Role of the Private Office to Help Support the Dubai Blockchain Strategy By Helping Tech Companies to Integrate into Dubai and the Emirates
The Private Office under his Highness Sheikh Saeed Bin Ahmed Al Maktoum has setup guidelines and specific eligibility criteria that allows for smart technologies to bring rapid development and transformation into Dubai and strategic sectors like tourism, real estate, media, technology, and banking. The objective of the economy is to give better opportunities for corporations to pitch new ideas that will help build Dubai as a technology hub.
For the businesses and industries representing ideas and visions that can change Dubai significantly, they need a smart gateway that allows for valuable strategic partnerships with stakeholders in Dubai and the Emirates. The Private Office is one of these gateways that acts as a knowledge base for the partnering companies who are interested in setting up in the Emirates and Dubai. By harnessing the invaluable expertise and knowledge of the market in MENA, the Private Office helps its strategic allies and partners to provide service excellence in the strategic business areas of the Emirates for development and sustainable growth.
Like other economies, with the likes of the US, China, India, Japan and the UK, the Emirates are aligning to emerge as the revolutionary change maker in the MENA region. This task is easier said than done, as a result, the Private Office has set up specific programs that blend the inclusion of top resources and human capital to elevate the status and image of startups and scaleups with whom they partner. The Private Office was conceptualized in the year 2000 with the vision to diversify the investment portfolio of the Emirates whilst also increasing access and ecosystem integration easement for foreign companies.
The Private Office has set up specific parameters and eligibility criteria that allows for faster identification of key investments and partnerships that have the potential to transform the economy of Dubai to sustain by showing a competitive advantage. The Private Office is helping emerging technologies and corporations to identify the opportunistic segments in the economy by their smart consulting services. Such an approach helps ease of entry in the Emirates for new companies and corporations in the business landscape.
Dubai and the Emirates are working towards setting up a sustainable development model that will help establish Dubai as an innovator and change maker in the market. Most of the departments like real-estate and the public have already minimised the use of paper in their various operations. There has been a significant reduction of 57% in the annual paper consumption, with a set target for Dubai to go completely paperless by 2020. DiamondBack corporations have already started working on the stable coin project with the Private Office. The security token will be backed against investment grade diamond and allow for alternate remittance services. The diamond backed security token will empower the traditional blockchain based payment system and envisage a new payment model.
The Private Office has also partnered with a Taiwan Blockchain Startup OwlTing to help integrate blockchain technology in the modus operandi of business operations in the Emirates. OwlTing has been highly enthused and captivated by the smart technology adoption Dubai and as a result will introduce new age solutions to diversify and ease the operational efficiency of multiple sectors in Dubai that need smart futuristic innovations. As the Emirates are quite keen on adopting the blockchain strategy by 2021, multiple sectors will open up and present their use cases on blockchain technology as a smart solution to change things significantly in the coming future.
The Private Office has given better opportunities to the foreign players in the Blockchain space to contribute to Dubai and the Emirates faster growth and development. In the latest developments, the SEED Group that manages the Private Office administered by his Highness Sheikh Saeed Bin Ahmed Al Maktoum has signed partnerships with AERGO Foundation and Blocko Info to carve pathways that will lead Dubai and the Emirates to their millennium goal of transforming the nation into a high tech hub for investment. These corporations in the Blockchain space are creating secure, scalable and high performance solutions to help the Emirates live their vision of completely transforming the economy via blockchain solutions.