A tech industry is growing in Dubai, spurred by the pandemic, as startups here attract interest from international venture firms, including SoftBank Group Corp. and Sequoia Capital.
Dubai largely kept its border open, aggressively vaccinated and introduced visas and other policies that have attracted an increasingly mobile international workforce. With much of Europe and Asia launching lockdowns through multiple waves of Covid-19, Dubai’s mix of relaxed virus policies, low taxes and relatively light business regulation created an attractive environment for technology startups, executives said.
“The thing that’s really changed is Covid—it accelerated the ecosystem by three to five years," said Asher Siddiqui, a Dubai-based venture capitalist and former partner at San Francisco-based 500 Startups.
Ralf Glabischnig, an investor and founder of Crypto Oasis, an organization helping blockchain and crypto startups establish in Dubai, moved last year to the city that he calls the fastest-growing hub globally for crypto technology. Crypto Oasis says it has helped 200 startups—trading cryptocurrencies or building businesses on blockchain—establish in Dubai. The world’s largest crypto exchange, Binance, has set up offices in Dubai.
Dubai has also benefited from the United Arab Emirates’ new diplomatic relations with Israel, struck in 2020 in a deal known as the Abraham Accords, which created opportunities for Dubai to make connections with the already-established tech hub in Tel...
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