The United Arab Emirates (UAE) is an ambitious nation that has risen rapidly through the ranks to become a juggernaut in global technology. The UAE is now bidding to be the architect of the future digital economy by making head-turning moves in infrastructure, policy and technology.
Read on as we look at how seriously the UAE is taking its tech ambition and why the world is paying attention to its every step.
France and the UAE Establish Artificial Intelligence Alliance
France and the UAE have signed an investment partnership in artificial intelligence (AI) that shook the tech ecosystem at its core.
President Mohamed bin Zayed Al Nahyan and French President Emmanuel Macron agreed on a deal to establish a massive data centre in France dedicated to AI.
The UAE will invest up to $52 billion to bring the project to life. A Franco-Emirati consortium will lead this exciting development, with support from UAE-based MGX.
This AI campus is expected to have a 1GW-capacity data centre that can compete with any similar European infrastructure while benefiting from France’s low-carbon energy sources.
Around 65% of the electricity comes from nuclear power, while another 25% is from renewables. Cleantech is a crucial tenet of this project.
France makes securing approvals seamless and is strategically located, making it an attractive prospect for AI advancement, one that gives the UAE a massive say in the digital future of Europe.
The UAE has been investing in AI ventures such as Stargate, in partnership with OpenAI and SoftBank, via MGX, but its latest move is an even bigger splash for the AI space.
Intriguingly, France’s digital and AI minister, Clara Chappaz, said this is only the beginning, signalling similar plans in the pipeline.
And you would not bet against it, with world leaders such as Olaf Scholz and Zhang Guoqing heading to Paris soon for the AI Action Summit.
The UAE will likely be involved as the Gulf nation continues to play a key role as a co-architect in this new AI-first global economy.
The UAE Gets a First Crypto Legal Guide
NeosLegal, the first UAE crypto-native law firm, has launched The Founder’s Guide to UAE Crypto Laws. This rulebook will give entrepreneurs the lowdown on the UAE crypto scene.
NeosLegal officially launched at the VC<>Start-up Connect event in Dubai. Thousands of entrepreneurs from every corner of the globe attended.
This guide provided sought-after regulatory clarifications for the already notably complex Web3 space. It will help start-ups navigate the strict UAE laws around crypto.
The NeosLegal guide covers entity structuring, VASP licensing, tax, IP and compliance considerations across ADGM, DIFC, VARA and more.
Irina Heaver, one of the most well-versed crypto lawyers in the Middle East, spearheaded the project to help founders avoid regulatory landmines.
This digital-first legal resource is not a simple PDF document. It changes with every new UAE Web3 legal development, and founders can check for updates.
NeosLegal took insight from over 300 crypto projects with contributions from regulators and venture capitalists to design this real-time decision-making tool.
Other sectors outside tech will also be interested in this guide. The iGaming industry loves to give customers several financial options for deposits and withdrawals, including cryptocurrencies.
The UAE is currently working towards establishing a legal framework for every online casino in Dubai to operate under their regulatory control.
The NeosLegal rulebook will guide elements of the new set-up, allowing operators to remain compliant if the implement crypto transactions on their platforms.
The demand for this guide shows that crypto is taking root in the UAE, and the Middle Eastern nation can set the pace for Web3 growth.
Stablecoins: Smart Money, Real Impact
Stablecoins are beginning to make waves in the UAE, and the Emirate is building proper infrastructure around them.
The excitement recently peaked when Abu Dhabi’s IHC, ADQ and First Abu Dhabi Bank announced plans for a Dirham-backed stablecoin regulated by the UAE Central Bank.
The UAE is seemingly pivoting towards programmable, smarter money and the implications are massive.
Firstly, when paired with smart contracts, stablecoins can help automate payment in key sectors such as insurance, utilities, real estate and corporate finance.
First Abu Dhabi Bank (FAB) already piloted the JPM Coin from JP Morgan, using the tech to secure tokenised loans and test other theoretically exciting applications.
Experts claim that stablecoins can help improve transparency, reduce counterparty risk and eliminate the inefficiencies in supply chains and financial systems.
The goal is not to replace fiat currencies but to make money smarter, faster and more accountable in a controlled environment that mandates utmost compliance while encouraging innovation.
The big question is whether regulators trust these coded systems to stay accountable. Policymakers will likely regulate the outcomes instead of the code.
The future is all about smart money that thinks and does not just move, and the UAE is keen on leading the way.
