Dubai was one of the first cities to emerge from the pandemic, reopening to tourism by the middle of 2021. The emirate now has set its sights on becoming a global tech hub by attracting entrepreneurs, investors and even crypto influencers to the city. But will its bet on cryptocurrency catapult it to success or leave it in the dust?
Dubai’s handling of the pandemic, low taxes and ease of doing business laid the groundwork for a post-pandemic boom. And they’re paying off in the form of new tech investment.
“Dubai, and the UAE overall, is a world class example of dealing with a pandemic. Now you see talent internationally, from all parts of the world, wanting to move to Dubai,” said Ola Doudin, co-founder of BitOasis, a cryptocurrency platform.
In 2020, $654 million of investment poured into start-ups in the Middle East and North Africa, according to research from Wamda, an investment and venture capital firm that operates in the region. That amount quadrupled to nearly $2.9 billion the following year, with roughly half that flowing into the UAE.
“We’re definitely seeing Dubai leading that race, competing with other financial hubs and really positioning itself as a global crypto hub,” Doudin said.
But that bet on crypto comes at a time when there’s rising investor apprehension toward the digital currency market, amid high-profile hacks, collapsed “stablecoins,” and steep drops in crypto prices.
So will the emirate’s bet the volatile crypto industry catapult it to success or leave it in the dust? Watch our video above to learn more.
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