The United Arab Emirates (UAE) has been a leader in blockchain adoption — having adopted far-ranging national strategies dealing with the new industry as early as 2016.
Within the Middle Eastern country, the Emirate of Dubai is leading the charge — having leveraged blockchain technology for supply chain transparency, government transactions, and property sales — among other uses.
Dubai’s Multi Commodities Centre (DMCC) is at the heart of the action. The free-trade zone, located in the Jumeirah Lake Towers (JLT) district, also hosts a bustling Crypto Centre that has attracted businesses across the globe.
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An exciting new plan was announced on January 15 — per Emirates 24/7, the DMCC has partnered with REIT Development to construct a 17-storey Crypto Tower in the JLT district. This ambitious development seeks to position itself as a new hub for the bustling cryptocurrency industry, fostering innovation and growth.
Crypto Tower aims to attract blockchain developers and investors to the UAE
The 17-storey building is set to support the DMCC’s rapidly growing community of developers — 9 floors have been reserved for crypto startups and established businesses, while three are intended for blockchain incubators, venture capital firms, and investment companies. On top of that, an entire floor will be set aside for artificial intelligence innovation.
In addition, the project includes a 10,000-square-foot indoor event space, as well as a 3,500-square-foot outdoor area intended for exclusive crypto and blockchain events. Beyond the core facilities, the crypto tower will also feature an NFT art gallery, gold bullion shop, exotic car dealership, and a 5,000-square-foot vault storage area.
Once all is said and done, the development will add over 150,000 square feet of leasable space to the DMCC.
Brenda Stratton, the communications director at REIT development, also noted that every expense will be on-chain — in addition, the use of on-chain voting will be leveraged to streamline tenant interactions and transactions, in a bid to reduce administrative load and set new transparency standards in the industry.
As ambitious as the undertaking is, construction is expected to finish in the first quarter of 2027 — and full operation should begin shortly after.
Featured image via Shutterstock
