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Oracle Opens A New Cloud Region In Abu Dhabi

Oracle aims to operate a network of at least 44 cloud regions globally by the end of 2022.

Published

2 years ago

November 13, 2021

David Morelo

oracle opens a new cloud region in abu dhabi

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The demand for cloud computing has surged massively in the Middle East since the outbreak of the pandemic, and companies like Oracle are happy to meet it.

Earlier this week, the Texas-based company announced the opening of its second cloud region in the United Arab Emirates, providing local businesses with global, secure, and high-performance environments that they can use to support their workloads.

The new cloud region is located in Abu Dhabi, and, together with the older Dubai region, it supports the UAE’s Fourth Industrial Revolution Strategy.

“With the Dubai and Abu Dhabi Regions, we have the required cloud infrastructure for organizations across public and private sectors, including SMBs, to accelerate their digital transformation,” said Oracle’s executive vice president of Technology for the EMEA region, Richard Smith.

According to Oracle, the main benefits of the Abu Dhabi Region for local businesses include easier data compliance, reduced costs, enhanced performance, superior resiliency, higher availability, improved customer experiences, and more. Because the region is built on Oracle Cloud Infrastructure (OCI), new customers should be able to migrate existing workloads with ease.

Also Read: UAE Central Bank Establishes Cybersecurity Operations Center

Oracle is a major player in the Middle East, and its clients include everyone from Abu Dhabi Customs to Emaar Properties to Mashreq Bank. Jae Sook Evans, Oracle’s chief information officer, said that the Middle East is a priority region for the company.

Oracle aims to operate a network of at least 44 cloud regions globally by the end of 2022. Currently, it has 34 cloud regions globally, with new regions also set to open in Europe, Asia, and Latin America. Its largest competitors in the Middle East include IBM, Amazon Web Services, SAP, and Alibaba Cloud.

The cloud market in the Middle East is forecasted to reach over $8.79 Billion by 2022, up from $2.17 Billion in 2016.

News

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.

Published

5 hours ago

April 19, 2024

Nour Nasir

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.