Crypto Oasis Ecosystem Report 2023 identifies 1,800+ organisations in the thriving UAE Web3 space

The UAE’s crypto ecosystem continues to grow at an unprecedented rate, with over 1,800 organisations currently identified as of Q1 2023, according to the second edition of the Crypto Oasis Ecosystem Report. The report, developed in collaboration with the DLT Science Foundation and Roland Berger, one of the leading management consultancies, offers a comprehensive summary of the UAE’s blockchain evolution driven by Web3, cryptographic, and blockchain technologies. Roland Berger also exclusively contributed with three thought leadership articles that are exclusively published in the report.

The report, which was launched during the Dubai FinTech Summit organised by the Dubai International Financial Centre (DIFC), highlights that more than 8,650 professionals currently work in organisations within the crypto, blockchain, metaverse, and Web3 ecosystem of the UAE, representing a 4.2 per cent increase from Q4 2022. The report is divided into six parts, including governments & associations, startups & projects, investors & collectors, service providers, corporates, and education & research.

Native organisations account for 70.5 per cent (1,276 organisations) of the total number, while non-native organisations account for 29.5 per cent (532 organizations). During Q1 2023 alone, over 150 new organisations were identified, bringing in more than 350 new professionals to the thriving ecosystem. Approximately 72.8 per cent (roughly 6,301) of these individuals work for native blockchain organisations, while the remaining 27.2 per cent (approximately 2,350) work for non-native companies.

“The second edition of the Crypto Oasis Ecosystem Report is a valuable resource for anyone interested in the Web3 space and will be an essential tool for policymakers, investors, and entrepreneurs looking to navigate the rapidly evolving landscape of blockchain technology,” said Saqr Ereiqat, co-founder of Crypto Oasis. “The report is a result of comprehensive research undertaken by the Crypto Oasis research team, which involved an in-depth analysis of the UAE Web3 Ecosystem.”

Paolo Tasca, co-founder and chairman at the DLT Science Foundation, said: “At the DLT Science Foundation, we are keen to reach out into and connect with the fastest growing Web3 Ecosystem in the world! This report provides a unique market analysis of the crypto and Web3 key players in the UAE. We are glad to have contributed to it.”

Pierre Samaties, Partner at Roland Berger Middle East and leading the Global Digital Assets, Web3 and Metaverse practice, said: “The growth of the UAE Digital Asset and Web3 ecosystem is very impressive. It is driven by forward looking regulation, a welcoming talent immigration environment and a remarkable appetite from government and institutions to adopt the many opportunities the technology brings”

The report also contains insightful thought leadership articles from major players in the industry, including , Circle, Citigroup, DIFC, DMCC, GenTwo, QORPO, Pulse World, Ripple, Securrency, State Street, Tokengate, Venom, Virtua and Yield App. Additionally, the report features a detailed regional analysis of the UAE by Blockchain data platform Chainalysis.

Suzana Obradovic, Regional Director Middle East and Africa at Chainalysis, said: “We are excited to bring our blockchain data insights to the Crypto Oasis Ecosystem Report. The launch of the report, already in its second edition, marks an important milestone in the growth of the Web3 ecosystem in the UAE. By building out comprehensive regulation and embracing future technologies, the UAE has made itself very attractive to Web3 enthusiasts looking to establish themselves in the region.”

• Business