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Sheikh Ahmed bin Al Maktoum, chairman of Royal Dubai and the Emirates Group, is supporting the Lichtenstein-based cryptocurrency fund manager, Invao, according to a report released on Feb. 5 by Bloomberg. The fund management company apparently aims to attract more investors to the UAE.
The Sheikh's private office, known simply as the private office, would help Invao obtain funding in the United Arab Emirates. The private office also invests in crypto-currencies and blockchain startups.
Despite a collapse of cryptocurrencies last year, Invao has already invested more than a million dollars and managed to make a profit, according to Arabian Business magazine. "Even in our worst month, we still made an 8% profit on our investments," said Frank Wagner, co-founder of Invao.
Invao's partnership is part of a UAE government plan to become a blockchain investment hub by 2021, according to comments made at Arabian News by the CEO of private firm Hisham Al Grug.
In April 2018, Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the United Arab Emirates and Sovereign of Dubai, launched the "UAE Strategy for the United Arab Emirates 2021". Sheikh Mohammed bin Rashid then said that the adoption of a blockchain would help the government prepare for future challenges. reduce administrative expenses by $ 3 billion a year.
The blockchain strategy is based on four principles: "Citizen and Resident Happiness, Government Effectiveness, Advanced Legislation and Global Entrepreneurship".
In December 2018, the Securities and Commodities Authority (SCA) of the UAE announced that it would introduce a regulation on the initial supply of coins (ICO) in the country during the first half of 2019. SCA Executive Director Obad Al Zaabi has agreed with the law firms to propose the sandbox and regulations for the issuance of the ICO. "
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