Solana, the California-based blockchain platform, is seeking to solidify its presence in the United Arab Emirates through a three-week gathering of Web3 specialists in Dubai. The event, which runs from October 6 to 26, is aimed at attracting hundreds of international start-ups and developers, aligning with the UAE’s growing national crypto strategy.
The event’s first week drew approximately 450 visitors to a cluster of six villas in Dubai’s Al Barsha area. Workshops and collaboration sessions were held, bringing together key figures from both the blockchain and Web3 spaces. Alex Scott, leader of Solana’s Superteam, emphasised the significance of the event, saying, “Solana’s Superteam Founders’ Villa is the only event of its kind and scale in the UAE.” He noted that while several global cryptocurrency and Web3 companies have established operations in the UAE, Solana is one of the few blockchain platforms committed to a long-term strategic presence.
The February edition of the Solana Founders’ event led to the establishment of four new companies in Dubai, with five founders relocating to the city. The event also secured $100,000 in deals, according to Scott. This year, Solana anticipates even greater momentum, with the number of start-up founders attending expected to double. “We’re pioneering this approach of bringing global blockchain talent together for an extended period to collaborate and build in the heart of Dubai,” Scott added. The goal, he said, is to encourage founders to build their Web3 businesses on Solana’s blockchain, while also integrating with the UAE’s regulatory framework.
The event has attracted the attention of local government officials, with representatives from the Dubai Department of Economy and Tourism and Abu Dhabi Global Markets participating in the first week. These representatives met with start-up founders to discuss how the emerging companies can operate within the UAE’s legal and regulatory environment, further facilitating the development of the blockchain industry in the region.
Mert Mumtaz, co-founder and chief executive of Helius, the largest developer platform on Solana, highlighted the significance of the event. “The opportunity to collaborate with talented and hungry minds while having direct access to government officials and regulatory insights is something I’ve never seen before,” Mumtaz said. He recently moved his company from Toronto to Dubai, attracted by the city’s fast-growing industry and government support for blockchain technology.
The UAE’s ambitions in the crypto space have gained traction, particularly with the Central Bank’s announcement in June of a forthcoming operational framework, which will include the introduction of a dirham-backed stablecoin. Tether, the world’s largest stablecoin issuer, has already announced plans to launch a dirham-pegged stablecoin in partnership with Abu Dhabi-based Phoenix Group and Green Acorn Investments. This move is expected to increase the mainstream use of cryptocurrencies in the UAE, with businesses able to accept the stablecoin for payments, such as rent, utilities, and other large transactions. It could also reduce remittance costs for sending money abroad.
Solana views the planned dirham-backed stablecoin as a key opportunity for expanding its user base in the Middle East. By positioning itself early in the UAE’s crypto strategy, the platform hopes to secure a first-mover advantage. “Imagine earning a dirham-denominated yield on a Decentralised Finance (DeFi) platform like Flash Trade, a UAE company, and using that to pay your rent in Abu Dhabi,” Scott said, adding that such innovations could revolutionise the use of blockchain technology in traditional finance.
With its strategic entry into the UAE market, Solana is poised to play a key role in the region’s burgeoning blockchain and cryptocurrency landscape, potentially setting the stage for further growth and collaboration across the Middle East.
