Sustainably Investing in Digital Assets Globally

Chapter 32The United Arab Emirates

The United Arab Emirates (UAE) is the world's sixth‐largest oil producer and one of the richest countries in the world, with a gross domestic product per capita of more than $43,000, as of 2019, according to the World Bank. As per its “Vision 2021,” its petroleum‐ and natural‐gas‐reliant economy is committed to sustainable development in order to emerge as the Gulf Cooperation Council's, or GCC's, most diversified economy. This includes the digitization of the economy, which has become a priority during the COVID‐19 pandemic.

At the first virtual Abu Dhabi Sustainability Week Summit 2021, in his opening address, Sultan Ahmed Al Jaber—the UAE's minister of industry and advanced technology, special envoy for climate change, and chairman of clean energy company Masdar—pointed out that with the COVID‐19 pandemic, society is now witnessing the implementation of artificial intelligence, machine learning, and the digitization of different spheres of life all over the world. Accordingly, electrification, decarbonization, and digitization initiatives have become increasingly important across all industries.¹

Blockchain Adoption: The UAE government has made the digitization of its economy a priority in order to bring efficiency to government and creativity to industry, and to build international leadership. To accomplish this goal, the UAE has established in Masdar City the world's first graduate‐level, research‐based artificial intelligence university, ...