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Entrepreneurs / Entrepreneurial ecosystems

Dubai Smart Government's Wesam Lootah On Leveraging Blockchain's Potential In The UAE

2 min read

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

Seeing the potential of blockchain ledger technology as the next step in digital transformation, the Dubai Blockchain Strategy, launched by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of the Board of Trustee of Dubai Future Foundation, is set to initiate the application of blockchain throughout the Emirate. A collaboration by the Smart Dubai Office and the Dubai Future Foundation, the strategy aims to successfully establish Dubai as the first blockchain-powered city. 

In this episode of #EntMETalks, Wesam Lootah, CEO, Dubai Smart Government, discusses the growth trajectory of the implementation of blockchain in Dubai, as well as the region’s appreciation towards the technology sector, incluidng its myriad of benefits. Lootah says, “With blockchain, people will be able to digitally, efficiently and seamlessly transfer value. These would be things like money, stocks, real estate- with blockchain, it will be possible for people to efficiently exchange assets.” 

Speaking at the sidelines of Cityscape this year, Lootah explains how Smart Dubai’s strategy can significantly impact the UAE’s real estate market using blockchain, and comments on its reception by the real estate community. For the city's entrepreneurs and startups, Lootah reveals some of the Smart Dubai’s initiatives to further foster a supportive and mutually beneficial startup community, “We are opening the doors wide open for them to come and participate with us.”

He adds Smart Dubai’s ultimate vision: “Our ultimate vision is the happiness of the people here in Dubai. We are working here to touch the lives of every individual.” 

Related: H.E. Dr. Aisha Bin Bishr On Smart Dubai Office's Citywide Blockchain Implementation

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