Looking back over 2024, Belal Jassoma, Director of Ecosystems at the Dubai Multi Commodities Centre (DMCC) offers a glimpse into the UAE’s Web3 ecosystem. In his keynote address at AIBC, Jassoma provided a compelling overview of the rapid advancements in the UAE’s digital ecosystem, emphasising the substantial investments, regulatory progress, and strategic government initiatives that are fueling this transformation.
Belal Jassoma is also featured in this issue of the SiGMA Magazine. Read his full interview online.
3.5 million downloads of crypto applications in January 2025
The UAE’s cryptocurrency landscape has experienced remarkable growth, claims Jassoma. Over a third of the country’s population has either owned or transacted in crypto, with total transactions surpassing $30 billion USD. The number of daily crypto traders has climbed to 500,000, and with over 3.5 million downloads of crypto applications in January 2025 alone, the trajectory remains steeply upward.
To further strengthen its digital economy, the UAE has introduced an AE stablecoin and tested a Central Bank Digital Currency (CBDC). Investment in the Web3 space is thriving, with $3.5 billion allocated to Web3-specific funds and $24 billion invested in the sector within just a year. Additionally, the UAE now hosts 23 licensed and regulated virtual asset companies, with many more in the pipeline.
A crypto tower on the horizon
The DMCC has announced plans for a dedicated Crypto Tower. This 17-story building, scheduled for completion in two years, will be located opposite the Uptown Tower, further cementing Dubai’s status as a premier crypto hub.
AI: The backbone of the UAE’s future
The UAE government has placed AI at the core of its national development strategy, evidenced by initiatives such as the National AI Strategy 2031, which aims to generate 330 billion dirhams in revenue, says Belal Jassoma. Other significant frameworks include the UAE Charter for the Development and Use of AI and the Dubai Universal Blueprint for Artificial Intelligence. Companies seeking government contracts are now required to obtain the Dubai AI Seal, further reinforcing AI adoption.
The AI boom is not just limited to policy; it has tangible industry applications. The medical sector is leveraging AI for diagnostics, while banking institutions use it for fraud detection and KYC (Know Your Customer) processes. Investment is also pouring in, with UAE-based fund MGX partnering with Microsoft and BlackRock to launch an AI investment fund valued at $30 billion, with plans to expand to $100 billion.
Economic opportunities
AI and Web3 are not only reshaping industries but also creating new employment opportunities. Job postings in AI saw a 25% increase last year, and projections estimate 50,000 new AI-related jobs will be created in 2025. Aspiring professionals are encouraged to tailor their CVs to highlight AI expertise, given the rising demand for talent in this sector.
The UAE is also making strategic moves in the esports industry, driven by government mandates such as DPG33. This initiative supports the gaming sector through partnerships with DMCC, which is actively involved in fostering new businesses. The region has witnessed $400 million in investments across the MENA region, highlighting its growth potential.
Regulatory advancements and business growth
Dubai’s regulatory landscape is evolving to provide a secure and transparent environment for virtual asset companies. The Virtual Assets Regulatory Authority (VARA), established in 2022, is a dedicated entity that oversees crypto regulations. Unlike other jurisdictions that apply traditional financial regulations to crypto, VARA’s approach is activity-specific, making it more suited to the evolving digital asset space.
The UAE Web3 ecosystem is flourishing, with over 650 companies in the sector, fostering synergies between blockchain, AI, and gaming enterprises. DMCC continues to attract industry leaders through strategic partnerships and funding initiatives, having already helped 21 companies raise $155 million in funding.
