Sheikh Saeed bin Ahmed Al Maktoum, a Dubai royal through his office is supporting Invao, a cryptocurrency fund manager. The partnership will help the startup to get more investors in UAE. It is also believed to be part of the government’s plan to make the nation a Blockchain hub by 2021, reports Bloomberg on January 5.
Dubai Royal to Support Startup
Per the report, Sheikh Saeed bin Ahmed Al Maktoum will be using his office, The Private Office to support Invao, a cryptocurrency startup based in Liechtenstein. The back up will help the company which has been operating for over a year, to get more investors. Most especially, from the Arab nation.
In an email to the media outlet, Hisham Al Gurg, CEO of The Private Office stated that partnering with the startup is part of the government’s plans to make the nation a Blockchain hub by the year 2021.
The Dubai Royal established the Private Office
The Private Office, on the other hand, was established by Sheikh Saeed bin Ahmed Al Maktoum and it gets its investors and helps others within the area to do the same. Its partners include the Jibrel Network, Pyro Telecom solutions, and Giemni Clinical. So far, some investments it has made are BlockApps, Advano, Fractal Industries, and Enertiv.
According to the Company’s portal:
The Private Office invests in potential business opportunities in the region which meets the private office investment criteria… Leveraging on the wealth of expertise of the Private Office’s management team, we aim to attract smart and ambitious business projects
Invao Realizes a Profit Despite Bear Market
According to Frank Wagner, co-founder of Invao while in an interview with the Media, the company was able to raise over 1 million during the one year it has been in operation. Also, they have recorded a profit despite the falling rates in the prices of most virtual currencies. He further stated that even in the worst month, a profit of 8 percent was seen.
Alternatively, UAE may help the company to gain large investors given that the region accounts for 10% of the world’s oil reserve. According to The Private Office Website, the country is no longer relying only on its oil and gas revenues but has spread its wings into other greener pastures. These are trades, real estate, tourism, and construction. Of late, cryptocurrency may just be one of them.
BTCNN on November 30 reported that the UAE government had launched two national initiative programmes. They are targeted at Blockchain Technology and Artificial Intelligence. At that time, the government had revealed that its plans, is to make the country a leading nation through the full adoption of these technologies before 2021.