Dubai Comes up with Future Council for Blockchain Initiative

by commitbizadmin 11, May 2020

Dubai Comes up with Future Council for Blockchain Initiative

Dubai, as a city, has changed dramatically over the last few years. It has become a significant business centre with a more dynamic and diversified economy. Dubai enjoys a strategic location and is the largest re-exporting centre in the whole Middle-east.

About ninety-five per cent of Dubai's GDP is generated from non-oil-based sectors. So far, oil has been calculated for less than one percent of Dubai's GDP and tourism to produce twenty percent of the GDP.

Every entrepreneur wants to start his business at a location where the government is pro-business, supportive, with they can have access to the global market, world-class infrastructure and exciting business opportunities.

Dubai’s Framework

In Dubai, New council to discuss proposed legislation to grow the implementation of Blockchain Technology in different sectors.

The DFF (Dubai Future Foundation) has formed the Dubai future Council for Blockchain to be headed by Dr Aisha Bint Bin Bishr, director-general of Smart Dubai.

The council consists of fourteen members from different government and international; entities and discussed the proposed legislation to grow the implementation of Blockchain technology in various sectors, private entities and government services at its first meeting.

The Dubai Future Council for the Blockchain offers a distinctive platform to explore challenges and to find creative and proactive solutions to make sure Dubai is prepared for the future for vital sectors in Blockchain era, for the opportunities what this technology provides which they hope to harness in the future and make Dubai more prosperous and the smartest city in the world. Also, a regional and global Blockchain hub.

They will be working on stretching Dubai's digital transition through a series of solutions and tools, most notable of what Block technology.

The Dubai Future Council for Blockchain is set to hold four meetings per year to figure out plans and form task forces to perform the duties as well as to follow up on existing Blockchain initiatives and strategies.

Why Invest in Dubai?

Following are the reasons to help you understand why Dubai is the hot-bed for investors to start your business in Dubai.

Growing Economy

Dubai economy is expanding. This is one of the reasons is Dubai Expo 2020 is approaching, and compelling possibilities are being planned for business people of various ages, genders and backgrounds.

Tax-Free Economy

Dubai is a tax-free economy, which indicates the fact that the government does not tax property and income. The companies enjoy full freedom to acquire all of their earnings. Think of owning a business and getting to keep a hundred per cent of the profits.

Peace and Stability in Politics and Economy

Declining law and order are one of the central reasons for the flight of capital from the country. Dubai government has taken proper care about these factors, be it Health, education, residency, recreation or to other facilities.

Free Trades Zone Exists

Most of the expats prefer free trades zones for the start-ups as because of the excellent advantages that it provides. The businesses can start without having a local Emirati partner. This offers the investors with the complete freedom to run the business and enjoy different facilities provided by a free trade zone in Dubai.

If you are interested in starting your business in Dubai or anywhere in the UAE, we can help you with the process. At Commitbiz, we not only help with the documentation but also with the whole process. Our experts are well versed and will look after your every requirement. For further details, contact us. We would be glad to assist.