blockchain fall into two categories: native blockchain projects and non-native projects. Notably, native blockchain projects exist solely on native decentralized technology. Of the total number of Web3 organizations operating in the UAE, 65% (950) are native blockchain projects, and 35% (500) belong to the non-native category. At the same time, about 77% of individuals working in the Web3 space are in native blockchain organizations.
On the other hand, 23% work in non-native companies. Furthermore, the report revealed that the Dubai Multi Commodities Centre (DMCC) has registered more than 460 native organizations. This represents more than 50% of all native blockchain organizations in Dubai.
Crypto Oasis founder Ralf Glabischnig spoke about the Web3 space in the UAE. He stated:
“We are happy to see the UAE supporting forward-thinking organizations such as startups, service providers, investors, and scientific and research institutions in the Web3 space. We also have major industry players such as ADGM, DIFC, DMCC, Simmons and Simmons, and State Street featured in our report, which will give the public a deeper insight into industry trends and educate and inform the reader about this ever-growing and evolving ecosystem.”
UAE’s continued commitment to blockchain
The UAE government’s focus on Web3, metavers, NFTs, and blockchain technology more broadly includes. One example is the Future Blockchain Summit in Dubai, which provides Web3 opportunities for innovators. Pierre Samaties, partner at Rolan Berger, commented on the burgeoning Web3 space.
“We strongly believe in the transition to a crypto-economy and we see this reflected in the agendas of high-level leaders. The UAE is accelerating its global position as a crypto and Web3 hub, especially with leading ecosystem developers like Crypto Oasis.”
Not long ago, the UAE Ministry of Economy launched its headquarters in the metaverse. Minister of Economy Abdulla bin Touq Al Marri spoke about the virtual office at the Dubai Metaverse meeting. He mentioned that the virtual office would be equipped with advanced technology.