Stripe, a provider of online payment processing for internet business, has finally expanded to the Middle East with its official launch in the United Arab Emirates. The Irish-American company also opened an office in Dubai Internet City, allowing it to be closer to its new customer base.
At first, Stripe will only be available to UAE businesses, allowing them to accept online payments, make payouts, mitigate fraud, and attract customers from around the world.
“The UAE is a thriving hub for technology, supported by strong investor appetite, internet-savvy consumers, and an open, innovative ecosystem of business leaders and entrepreneurs,” said Matt Henderson, EMEA Business Lead at Stripe. “Our launch today also means we can now connect our global user base to the Gulf, enabling them to seamlessly expand their operations in the region.”
Stripe’s entry into the Middle East market comes just weeks after its latest round of funding, which has resulted in the company’s value jumping up to $95 billion and making it one of the most valuable fintech companies in the world.
The UAE is the perfect entry point for the online payment processing provider because the total value of digital payment transactions in the gulf country has doubled in the last two years alone, reaching $18.5 billion in 2020. If the UAE remains on the current growth trajectory, its e-commerce sector is expected to add nearly another $10 billion over the next two years.
Another factor that makes the UAE such an ideal expansion point is the fact that accepting online payments in the country has historically been incredibly challenging. Stripe provides a straightforward setup process and developer-friendly APIs, making it easy for companies of all sizes to improve their online presence.
Last year, Stripe launched in the Czech Republic, Hungary, Romania, Bulgaria, Cyprus, and Malta. The company also expanded into Africa via Nigeria technology startup Paystack. In total, Stripe currently processes hundreds of billions of dollars each year.
World’s Largest Metaverse Developer Opens Dubai Office
LandVault, the largest metaverse creator, is expanding its presence into the MENA region.
LandVault, the world’s largest metaverse developer, will expand operations to Dubai later this month as part of an ongoing strategy to boost its presence in the MENA region. The company aims to help local businesses gain a foothold in the expanding web 3.0 universe and sees exciting opportunities to bolster its client portfolio.
So far, metaverse developer LandVault has lived up to its name, creating and curating over 100 square feet of virtual space for a diverse range of organizations, including the nearby Yas Marina Circuit, Aldar, Mastercard, Standard Chartered, World of Women, Hershey’s, and many more.
The Dubai government’s Metaverse Strategy is one of the key reasons LandVault has been inspired to move to the region, as leaders plan to transform the Emirate into one of the world’s top 10 metaverse economies by 2030. Eventually, it’s hoped that in excess of 1,000 companies in the blockchain and web 3.0 spaces will be inspired to set up entities in the region, creating around 40,000 new jobs in the process.
“We are excited to open our office in Dubai and to be a part of the vibrant tech community in the UAE. The MENA region is a key market for us, and we believe that our presence in Dubai will allow us to assist the region and explore new opportunities. We are also excited about the potential for the metaverse in the real estate industry in the UAE. We look forward to working with developers and real estate companies to showcase their properties in a new and innovative way,” says Sam Huber, CEO of LandVault.
Alongside developing the metaverse from its new Dubai office, LandVault will also deploy its technology to assist the UAE’s real estate sector. Developers will soon be able to showcase their projects in a way that was never previously possible, reaching a much wider audience with immersive and interactive property tours and even virtual showrooms.