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Advanced Tech Adoption & Innovation Are UAE’s Top Priority

The United Arab Emirates is actively seeking to overcome technological challenges and will explore futuristic approaches to improve the digital economy.

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advanced tech adoption and innovation are uae's top priority
Emirates News Agency

Omar Sultan Al Olama, the UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, has explained that the adoption of advanced technologies is a top priority for the region, as the Emirates continues to push forward with its vision of an advanced digital economy through innovation. Although there are many challenges to overcome, the UAE is making incredible progress across multiple scientific and technological sectors, and has embraced a future-centric approach to developing and overhauling its economy.

Omar Sultan Al Olama recently visited the Industrial Innovation Group (IIG), a leading security printing, biometric and global systems innovator, headquartered in Sharjah. The Minister’s mission was to explore the group’s scientific research lab, uncover new trends in advanced technology, and discuss potential collaboration opportunities.

Also Read: Saudi Firm ACWA Power To Build 1.5 GW Wind Farm In Uzbekistan

The Minister of State for all things digital noted that when it comes to technology, the most innovative and forward-thinking tools must be deployed to ensure safety, quality, and reliability. Omar Sultan Al Olama praised the Industrial Innovation Group for its success in building a sizable operational base, with 263 centers for passports around the globe and 367 centers for licenses. In addition, the IIG group’s 400 intellectual property assets will help the UAE to lead in security documents and technology solutions worldwide.

The Industrial Innovation Group is the first group in the MENA region to establish real industrial production and implement system integration. IIG is the only company in the field of production of identification documents and security printing worldwide that does not depend on third-party technologies in its activities.

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Binance Receives Virtual Assets License To Operate In Dubai

As its user base nears 200 million, CEO Richard Teng believes crypto adoption will soar over the next half of the decade.

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binance receives virtual assets license to operate in dubai

Global crypto exchange Binance has been granted a full operational license in Dubai, in a move that’s expected to accelerate digital asset adoption and strengthen the UAE’s regulatory landscape.

The virtual asset service provider license (VASP) was granted by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow Binance to extend its current range of services to retail investors, the company announced yesterday.

The move by Dubai authorities will be critical to Binance’s strategy of growing its user base globally. The crypto exchange expects to pass the 200 million user mark “quite shortly”, according to Richard Teng, the company’s CEO.

Once that milestone is achieved, Binance will have around twice as many users as rival platform Coinbase. Meanwhile, Crypto.com, another popular exchange with 80 million users, received a Dubai VASP license last week.

“We’re seeing much greater institutional adoption and institutional money coming into this space [along with] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investor classes,” Binance’s Richard Tang explained, adding: “As of now, we stand at about 5% crypto adoption globally, but that will become much faster moving forward”.

Also Read: Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

Dubai and the UAE are extremely supportive of technologies like digital assets, and have already launched initiatives to boost adoption. The UAE has ambitious plans to become a world leader in the crypto economy of the future, with Dubai in particular being noteworthy for passing a new law to regulate virtual assets to support investors and exchanges.

“Global crypto regulation is currently showing diverging signs. Some developed countries have long suffered from crypto-related frauds and illegal exchanges. On the other hand, emerging nations like the UAE and Singapore have enacted crypto laws at faced pace,” said Vijay Valecha, chief investment officer of Dubai-based Century Financial.

As the UAE gears up to become one of the fastest-growing crypto capitals worldwide, investors and talent are flocking to places like Dubai. During 2023, the Emirates as a whole realized $204 million in capital gains from cryptocurrency investments, according to blockchain data analysts Chainalysis.

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