Dubai has undergone a tremendous transformation over the past several decades, evolving from a city with only several hotels available in the early 1990s to being considered by many to be one of the greatest cities in the world—a global financial hub, millionaire’s playground, and a great crossroads of international business.
A consistent theme of this evolution has been technology and a supportive regulatory environment for financial innovation, with the crypto industry notably finding a warm welcome in the emirate. Globally-present crypto companies like Binance, Circle, Backpack, and OKX have already carved out their own space in the City of Gold, and more builders are joining them every month.
Solana, in particular, has been advancing in Dubai's friendly environment, with many builders calling the city home. And now, Solana is furthering its commitment with the Solana Economic Zone in Dubai—an initiative to create a hub for innovation and collaboration.
What Is A Solana Economic Zone?
Supported by local governments, these zones are meant to help accelerate business, empowering startups to launch in weeks, instead of months. The zones catalyze entrepreneurship by creating collaborative spaces to attract top talent, providing them with launch resources (e.g. niche crypto service providers), clarifying regulatory frameworks, and removing typical administrative hurdles. The encouraged use of stablecoins, as opposed to banking rails, is a key element with the zones, helping startups avoid the barriers of traditional finance.
A predecessor to the Dubai initiative, the first Solana Economic Zone was announced last July, to be developed by FORMA in Buenos Aires, Argentina, and help connect the nation’s economy to the Solana economy and generate economic growth. As of November 2024, the Buenos Aires initiative had already discovered a vibrant ecosystem eager to build. A two-story campus was temporarily converted; 500+ applicants were welcomed, 244 residents were accepted, and over 100 projects from Solana and local ecosystems were connected.
Dubai is the follow-up to this success story.
The Dubai Initiative
The recently-announced Dubai Solana Economic Zone is once again being supported by FORMA; this time, being led by the renowned Superteam UAE collective.
It will begin with a two-week think tank and un-conference from April 14-26 as a lead-in to Token 2049, the premier yearly Solana event in Dubai.
“This is our most ambitious event to date. We’re working with top global talent, senior government leaders and prominent crypto investors to create a truly unique, immersive experience this April. I’m thrilled to partner with the RockawayX team on the event programming and look forward to pushing our industry forward together.” - Alex Scott, Superteam UAE Lead
The event is organized to help builders accelerate their ideas, offering a dedicated co-working space, demo days, and networking opportunities with founders, investors, and regulators.
From there, the sky’s the limit. The drivers behind the initiative will continue to work to create a blossoming ecosystem for Solana builders in Dubai.
RockawayX In Dubai
RockawayX has always valued a global perspective and presence. So, as we saw early signs of Dubai emerging as a crypto innovation hub, we were intrigued and established a presence locally.
For years, we have listened to portfolio founders tell us that they’re not seeking “zero regulation,” but rather a stable environment, where they can focus on launching decentralized projects without fear that the regulatory foundation could violently shift under their feet. Dubai’s embrace of the digital asset space and promise of regulatory continuity have understandably drawn many of them to the city.
We opened our Dubai offices in One Central in 2024. This year, we’re expanding into a full community hub model, partnering with Superteam to develop collaborative workspaces and curated programming.
If you’re a founder looking to get involved in the Solana ecosystem, there’s no better firm than RockawayX to get started with. As seed investors of Solana and 15+ other ecosystem projects like Orca, Kamino, and Helio, we have a deep understanding of the landscape and invaluable insights into the technical and commercial gaps that still need to be filled—unlocking some of the most compelling growth opportunities.
To talk project ideas, our Solana infrastructure and hardware solutions, or on-chain liquidity support, get in touch with us at our contact page.
