DWTC signs a pact with CoinMENA to build a Crypto Asset and Blockchain Hub

Dubai World Trade Centre Free Zone has signed a Memorandum of Understanding (MoU) with CoinMENA to build a Crypto Asset and Blockchain Hub at Dubai World Trade Centre (DWTC).

The agreement was inked on the CoinMENA exhibit on the first day of the Future Blockchain Summit, one of six events taking place at DWTC as part of GITEX Global 2021, the world’s most comprehensive and immersive technology expo, which runs through October 21.

In the presence of CoinMENA board members Abbas Zuaiter and Khalid Saad, Abdalla Al Banna, Vice President of Free Zone Operations at DWTC, and CoinMENA’s founding team Dina Saman, Talal Tabbaa, and Yazan Barghuthhi signed the MoU.

The two companies have agreed to work together to create a Crypto Asset and Blockchain Hub that will encourage top regional and worldwide companies to set up shop in the DWTC Free Zone. The DWTC Free Zone is a perfect setting for startups, SMEs, and multinationals to operate locally while reaching international markets, thanks to DWTC’s unique and controlled ecosystem for enterprises seeking local and international prospects. In addition, DWTC and CNMENA Holding will collaborate to create an optimal regulatory framework within the DWTC Free Zone.

“CoinMENA has made great strides in advancing the region’s digital asset exchange landscape,” said Abdalla Al Banna, Vice President of Free Zone Operations at DWTC.

He added, “Through this MoU, we will harness the expertise of CoinMENA to accelerate Dubai World Trade Centre Free Zone’s role as an incubator for companies, underpinned by blockchain and cryptographic technologies, which continue to drive the digital-led economy. We are committed to continually expanding our services to ensure the free zone is a destination of choice for the international investment and entrepreneurial community in the commercial heart of the Middle East.”

The agreement will also see CNMENA Holding relocate CoinMENA’s UAE headquarters to the DWTC Free Zone to create a dedicated talent centre for its future engineering, compliance, and resourcing requirements. It is designed to create two-way dialogue and establish progressive frameworks to identify potential synergies and future collaborative opportunities between both parties.

We are thrilled to provide our experience and insights into the ecosystem to construct a crypto assets and blockchain hub at DWTC, as the Dubai World Trade Centre Free Zone makes tangible strides to establish quick credentials as the heartbeat of the region’s digital asset exchange ecosystem. We’re delighted to expand globally while simultaneously developing a new talent hub to meet the ecosystem’s long-term human capital needs.

“As Dubai World Trade Centre Free Zone makes tangible moves to establish instant credentials as the heartbeat of the region’s digital asset exchange ecosystem, we are honored to offer our expertise and insights into the ecosystem to develop a crypto assets and blockchain hub at DWTC. We are excited to expand internationally while also establishing a new talent hub to future-proof the ecosystem’s long-term human capital requirements,” said the company’s founders, Talal Tabbaa, Dina Saman and Yazan Barghuthi in a joint statement.

The MoU follows a recent agreement between the DWTC Authority and the Securities and Commodities Authority (SCA) to support the regulation, offering, issuance, listing, and trading of crypto assets and related financial activities within the DWTC Free Zone, in addition to hastening the expansion of the DWTC Free Zone’s existing business licences, services, and incentives.