UAE VC Funds among strategic investors in the $20 million round for Saudi and UAE Web3 metaverse company

UAE VC Funds among strategic investors in the $20 million round for Saudi and UAE Web3 metaverse company

UAE Dubai Future District Fund, e&Capital ( formerly known as etisalat group) as well as other well renowned VC funds have invested $20 million in Web3 metaverse social app content provider VUZ. The series B investment round included international investors such as Caruso Ventures, Vision Ventures VC Fund, SRMG , Panthera Capital, Faith Capital and Webit Investment network.

In addition to the new investors, VUZ formerly known as 360VUZ is backed by investors such as Knollwood Investment Advisory, AlTouq Group, Impact46, UAE Shorooq Partners, KBW Ventures, Media Visions, Hala Ventures, 500Startups, DAI, Al Falaj, Magnus Olsson, Samih Toukan, Jonathan Labin, DTEC Ventures, Plug and Play Ventures, Al Rashid family and other strategic angel investors.

With this round, VUZ is now backed by a mix of investors based in the US and EMEA that will play a major role in supporting VUZ in its international expansion.

VUZ bridges the gap between the physical and virtual worlds to offer premium immersive content library in the world with more than 20,000 hours of immersive content covering entertainment, creators, and sports segments, and XR, VR, and AR experiences from virtually anywhere in the world. VUZ’s vision is bringing people together and connecting the world by providing authentic immersive experiences while removing the constraints of (TTA) Travel, Time, and Access to billions of people around the world.

Khaled Zaatarah, the founder of VUZ, stated,  “Our mission is to build a hyper connected product to teleport, empower, and entertain millions of users globally. We are very thankful to have some of the strongest international investors as part of our journey to build a global social immersive platform while leading the new technology revolution, accelerating the future of media and trends such as the Metaverse, and XR (AR and VR) while building strong sustainable growth.”

The funds will be used to fuel VUZ’s expansion plans in growing its core, accelerate the growth of 10% growth month over month in its recurring subscription revenue, investing in top content, hiring additional key senior hires, new social features, launching Web3 products, NFT projects to own and trade virtual assets derived from the metaverse and scaling with asset-light operations into 8 additional new international markets, following its partnership and integration with 45 Telecom Operators globally.

Zaatarah  adds, “Our plans for the future are 10X stronger than what we have been building for the past 6 years. We have built the base and now we are ready for sustainable scalability and growth at a scale-up stage. Special thanks to everyone that believed in us and to every member of our team.”

 The extended reality immersive platform VUZ reached over 1 Billion Screen Views and is aiming to reach 3 Billion Screen Views in 2023.

VUZ, an Endeavor global network company built a lean and scalable business model providing an important revenue mix, driving value as well as growth and has strong plans to scale its platform. Some of the mega plans for VUZ is building on its current IOS and Android social mobile applications are new features such as the video immersive live chatting, social in-app gifting, social commerce for creators, creators monetization and gamification plans, XR virtual technology, launching it’s SDK, scaling on the full ecosystem with META/Oculus and Qualcomm, Immersive Avatars, as well as launching its Web Platform that is expected to reach 2Bn Screen Views per year, and its Smart TV platform.

Kushal Shah, Head of Venture Capital, e& capital, commented “We are excited about investing in a tech company like VUZ that supports the creation of virtual content as well as enables futuristic immersive experiences. This is in line with our commitment to collaborate with visionary tech businesses that we believe will contribute to building a better and brighter digital future. We will continue to invest into the company’s success, partnering with them to help them achieve growth and enable meaningful progress that moves this digital world forward.”

VC firm Brinc offers crypto and Blockchain entities in UAE’s DMCC access to $150 million fund

VC firm Brinc offers crypto and Blockchain entities in UAE’s DMCC access to $150 million fund

Global VC firm Brinc has offered crypto entities residing in UAE’s DMCC ( Dubai Multi Commodities Centre) Crypto centre access to a $150 million accelerator fund.

Brinc is a portfolio company of Animoca Brands, a global leader in Web3 and blockchain investment.

Members in the crypto centre at DMCC will  gain access to Brinc’s global network of innovative start-ups as well as business mentoring services from their new office in DMCC. The partnership will support the long-term and rapid growth of the companies that develop Web3 and blockchain technologies and associated value-added services at the DMCC Crypto Centre.

By providing an unparalleled environment for crypto entrepreneurs, SMEs and multinationals, the DMCC Crypto Centre has attracted over 450 crypto firms since its launch in 2021, making it the largest concentration of blockchain and Web3 businesses in the region.

 The DMCC Crypto Centre members operate in a broad range of sectors, using blockchain and Web3 technology in areas such as financial services, healthcare, entertainment, gaming and sustainability.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, stated, “We are proud to be partnering with one of the world’s leading VC firms in this space, and to meet the growing demand from our members to access funding, while also providing access to Brinc’s well-connected ecosystem. With so many global challenges occurring simultaneously, major businesses are focused more than ever on accessing state-of-the-art infrastructure within a comfortable working environment, which is exactly what DMCC strives to provide.”

Manav Gupta, Founder and CEO of Brinc, added,  “The newly launched Dubai Metaverse Strategy aims to support over 40,000 virtual jobs by 2030; while Dubai’s plan to use cutting- edge technology to improve efficiency and sustainability vastly appeals to Brinc, whose mandate since inception has been to discover and enhance businesses that creatively solve global problems. Our partnership with the DMCC will reveal a new pool of Web3 entrepreneurs and enable us to identify, empower, and invest in start-ups that shape the future based on a shared thesis and set of ideals.”

Yasin Aboudaoud, CDO and MP of Brinc MENA, commented “Brinc has an exceptional track record working with incredible partners such as the DMCC to progress innovative startups in a way that redefines sustainability while delivering tools, networks, and knowledge to some of the world’s most promising and innovative founders. Collaborating with the DMCC and its vibrant community at a time when MENA is welcoming blockchain and digital asset innovation is a hugely exciting prospect. The ability to build networks in Web3 – where community is king – will be invaluable to our mission.”

In H1 2022, DMCC broke all previous records by attracting 1,469 new member companies. Owing to the leading environment provided at the Crypto Centre, over 14% of these new company registrations were related to crypto activities.

UAE Venom Blockchain now has its own Virtual asset Exchange, Venomex

UAE Venom Blockchain now has its own Virtual asset Exchange, Venomex

UAE based Venom Blockchain which recently received a license from ADGM ( Abu Dhabi Global Market)  in early October 2022, now has a regulated virtual asset exchange on its roster, Yoshi Markets,  renamed to Venomex.

In March 2022, Yoshi Markets previously known as Arabian Bourse Limited (ABX), received the Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). The FSP allowed Yoshi Markets to operate as a Multilateral Trading Facility (MTF) and Custodian for virtual assets.

Now Yoshi Markets has renamed itself to Venomex, reflecting the recently approved Venom Blockchain platform, which will allow the provisioning of virtual assets and blockchain based services. Venom blockchain is building the first NFT marketplace in the UAE from ADGM as well as the issuance of first fiat backed stablecoin.

Mustafa Kheriba, the Executive Chairman of Venomex, stated, “This is an exciting time for us at Venomex. The new name and brand will further position Venomex as an entity that aims to harness the potential of Virtual Assets and Blockchain in a much more impactful manner. With the new name, we plan to unveil services that will have multi-faceted use cases and benefits for our customers and strategic partners alike.”

Arshad Khan, CEO of Venomex, added, “We are extremely happy to announce the new name. As the Virtual Assets landscape is shaping up in the UAE, owing to the clarity of regulations and emergence of multiple ventures in this space, we see the rebranding initiative as the first step towards becoming an end-to-end ecosystem player. I would like to thank the Venomex shareholders and the FSRA for their continuous support and guidance.”

Venomex Limited is a Multilateral Trading Facility (MTF) and Custodian, based in Abu Dhabi Global Market (ADGM) and has received FSP from Financial Services Regulatory Authority of ADGM. As a virtual asset MTF and Custodian, Venomex aims to be a preferred venue for virtual assets listing, trading, settlement and custody and will offer a fully integrated ecosystem to institutional, HNI and retail investors.

UAE Mubadala Capital takes first step in crypto blockchain direction and sponsors Token 2049 in London

UAE Mubadala Capital takes first step in crypto blockchain direction and sponsors Token 2049 in London

UAE Mubadala Capital, a wholly owned subsidiary of Abu Dhabi sovereign fund Mubadala, is sponsoring for the first time a crypto event in the United Kingdom. Mubadala Capital, global asset managers with a presence in Abu Dhabi UAE, London, New York, Rio de Janeiro, and San Francisco, manages over $16 billion worth of assets.

Mubadala Capital is participating as a bronze sponsor at the Token 2049 event in London. While Mubadala Capital commenced operations in November 2021 as a subsidiary, it had been investing for over a decade. The wholly owned asset management is focused on investing in disruptive technologies.

The company had grown significantly in scale over the past decade, with $9 billion in third-party capital vehicles on behalf of over 50 institutional investors.

While Mubadala Capital has a strong portfolio of investments in companies across the sports media and entertainment sector including EMI Music Publishing, Endeavour Group Holdings, Reigning Champs, Ultimate Fighting Championship (UFC) and the Yankees Entertainment and Sports Network (YES Network), it has not announced investments in the crypto or blockchain ecosystem.   It has acquired Canada Cartage, a leading logistics platform, as well as invested in Australian company SX Global which is set to promote the next FIM super cross World Championship, but nothing pertaining to blockchain or crypto that was made public. 

It also recently closed its first Fund in Brazil, under the name the Brazil Opportunities Fund I, with a total commitment of $322 million and in August 2021 it also closed a $1.6 billion third party equity fund focused on investing in media, sports, consumer and food services across North America and Europe.

Mubadala Capital has even invested $72.5 million in a Series A round in Pretzel Therapeutics which is developing a suite of first in class therapies that can correct mitochondrial DNA mutations, modulate mitochondrial DNA expression, and improve mitochondrial quality control.

It seems that their sponsorship of Token 2049, Europe’s crypto event, being held on the 9th-10th of November might be the first step in the direction of crypto and blockchain ecosystem.

TOKEN2049 is organized annually in London and Singapore, where founders and executives of the leading Web3 companies share their view on the market. It will have more than 150 speakers and 3000 attendees.

There were some statements made by the CEO and Managing Director of Mubadala, that showed signs that they were starting to look into the crypto ecosystem and already investing in blockchain.

CEO and Managing Director Khaldoon Al Mubarak said in an interview with CNBC back in 2021, “I think it (crypto) is real. This is a business that had $200 billion worth of value two years ago, and is $2.5 trillion value today and growing. So while many people are sceptics, I do not fall in that category.”

He added at the time, “The evolving regulatory environment will help crypto transition into something new. We are investing in the ecosystem around crypto, be it blockchain, energy usage.”

It is noteworthy that Mubadala was one of the investors in virtual asset exchange out of Abu Dhabi called Midchains.

Companies participating at Token 2049 include, Aave, Tezos, Tether, The Sandbox metaverse, BitMex exchange, Sygnum Digital bank, Elrond, Skale and so many more.

So could this be the start of a new journey for Mubadala Capital into the crypto, metaverse and blockchain space? It just might be and it would not be that surprising given the investments and funds targeting crypto and its ecosystem in the region.

The MENA region is witnessing more and more venture capitalist funds investing in crypto and blockchain entities, with names such as Cypher Capital, OasisX part of CryptoOasis ecosystem, Ghaf Capital, Shorooq Partners and even Investcorp launching funds focused on crypto, and Blockchain.

In addition, UAE artificial intelligence firm G42, which Mubadala is an investor in, launched a $10 billion fund to invest in late-stage technology companies. The fund is targeting a broad spectrum of technologies.

Even Canadian businessman, Kevin O’ Leary, nicknamed “Mr. Wonderful”, an advocate of cryptocurrency recently announced that he is now a UAE citizen because he wants to work freely in a region that has attracted investment by some of crypto’s heaviest hitters, including FTX, Binance and Crypto.com. He also announced the launch of a Web3.0 investment fund called Cipher with the lead investor coming from the UAE.

So we might be reading about Mubadala Capital’s latest investment in crypto, blockchain or both sooner than we think.

Del Monte Produce acquires 39 percent of Jordanian Blockchain food traceability startup Decapolis

Del Monte Produce acquires 39 percent of Jordanian Blockchain food traceability startup Decapolis

Fresh Del Monte Produce a global integrated producer, distributor, and marketer of fresh and fresh cut fruits and vegetables has  acquired a 39 percent stake in Jordanian Blockchain driven food safety and traceability startup Decapolis. 

The investment is part of Fresh Del Monte’s technology-driven mission to offer best-in-class, innovative solutions for its products and services, and to provide sustainable solutions that other businesses and industries can benefit from.

The two companies plan to roll out Decapolis Food Guard (DFG)™, the blockchain-based traceability solution, across all Fresh Del Monte business segments, starting with Fresh Del Monte’s pineapple operations in Costa Rica. 

Decapolis Food Guard provides full traceability solutions through the DFG chain of records which capture assessments at each stage of production, from planting to distribution through the use of QR codes. Deploying blockchain technology ensures data remains immutable and QR codes on product labels certify end-to-end traceability. Anyone who scans the QR code will be able to see a complete log of product information from farm to fork. This traceability process allows for trusted record keeping in the supply chain, whether it impacts consumer knowledge, food safety, or quality analysis. Fresh Del Monte and Decapolis also plan to provide the Decapolis Food Guard (DFG)™ to other interested businesses.

Mohammad Abu-Ghazaleh, Fresh Del Monte Chairman and Chief Executive Officer, stated, “Now more than ever, consumers are very cognizant of what goes into their food. With this blockchain technology, they’ll know exactly what has gone into the product, and where it has traveled until the moment it was purchased for consumption. We’re excited to begin rolling out this traceability solution to all Fresh Del Monte products.” 

Decapolis has successfully developed and deployed this solution in the private and public sector, spanning four continents. 

Abedalrhman Habashneh, Decapolis Founder and Chief Executive Officer added, “We are in the business of doing good. We embark on this endeavor with full confidence in our company, our offerings, service, and the people we serve. It will surely be a promising and fruitful venture, a force multiplier to work that positively impacts communities, families, and the future of healthy living and technology for good. We remain steadfast in moving towards our vision of becoming the leading global reference platform for compliance and certification for food trade worldwide.” 

Dubai Airport freezone to launch its metaverse

Dubai Airport freezone to launch its metaverse

Dubai Airport Freezone (DAFZ), part of Dubai Integrated Economic Zones Authority (DIEZ), will be launching its metaverse called METADAFZ during Gitex 2022.

The launch is part of the Dubai metaverse strategy, and  aims to attract foreign direct investment (FDI) and businesses to the free zone, by uncovering DAFZ’s unique offerings, products, and solutions to advance the Emirate’s leading position as a hub for competitive and constructive technology.

METADAFZ will enable clients from across the globe to conduct meetings via a virtual platform, offering a unique and semi-realistic experience regardless of the physical location. The innovative initiative offers an alternative to the traditional way of conducting business activities, and empowers company representatives to discuss future work prospects, as well as how to launch businesses and projects in Dubai.

Amna Lootah, Director-General of Dubai Airport Free Zone (DAFZ), said, “Since its establishment more than 26 years ago, DAFZ has succeeded in consolidating its position as a leading and innovative free zone, providing its clients with access the most up-to-date technology and initiatives. This initiative, which bridges the gap between the physical and virtual world, will contribute to the digitisation of businesses in the free zone and support global businesses to establish themselves in Dubai, via a smooth experience. This will place DAFZ at the heart of the technological revolution, and enhances our presence as a regional and global destination for attracting direct foreign investments and as an integrated business incubator operating according to the highest, standards. The launch represents a significant step forward toward defining DAFZ’s technological and innovative identity in the digital world.”

Venom Blockchain gets ADGM license and becomes the first to build NFT marketplace and Fiat backed stablecoin

Venom Blockchain gets ADGM license and becomes the first to build NFT marketplace and Fiat backed stablecoin

UAE ADGM ( Abu Dhabi Global Market) announced on LinkedIn that Venom Blockchain has become the first ADGM licensed crypto foundation to build a scalable blockchain platform. ADGM also stated, “Venom is on its way to developing an NFT marketplace, derivative exchange and fiat-backed stablecoin”

The statement adds that Venom Foundation is set to become one of the most anticipated blockchain phenomena, enriching the ADGM community and the nation as a whole!

As per the news Venom Foundation perpetually works on providing an abundant bundle of scalable blockchain-powered products and services for the wider financial community. Through robust security measures and a rich database, Venom Foundation has produced an array of self-sufficient tools, including ewallets, decentralised exchanges and more.

The statement then adds, “Subject to the relevant regulatory approvals, Venom Foundation will work with ecosystem participants to ensure that such products are offered in a compliant manner within the trusted and well-regulated environment of ADGM.”

ADGM’s UAE virtual asset regulator in Abu Dhabi,  FSRA (Financial Services Regulatory Authority) of ADGM ( Abu Dhabi Global Market) had recently announced enhancements on its capital markets framework, allowing for the trading of NFTs  (Non Fungible tokens) on virtual asset regulated platforms, This means that MTFs/Custodians (Multilateral trading Facilities) operating within ADGM are now able to seek approval from the FSRA to engage in Non-Fungible Token (NFT) activities.

It would seem that Venom is the first fruit of this new framework.

Prior to the announcement Venom Foundation released their press release, where they stated that, “Venom Foundation has been registered as the first crypto foundation in the ADGM, with a license to operate a blockchain and issue utility tokens. ADGM is well known as a fintech oasis for investors and financial services firms in the region and from around the globe. The next essential step of Venom Blockchain – its launch – will be announced soon.”

Venom blockchain is an asynchronous blockchain technology of dynamical sharding, that has made a leap in blockchain technology development globally, bringing to the market boundless scalability, and higher security guarantees with decentralization.

Venom Foundation has  three core directions, such as Essential Infrastructure, Support of Inbound Projects, Developer-friendly Platform, each to offer novel solutions for solving earlier existing issues in the crypto market.

As per Venom news,  the most valuable feature for the MENA region market is the technology that enables major corporations and companies to conduct an easy and secure transition into Web3 globalization, managing the gross data transaction flows without faltering by increasing fees and transaction times.

Venom Foundation’s main priority is to develop and support a self-sufficient blockchain ecosystem and it has already yielded significant results: non-custodial Wallet (VenomWallet mobile application and Desktop Browser Extension) with a Multisig accounts option and Ledger support, VenomScan (to keep everything transparent with access to transactions history), VenomBridge (allowing the interchain transactions to be made fast, while low price), VenomPools (to stake on Validator nodes), VenomGet (an easy gateway to Venom tokens), Web3.World (native decentralized exchange) has been built.

Venom also mentioned that individual developers, companies, and government authorities will be able to engage Venom Foundation to establish new products such as NFT marketplace, Derivative Exchange, fiat-backed stablecoin, and many others to come with the potential to become a bridge toward wide adoption of CBDC in the UAE, other MENA countries and globally.

BSV Blockchain Association MENA to launch its projects and educational initiatives at exclusive VIP reception in UAE

BSV Blockchain Association MENA to launch its projects and educational initiatives at exclusive VIP reception in UAE

The BSV Blockchain association MENA chapter is working on several blockchain education and implementation projects to drive innovation in the UAE. To launch these initiatives BSV Blockchain will be hosting a VIP reception event in Ras Al Khaimah on October 8th 2022 at the InterContinental Ras Al Khaimah Resort and Spa.

Members of the UAE royal family, C-level executives and select members of the media will be in attendance.

Muhammad Salman Anjum, BSV MENA Hub Lead and Chief Mate of InvoiceMate stated, “This event will include the rolling out of training programmes in the Ras Al Khaimah to orient government decision makers and educate local developers and entrepreneurs on the capabilities of the BSV blockchain, an initiative that has already received great interest in the UAE.”

At the event notable speakers and global industry experts will share their uses cases built on BSV Blockchain. They include names such as Marcin Zarakowski – Chief of Staff at BSV Blockchain Association, Bryan Daugherty – Co-founder of blockchain distribution network SmartLedger, Mohammed Ibrahim Jega – Co-founder of Domineum and Geoffrey Weli-Wosu – Co-founder of Domineum, Stephan Nilsson – Founder of UNISOT, and Rohan Sharan – Founder of TimeChain Labs.

BSV Blockchain Association MENA chapter will also be exhibiting at the Future Blockchain Summit in Dubai being held alongside Gitex 2022.

The summit will allow industry experts to leverage countless networking opportunities, an expert conference programme and transformational workshops to explore distinct themes including: Blockchain for Enterprise, The Future of Digital Assets, Into the Metaverse

BSV Blockchain Association will have a physical booth on the show floor where attendees can learn about the original Bitcoin, and its benefits to start-ups and enterprises, as well as speak to BSV Blockchain companies in the Middle East and North Africa (MENA) region.

UAE ADIB Bank becomes 10th bank to join UAE Blockchain trade finance platform

UAE ADIB Bank becomes 10th bank to join UAE Blockchain trade finance platform

Abu Dhabi Islamic Bank (ADIB) has become the 10th bank to join Blockchain trade finance platform UAE Trade Connect (UTC), developed by e& enterprise, formerly Etisalat Digital.

As per the news this will support ADIB’s digital transformation strategy while boosting the transparency and security of its services. The bank will utilize the UTC platform for the detection of fraud and dubious transactions in the trade finance segment, according to a press release.

Faisal Abu Shaar, Group Chief Risk Officer at ADIB, said: “With the goal of supporting UAE’s economic development, we will work closely with UTC and other member banks to enhance our digital capabilities and promote the security of the country’s financial sector. We look forward to capitalizing on the opportunities of this agreement to deliver safe and completely transparent banking solutions for our customers.”

Meanwhile Zulqarnain Javaid, CEO of UTC, added “ADIB is an important bank in the corporate banking space and their participation in the platform will further strengthen the network. They join the network at the same time we have crossed the important milestone of AED 60 billion  equivalent to $16 billion value presented to UTC for duplicate inspection and fraud analysis.”

In December 2021, the UAE Blockchain AI enabled  UAE Trade Connect trade finance platform which was built by Etisalat and Blockchain solution provider Avanza Innovations, had processed 10 Billion AED (2.7 billion USD) worth of invoices during the first eight months of its operation. Etisalat Digital  launched UTC trade Finance platform in April of 2021 alongside seven banks within the UAE.

In early 2022,  Abu Dhabi Commercial Bank joined UTC platform as did Dubai Islamic Bank. At that time UTC had in total nine banks on its roster.

The founding banks included First Abu Dhabi Bank (FAB), RAKBANK, Emirates NBD, Commercial Bank of Dubai, National Bank of Fujairah, Mashreq Bank, ADIB – Abu Dhabi Islamic Bank, and Commercial Bank International.

42 percent of UAE youth and middle aged residents have held crypto, stablecoins and NFTs

42 percent of UAE youth and middle aged residents have held crypto, stablecoins and NFTs

In Checkout.com’s third annual report on digital transformation in MENA for 2022, it found that e-commerce in the UAE had settled into a stable high growth era. The report states that consumers in the UAE are turning to their digital devices and spending more time and money online. Even payment methods are evolving in the UAE with more turning to crypto and digital wallets.

The report confirms that 42 percent of 18-40 year olds in the UAE have held digital assets such as crypto, stablecoins and NFTs, and 59 percent of 18-40 year olds would like to be able to pay for goods and services in crypto or stablecoins in the next 12 months. 

The digital transformation in MENA 2022 report draws insights from a regional survey which polled more than 15,500 consumers in August 2022 in the UAE, KSA, Egypt, Qatar, Kuwait, Bahrain and Pakistan.

96 percent of UAE consumers now shop ecommerce, an increase from 89% from last year. This comes as a testament to the continued consumer demand of the flexibility and comfort to shop online.

According to the report, 4 in 10 consumers in UAE shopped online weekly or more frequently in 2022. Moreover, the eCommerce market in the UAE is expected to grow further over the next 12 months with 80% of UAE consumers saying they will maintain or increase their current level of ecommerce spending into 2023.

75 percent of consumers in UAE cite a digital payment method as their preferred payment option for ecommerce, a near doubling in the popularity of digital wallets compared to figures from 2021.

Moreover, 45% of consumers in the UAE say they used BNPL in the last 12 months, an increase from just 21% who used it the year before, this number is expected to surge further with an additional 27% planning to use BNPL in the coming 12 months.

Preference for social commerce in the UAE more than doubled, reaching 16%. Regionally, 20% of consumers in MENA say they most frequently shop ecommerce in a social media channel which represents a 43% growth in the past 24 months.

Remo Giovanni Abbondandolo, Senior Vice President for MENA at Checkout.com, stated,  “The report validates our conclusions from last year – that the UAE’s eCommerce and digital payment ecosystem is growing rapidly. The UAE is one of the most connected societies in the region and consumers here have achieved a high level of maturity when it comes to eCommerce, they are at the top of eCommerce usage in the region and globally.”

He adds, “Additionally, the growing trust in online payments by shoppers means the digital transformation of the region’s retail sector is well underway. This is underlined by the emergence of Web3 as a key component of the online experience, with shoppers showing a significant appetite for transacting on-chain, and a desire both to be paid and to pay in digital currencies.”