Dubai Onboards Solana as Blockchain Ecosystem Partner for DMCC Free Economic Zone

Dubai is accelerating efforts to upgrade the necessary infrastructure to foster advanced Web3 ecosystem there. Dubai has chosen the Solana Foundation to provide the blockchain infrastructure for its free economic zone, called the Dubai Multi Commodities Center (DMCC). With this partnership, Dubai aims to help the members of DMCC develop on blockchain and scale their business. While the G20 nations work to create a globally acceptable crypto framework, Europe and parts of the United Arab Emirates such as Abu Dhabi and Dubai have begun initiatives to establish themselves as crypto hubs.

Solana will now set up an operating area in DMCC’s crypto center and initiate collaborations with existing 23,000 firms currently operating from the economic zone, which include technology partners, exchanges, government entities, investors, incubators and service providers.

With a market cap of $8 billion (around Rs. 66,622 crore), DMCC has called Solana one of the most prominent blockchains in the world. Blockchain is said to be environmentally friendly and is often put in competition with Ethereum in terms of its utility.

“We will provide free setup and enterprise licensing for Solana ecosystem projects, while our members can access a world-class blockchain platform and dedicated Solana engineering team to take their businesses to new heights,” said Ahmed Bin Sulayem, Executive Chairman and CEO. Officer, DMCC in a official statement.

DMCC boasts that its economic zone offers the largest concentration of crypto, blockchain and Web3 companies in the entire Middle East and North Africa (MENA).

“We look forward to working with Crypto Center members to bring them onto our chain, as well as introducing our existing ecosystem to DMCC so they can scale their operations as well,” said Dan Albert, Executive Director, Solana Foundation , who comment on development.

In March this year, Dubai published rules around crypto-based activities and services that corporate businesses must comply with. The administration there charges $27,000 (around Rs. 22 lakh) for crypto firms seeking operational permits.

The world’s first hotel, designed after the symbol of Bitcoin, is also in the making constructed in Dubai, which declares itself supportive of the digital asset industry.

As for Solana, its parent company Solana Labs plans to let its users get awareness and educational content around cryptocurrencies, non-fungible tokens and blockchain via a ChatGPT-like plugin.

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