Web3.0: UAE emerges as leading industry player as tech groups keen to set up base

Web3.0: UAE emerges as leading industry player as tech groups keen to set up base

More than 7,000 individuals are currently working in the Web3 space, offered by 1,450 active industry players in the country

Published: Thu 20 Oct 2022, 2:06 PM

While global response to the fastest growing Web3 ecosystem is still shaping up, the UAE has emerged as one of the leading industry players by attracting global talent to promote innovation and strengthen its digital economy, experts say.

Referring to the latest report released by Crypto Oasis, they said more than 7,000 individuals are currently working in the Web3 space, offered by 1,450 active industry players in the UAE at the end of the third quarter of 2022. They said the Web3 ecosystem would further strengthen its position in the country as the UAE government is keen to promote digital economy contributions to the GDP – from 9.7 per cent to 19.4 per cent in the next 10 years.

"Web3 ecosystem gains popularity in the UAE, and it is going to attract major industry players and create thousands of new jobs in coming months," according to an expert.

Ralf Glabischnig, founder of the Crypto Oasis, said the UAE is supporting forward-thinking organisations such as startups, service providers, and investors, as well as science and research institutions in the