Abu Dhabi Startup News

In a bold move that amplifies the role of technology in global finance, the Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) have recently joined hands to strengthen their financial cooperation. The two monetary authorities held a significant bilateral meeting on May 29, aimed at enhancing collaboration between the financial services sectors of the two jurisdictions. The meeting saw a spirited discussion on several collaborative initiatives, with an agreement to enhance cooperation in three major areas - financial infrastructure, financial market connectivity, and significantly, virtual asset regulations and developments.

In a significant development in the field of artificial intelligence (AI), the emirate of Abu Dhabi, the capital of the United Arab Emirates (UAE), has announced the open-source availability of its large-scale AI model, Falcon 40B. This step positions the UAE as a global frontrunner, being among the first nations to make a large language model freely available for both research and commercial use. The announcement came from the Advanced Technology Research Council (ATRC), the government body spearheading technological innovation in the emirate.

Dubai’s Virtual Asset Regulatory Authority (VARA) recently awarded BitOasis, the region’s leading cryptocurrency trading platform, with an unprecedented MVP Operational Licence. This monumental approval enables BitOasis to offer broker-dealer services from its Dubai base, while fulfilling all the regulatory obligations of VARA’s regime. In doing so, BitOasis becomes the first crypto trading platform to achieve this distinct milestone within the VARA framework. Founded in 2015, BitOasis has been a trailblazer in the crypto space, empowering users in the GCC and MENA regions with the ability to transact in over 60 tokens using fiat currencies such as AED, SAR, TL, and USD.

In a year marked by exceptional growth, Abu Dhabi’s global tech ecosystem, Hub71, has reported an impressive 102% increase in its community. This includes over 200 start-ups joining its network and 51 early-stage companies relocating to Abu Dhabi to fast-track their business expansion. Collectively, these Abu Dhabi startups raised almost $1.2 billion USD (4.5 billion AED) in venture capital, contributing to the creation of over 900 jobs. Underpinning this growth is Hub71’s commitment to fostering success for start-ups and advancing Abu Dhabi’s economic standing.

In recent years, the startup culture in the United Arab Emirates has seen a dramatic rise. The country is quickly becoming a hub for innovative and ambitious entrepreneurs, drawing attention from investors around the world. With an increasing number of startups entering the market, the UAE is emerging as one of the most promising markets in the Middle East. The UAE is a great place to start a business. The increase in startups has been fueled by supportive government policies that encourage entrepreneurship and innovation.