Abu Dhabi has announced its latest initiative for incubating Web3-based solutions around the blockchain and metaverse.
The programme aims to build an ecosystem of Web3 startups along with government, financial, corporate, and other sectors involved across the United Arab Emirates (UAE). In a press release, the Emirate stated it had backed its Hub71+Digital Assets initiative with roughly $2 billion USD.
Abu Dhabi’s initiative also plans to facilitate a cutting-edge blockchain infrastructure along with numerous virtual assets and accommodating regulations.
First Abu Dhabi Bank has tasked its FABRIC research and innovation centre with working jointly with service providers and digital asset platforms to boost and secure use cases for virtual products.
Hub71 will host the initiative by assisting enterprises to work across Abu Dhabi, the Middle East, and numerous markets worldwide. Web3 startups valued over $1 billion USD will receive priority.
According to Ahmad Ali Alwan, deputy chief executive of Hub71, the launch of the initiative would signal Abu Dhabi’s embracing of “disruptive businesses that drive change and transformation on a global scale.”
The initiatives partnership with the Abu Dhabi Market Group (ADMG), FAB, FABRIC, and others would provide funding, research and development, and additional support. Those involved would operate in the largest Middle East North Africa (MENA) region’s regulated virtual assets jurisdiction.
A DIgital Dubai?
The news comes as the UAE pushes to develop Web3 and metaverse solutions, namely after opening a trove of initiatives aimed at building use cases for the emerging technologies.
The nation aims to facilitate the use of non-fungible tokens, metaverse platforms, Web3 solutions, and the blockchain as part of its metaverse strategy launched last year.
The UAE government has been proactive in embracing blockchain technology and the emerging markets it encompasses, including the Metaverse, nonfungible tokens (NFTs), and Web3.
The nation launched a metaverse platform to expand medical services to citizens via the Ministry for Health and Prevention (MOHAP).
