MENA Weekly: Crypto, eCommerce Reaffirm UAE’s Position as Cornerstone of Regional Economy

In news from the Middle East and North Africa (MENA), the United Arab Emirates is a cornerstone of the regional economy, attracting international investment and acting as a base for many global companies that do business in the wider region.

But more than just a focus of international interest, the UAE is also home to a thriving community of homegrown companies working in the realms of technology and finance. As these companies grow, they are increasingly establishing a MENA-wide footprint.

The World to the UAE

This week, United Bank for Africa (UBA) extended its operations to the UAE with the official launch of its new branch at the Dubai International Financial Center (DIFC).

The latest international branch for the pan-African financial services group is an indication of the growing importance of the UAE as a source of investment and strategic ally for African businesses.

“The authorities and business environment here in the DIFC is phenomenal, and UBA is seeing Dubai as the gateway for Africa and that is why we are here, to be closer to our clients, to be partnering with them and facilitate businesses and trade flows into Africa through the UBA franchise,” said UBA Group Managing Director/CEO Kennedy Uzoka said at the launch of the new branch, per a press release .

In other news that signals the UAE’s position as a powerhouse of international business, three UAE-based companies, New Technology Systems, Intertec and Konvexe, have partnered with Singaporean Block Armour and Blockchain WorxSG to expand blockchain enterprise solutions in the MENA region, according to a press release .

See also: The UAE’s Increasing Role as a Regional FinTech Hub The collaboration will see the deployment of blockchain-powered infrastructure and systems to help organizations accelerate digital transformation programs.The Emirati companies will begin by deploying Blockchain Worx’s Web3 Innovation Lab in […]

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