Over 1,450 organisations operate across UAE’s Web3 space – report

More than 1,450 active Web3 organisations were operating in the UAE at the end Q3 2022, a new report has revealed.

The Crypto Oasis Ecosystem Report, released by UAE-based Crypto Oasis in partnership with Roland Berger, identified that more than 7,000 individuals are working in the Web3 industry. The report focused on market development and emerging technologies such as crypto, blockchain, metaverse and Web3.

The organisations that were active in the blockchain space are broken down into native and non-native entities, according to their dependency on the technology.

Native ones which only exist because of the technology accounted for 65 per cent of the total number, while non-native organisations made up the remaining 35 per cent.

Meanwhile, Dubai Multi Commodities Centre(DMCC) has registered more than 460 native organisations, comprising over 50 per cent of all native blockchain organisations in Dubai. Out of the 7,000 plus individuals working in the Web3 industry, approximately 77 per cent work in blockchain native organisations, while 23 per cent work in non-native companies.

“We strongly believe in the transition towards a crypto economy and see this reflected in the top C-Level executive agendas. The UAE is accelerating its global position as a crypto and Web3 hub, also thanks to prime ecosystem developers like Crypto Oasis” said Pierre Samaties, partner and global co-head of the firm’s crypto economy team.

“We are pleased to see the UAE supporting forward-thinking organisations such as startups, service providers, investors, as well as science and research institutions in the Web3 space,” added Ralf Glabischnig, founder of the Crypto Oasis. “We also have industry leading stakeholders like ADGM, DIFC, DMCC, Simmons and Simmons, State Street featured in our report which will provide the audience with a deeper insight into industry trends as well as educate and inform the reader of this ever growing and evolving ecosystem.”

Crypto Oasis, the UAE’s Web3 ecosystem, catalyses the growth of organisations in the crypto space, convening investors, startups, corporates, researchers, service providers and government entities.

Faisal Zaidi, co-founder and CMO of Crypto Oasis, stated: “Our role is to curate the Crypto Oasis ecosystem and our goal is to bring all stakeholders together on one playing field to assert the region as the leading global player in Web3.”

 Also read: Revealed: Winners of the first edition of GB Tech Web3 Awards