28% of Egyptian businesses surveyed in DP World study want to use blockchain

28% of Egyptian businesses surveyed in DP World study want to use blockchain

New research backed by DP World, showed that Egyptian businesses plan to leverage technology to enhance supply chain efficiency and agility with 28 percent of them exploring the use of Blockchain. As per the research 28% of Egyptian executives surveyed want to leverage technology. In addition, 33 percent are exploring advanced automation, and 28% want to use Blockchain to improve traceability, security, and data protection.

As Egypt’s economy expands into new sectors and positions itself as a manufacturing hub in Africa, 28% of executives view market expansion as the key driver for export growth. Europe (37%) and North America (34%) are expected to significantly boost export revenue in 2024. Technological advancements (35%) are anticipated to increase output levels and import values.

Rizwan Soomar, CEO & Managing Director of DP World for North Africa & the Indian Subcontinent, commented, “Aware of current economic and geopolitical hurdles, we echo the optimism of the surveyed Egyptian executives. They aim to fortify their supply chains with technology and explore new growth markets. These findings align with DP World’s initiatives in Egypt, where technology implementation addresses business challenges and bolsters resilient supply chains. For instance, at the Port of Ain Sokhna, our technology has improved truck turnaround times by 35% and vessel productivity by 16%. We’ve also introduced multi-channel payment solutions and customer self-service applications for real-time data access, enhancing cargo control and visibility. Together with our development of end-to-end logistics solutions in Egypt, underpinned by DP World’s CARGOES suite of technology platforms, we aim to build resilient supply chain solutions that enable businesses to navigate the challenges of trade seamlessly and efficiently.”

DP World itself has been strongly utilizing technology. For example DP World, Fintech owned platform, DP World Trade Finance partnered with Blockchain enabled UAE Trade Connect to transform trade finance and combat fraud across the UAE.

UAE RAK Digital Assets Oasis partners with HBAR Foundation to fund and grow Blockchain Web3 members

UAE RAK Digital Assets Oasis partners with HBAR Foundation to fund and grow Blockchain Web3 members

UAE’s RAK Digital Assets Oasis (Ras Al Khaimah DAO), the world’s first and only free zone dedicated to global digital and virtual assets companies, and The HBAR Foundation have signed of a Memorandum of Understanding (MOU). The HBAR Foundation will support RAK DAO ecosystem members to leverage the power of blockchain and build economies and applications on Hedera, the most used enterprise-grade public network.

This marks RAK DAO’s first operational relationship, bringing together the expertise and resources of both companies to provide direct and streamlined access to benefits within the Hedera ecosystem. These include a comprehensive grant program, financial backing processes, specialized expert support across technology, marketing and business development, and support to scale adoption and innovation of new ideas in the Web3 space.

“By creating and enabling the world’s first licensed Web3 ecosystem, we are facilitating the seamless exchange of information, connecting businesses across sectors, and paving the way for synergistic relationships to flourish. Together, we are unlocking a world of new possibilities, empowering entrepreneurs, and propelling innovation forward,” says His Highness Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK DAO. “This collaboration is a testament to our shared commitment to driving sustainable growth and shaping a future where Ras Al Khaimah emerges as a global leader in the digital economy.”

Together, RAK DAO and The HBAR Foundation will spearhead various initiatives in the Digital Assets Oasis ecosystem, including regular startup and scale-up pitching sessions, opportunities to connect with partners and investors, and explore avenues to launch joint projects such as venture studios or accelerators.

The HBAR Foundation grantees will also benefit from discounted set-up and licensing packages to establish themselves in RAK DAO, as well as access to effective banking solutions available to all members of the ecosystem. Both companies will work together dynamically to foster collaboration, fuel innovation, overcome barriers, and empower entrepreneurs in their journey to build the future of Web3 and blockchain technology.

“The United Arab Emirates has established itself as a dynamic hub for Web3 innovation, magnetizing global enterprises and top-tier talent. We eagerly anticipate joining forces to pioneer the future of the emerging technologies landscape,” says Shayne Higdon, CEO of the HBAR Foundation. “Through this exclusive relationship between The HBAR Foundation grantees and RAK DAO, we’re honored to provide grantees with greater access to the UAE whilst working together to establish RAK DAO as a major hub for the Web3 and digital assets sector.”

UAE Emirates Zone Investment services accepts crypto payments using Binance Pay

UAE Emirates Zone Investment services accepts crypto payments using Binance Pay

UAE Emirates Zone Investment Services has partnered with Binance Pay, to accept crypto payments from the UAE startup community, small and medium businesses (SMBs), Investors and Entrepreneurs who are planning to set up companies in the region.

Emirates Zone provides business setup and business formation to investors inside and outside the country. UAE is one of the biggest crypto markets in the world. Based in Abu Dhabi, Emirates Zone Group aims to facilitate the adoption of digital currencies in the region.

Speaking on the partnership, Sanad Al-Meqbali, CEO of Emirates Zone Company, stated, “Emirates Zone Company offers a diverse and comprehensive package of solutions and facilities necessary to empower foreign investors and small and medium-sized companies and provide the opportunity to launch these projects with confidence, ease and ease. Accepting cryptocurrency payments will create more opportunities for global businesses in a bid to tap into UAE’s thriving startup community.”

Nadeem Ladki, Executive Director of Business Development and Strategic Partnerships at Binance, aded, ” Emirates Zone’s  decision in accepting cryptocurrency payments with Binance Pay demonstrates Emirates Zone’s forward looking view and approach of the future of the industry. The benefits to use Binance Pay will be a huge draw to the local and global startup business community and offers a great deal of opportunities and businesses looking to establish themselves in the UAE.”

1,650 Blockchain crypto entities in the UAE a 13.8 percent growth YOY

1,650 Blockchain crypto entities in the UAE a 13.8 percent growth YOY

According to a Crypto Oasis at the end of 2022 there were 1,650 blockchain and crypto entities in the UAE. Crypto Oasis notes that the ecosystem has been growing faster than previously anticipated.

As per the release, the Ecosystem has witnessed a sturdy 13.8% growth that proves that the Crypto Oasis is expected to continue its robust growth in the coming months as regulators in the region welcome innovation and disruption, making it easier for blockchain-related companies to secure licenses and operate.

At the forefront of this is Dubai Multi Commodities Centre(DMCC) which is home to over 500 of these native Blockchain organizations, representing the largest concentration of crypto and blockchain companies in the Middle East and North Africa (MENA) region.

Crypto Oasis has added 200+ new organizations in Q4 2022 that have brought in 1,300+ new professionals to the burgeoning Ecosystem, bringing the total number of individuals working in this industry to 8,300+. This 19% growth in employment numbers can be attributed to the UAE being a force to reckon with in the global Blockchain landscape. 78.2 percent (approx. 6,500) of these individuals work in native blockchain organizations, i.e. those which are focused on blockchain and related decentralized technologies. 21.8 (approx. 1,800) percent work for non-native companies, i.e. those that offer blockchain related services or products but do not have blockchain as their primary focus.

Ralf Glabischnig, Founder of Crypto Oasis, stated, “We’re thrilled to have identified these new organizations in our ecosystem that are contributing to a diverse community of stakeholders. The possibilities for Web3 technology are vast, from finance and supply chain management to gaming and social media. However, as it’s a relatively new and emerging technology, its full potential hasn’t been reached yet and the industry is facing challenges such as scalability, security, and user adoption. It’s an exciting and rapidly evolving field to watch and we’re eager to collaborate and learn from each other as we work to improve Web3 and decentralized technologies.”

“The UAE is the perfect amalgamation of Talent and Capital built on a world class Infrastructure,” said Saqr Ereiqat, Co-Founder of Crypto Oasis. “The Ministry of Economy (MoE) has become one of the first Government entities in the world to be active in the metaverse. In 2022 the MoE published its Digital Economy Strategy which aims to double the contribution of digital economy from 9.7% to 19.4% in the next decade. The inception of regulators like VARA and various industry events like the Abu Dhabi Finance Week and Dubai Fintech Week, as well as the launch of the Dubai Economic Agenda “D33″, demonstrate UAE’s commitment in taking an active step to becoming the center of digital economy globally.”

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.”