The next big revolution in the internet, Web3, is making waves in the Middle East. In the United Arab Emirates, there are roughly 1,450 active Web3 companies, where over 7,000 are employed, contributing $500 million to the country’s GDP.
The UAE government estimates that by 2030, the sector will employ over 30,000 professionals, and it will contribute $4 billion to the economy over the next five years. Giving a policy push to the ecosystem is the Dubai Metaverse Strategy, which ensures scalability, data security, community spirit, and operational resilience. Dubai, which has made all the right decisions till now, aims to become the hub of Web3. Software major Microsoft, too, is interested in the emirate and has partnered with the Dubai Metaverse Strategy.
Globally, the interest in Metaverse is also peaking, with 17% of businesses investing in the future technology that promises to change how we interact, conduct business and spend time on the internet. Though it seems utopian and fantastic, even if some of the promises are achieved, they will bring phenomenal changes.
To tap into that future, the Middle East is making decisions that are in the right direction. Unlike their counterparts in Europe or the United States, the policies here are clear, pro-business, and better organized. Saudi Arabia, too, is adopting global best practices and has made positive changes to regulations to be the frontrunner when the next digital revolution comes calling.
MENA Is Ready To Make The Best Of Web3
Taking advantage is Binance, one of the leading crypto exchanges in the world. The user signups with the exchange in the Middle East and North Africa (MENA) region have gone up 49% since the beginning of this year, Binance claimed. This could further lead to more public awareness and better government policies on cryptocurrencies.
The company has increased licensing and partnerships with regulated regional companies, especially the United Arab Emirates. In Dubai alone, it has upped its workforce to 400 while eyeing more employees across the emirate and the region.
To expand its operations in Mena, Binance partnered with online payment service provider EazyPay in Bahrain to launch BinancePay, allowing customers to pay through cryptocurrencies. It has also signed up with real estate, retail, and leisure enterprise, Majid Al Futtaim, to let people buy digital assets using cryptos. It has also partnered with Jebel Ali Resorts, Palazzo Versace, and Virtuzone.
To boost blockchain technology and companies involved in the process, the Middle East Blockchain Awards have been instituted, and its first edition was held in Abu Dhabi in November this year.