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DMCC announces Crypto Valley in Dubai at Davos 2020

DMCC aims to boost blockchain ecosystem in Dubai. (Image source: DMCC)

DMCC, the worlds flagship free zone and Government of Dubai Authority on commodities trade and enterprise has partnered with CV VC and CV Labs to launch Crypto Valley in Dubai, the UAE

Designed to foster growth, collaboration and integrity across the global blockchain economy, the 'DMCC Crypto Valley' will offer a variety of services including incubation for early-stage start-ups, co-working facilities, innovation services for corporate clients, blockchain and entrepreneurship training, education, events, mentoring and funding.

Signed on the sidelines of the World Economic Forum in Davos, the agreement sees DMCC work alongside both CV VC and its subsidiary CV Labs, to develop an ecosystem in Jumeirah Lakes Towers (JLT), DMCC's business district, where over 17,000 companies are currently registered.

Ahmed Bin Sulayem, executive chairman and CEO, DMCC, said, ?Sat at the crossroads of the world, DMCC is a dynamic business hub that drives global trade through Dubai. The launch of the Crypto Valley in DMCC will enhance the city's dynamic business environment, and support the wider strategy of the UAE Government to attract the innovators, entrepreneurs and pioneers that will shape the future economy.?

?In our opinion, the competence from Crypto Valley-based companies will support the ambitious goals and strategy to use blockchain in Dubai and beyond! On the other side the capital from the MENA region could help to build even more successful projects and startups and foster the settlement of new blockchain-focused companies in the UAE,? added Ralf Glabischnig, founder of CV VC and CV Labs.

Research from DMCC's Future of Trade report found that blockchain could help reduce up to 20 per cent of the physical paper costs associated with global trade, currently estimated at US$1.8tn. DMCC is a member of the Global Blockchain Council.