Dubai is accelerating efforts to improve the infrastructure needed to foster an advanced Web3 ecosystem there. Dubai has chosen the Solana Foundation to provide the blockchain infrastructure for its free economic zone, called the Dubai Multi Commodities Center (DMCC). With this partnership, Dubai aims to help DMCC members develop on blockchain and scale their businesses. As the G20 countries work to create a globally acceptable crypto framework, Europe and parts of the UAE such as Abu Dhabi and Dubai have begun initiatives to establish themselves as crypto hubs.
Solana will now set up an operational space in DMCC’s crypto center and establish partnerships with the existing 23,000 companies currently operating from the economic zone, including technology partners, exchanges, government agencies, investors, incubators and service providers.
With a market value of $8 billion (approximately Rs. 66,622 crore), the DMCC has named Solana one of the most prominent blockchains in the world. The blockchain is said to be environmentally friendly and often rivals Ethereum when it comes to its usability.
“We will provide free installation and operating licenses for Solana ecosystem projects, while our members will have access to a world-class blockchain platform and dedicated Solana technical teams that can take their businesses to new heights,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC in an official statement.
The DMCC claims that its economic zone offers the largest concentration of crypto, blockchain and Web3 companies in the Middle East and North Africa (MENA) region.
“We look forward to working with Crypto Center members to integrate them into our chain, and to bringing our existing ecosystem into DMCC so they can scale their operations as well,” said Dan Albert, Executive Director of the Solana Foundation, commenting on the development.
In March this year, Dubai released regulations around crypto-based activities and services that companies must adhere to. The administration there charges $27,000 (approximately Rs. 22 lakh) for crypto companies seeking operational permission.
The world’s first hotel designed after the symbol of Bitcoin is also being built in Dubai, professing support for the digital asset industry.
As for Solana, parent company Solana Labs plans to let its users collect awareness and education-oriented content around cryptocurrencies, non-fungible tokens and blockchain through a ChatGPT-like plugin.
