Dubai Multi Commodities Center (DMCC) and CV VC signed a Memorandum of understanding to launch Crypto Valley Labs in Dubai to boost regional Blockchain ecosystem. Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer DMCC, about the common goals with CV VC.
DMCC is a Government of Dubai Authority established to attract, enable and promote trade through the city. Over the years, we have created an ecosystem where we enable businesses to set up and establish themselves within a well-regulated business community. With 0% Corporate Tax, and a full range of business enabling products and services on offer, today we are proud to be home to over 17,000 member companies and 100,000 people. Together with our member companies, we contribute 10% to Dubai’s GDP.
Many factors have contributed to our current position including world-class infrastructure, state-of-the-art facilities and a seamless customer journey, a robust legal and regulatory framework.
As a result, we have been named Global Free Zone of the Year by the Financial Times’ fDi magazine for a record fifth consecutive year.
At DMCC, we are always on the lookout for partnerships that combine innovation and excellence to ensure our members have the resources and support required to thrive in business. At the heart of our growth strategy is the use of technology to disrupt and connect new markets, industries and customers. These are key determining factors when we seek out partnerships and this is why DMCC manages to stay ahead of the curve.
CV VC has created a unique Crypto/Blockchain ecosystem that has brought leading experts together. They have been very successful with the Crypto Valley in Switzerland and as a leading next-generation investment company, where cutting-edge blockchain and crypto technology meets traditional venture capital. Overall, our visions align well, and their work compliments the proactive approach we have here at DMCC.
Given their track record of experience and success, this partnership was an obvious choice for DMCC, particularly as blockchain gains prominence and becomes an integral part of the business landscape. As a result, we are confident that the creation of ‘Crypto Valley’ within the DMCC business community will attract entrepreneurs, companies and investors from around the world.
DMCC together with CV VC and CV Labs will be responsible for developing and managing the Crypto Valley ‘ecosystem’ in Dubai. We will offer a variety of services including incubation and investment opportunities for early-stage startups, innovation services connectivity for corporate clients, educational modules for Blockchain and entrepreneurship, events, advisory services to assist Crypto/DLT startups establish themselves and grow, content marketing aimed at positioning Blockchain companies within the ecosystem which is being designed to foster growth, collaboration and integrity for startups in Dubai.
We are looking at launching in the second quarter of 2020, ahead of the launch of Expo 2020.
The Emirates Blockchain Strategy 2021 was announced in April 2018 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Its primary aim is to capitalise on the blockchain technology to transform 50 per cent of government transactions into the blockchain platform by 2021. By increasing efficiency, the UAE government expects to save AED 11 billion (USD 3 billion) in transactions and documents routinely processed, 398 million printed documents annually and 77 million working hours annually.
Through our partnership with CV VC, we are collaborating and developing a comprehensive DMCC Blockchain Strategy, fully aligned with the federal strategy as well as the Dubai Blockchain Strategy.
There is no question that the level of blockchain activity in Dubai far exceeds just about any other city. DMCC is home to a wide variety of companies within the sector and we saw the opportunity to create our own ecosystem similar to what we have done for other sectors.
The Global Blockchain Council was established in 2017 to explore and discuss current and future applications and to identify where transactions could benefit by using Blockchain technology. We were one of the founding members and as such have a key role to play in the development of the regional Blockchain ecosystem.
Blockchain companies of all sizes are targeting the MENA region and even established crypto entities are turning to the region in order to acquire investments for their envisioned projects. We see this as just the start and we welcome the challenge ahead. We know that today technology is changing the way global supply chains are set up, managed, and monitored and we encourage our member companies to be early adopters of these latest trends.