By Tom Chitty, CNBC
8th August 2022 – (Dubai) Dubai’s handling of the pandemic, low taxes and ease of doing business laid the groundwork for a post-pandemic boom. And they’re paying off in the form of new tech investment.
“Dubai, and the UAE overall, is a world class example of dealing with a pandemic. Now you see talent internationally, from all parts of the world, wanting to move to Dubai,” said Ola Doudin, co-founder of BitOasis, a cryptocurrency platform.
In 2020, $654 million of investment poured into start-ups in the Middle East and North Africa, according to research from Wamda, an investment and venture capital firm that operates in the region. That amount quadrupled to nearly $2.9 billion the following year, with roughly half that flowing into the UAE.
“We’re definitely seeing Dubai leading that race, competing with other financial hubs and really positioning itself as a global crypto hub,” Doudin said.
But that bet on crypto comes at a time when there’s rising investor apprehension toward the digital currency market, amid high-profile hacks, collapsed “stablecoins,” and steep drops in crypto prices.