Silicon Valley 2.0

FEATURE

Silicon Valley 2.0 DMCC is launching a Crypto Valley in JLT offering unprecedented services to the community

By Feryal Ahmadi

Chief Operating Officer, DMCC

34 H ow is DMCC supporting the UAE Vision 2021 and promoting sustainability? By enabling and promoting trade through the emirate, we are supporting the UAE’s efforts in becoming a competitive knowledge-based and diversified economy. Over the years, we have created an ecosystem for businesses to succeed. As a result, 17,000 companies have chosen to set up in DMCC. This is also why we have been named Global Free Zone of the Year by the Financial Times’ fDi magazine for the past 5 years. Together with our members, we are proudly contributing over 10% to Dubai’s GDP. In the coming period, our efforts will remain focussed on further enhancing the emirate’s attractiveness for foreign investment.

Sustainability is also a key pillar of our strategy and embedded across the organisation. For us, social and sustainable development go hand in hand with economic development. It comes as no surprise that we were the first Free Zone in the GCC to sign the UN Global Compact.

To date, DMCC has issued two sustainability reports and we are working on the third one, which will be published later this year. The DMCC’s sustainability report outlines our performance against our sustainability framework and is prepared in accordance with the globally recognised Global Reporting Initiative Standards. The report details DMCC’s progress under its four strategic sustainability pillars: People, Marketplace, Environment, and Community.

As part of our commitment to bolstering sustainability governance, DMCC appointed a new corporate-level Sustainable Development Goals Steering Committee (SDGSC) in 2019. The Committee’s role is to oversee and monitor progress towards commitments and development of the corporate-wide sustainability strategy.

What is DMCC’s Crypto Valley in JLT and how will it impact the community? Crypto Valley is the world’s largest ecosystem for cryptographic, blockchain, and distributed ledger technologies. By signing a strategic partnership with CV VC and CV Labs, we will have our very own ‘DMCC Crypto Valley’. We will offer a variety of services including incubation for early-stage startups, innovation services for corporate clients, blockchain training, education, and funding. This will boost the emirate’s overall blockchain ecosystem and support the wider strategy of the UAE Government to attract innovators, entrepreneurs and pioneers that will shape the future economy.

As part of our collaboration, we will also develop a comprehensive DMCC Blockchain Strategy that is aligned with the Emirates Blockchain Strategy 2021, and supports the Dubai Blockchain Strategy launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.

What is the Smart District; how will JLT become the first smart and sustainable community? At DMCC, we are committed to creating an agile culture that transforms business

environments, supports disruptive and innovative technologies, and adapts to growing environmental requirements. In 2018, we launched a strategy to transform our business hub into a smart and sustainable district. The strategy is based on three core pillars (operational efficiency, customer centricity, and sustainability) and focuses on six themes: Smart Mobility, Smart Living, Smart Infrastructure, Smart Business, Smart Environment, Smart District Platform, and Governance.

In line with our strategy, we recently partnered with Etisalat to transform JLT into the first smart and sustainable district of its kind in the region powered by the 5G network. This will ensure residents, employees, and visitors have a more seamless, efficient, and safe experience when in the community. We are also currently working with Careem to roll out a bike-sharing initiative within the JLT community, which aims to promote mobility, sustainability and overall health and wellbeing.

a cleaner and more sustainable environment for all. How will the smart district promote the core infrastructure features of a smart city? DMCC’s Smart and Sustainable District Strategy focuses on key pillars of a smart city and includes environmental, social, and governance initiatives.

We are developing the infrastructure, platforms, tools, and services that address everything from enhancing mobility and reducing our environmental footprint to promoting good governance and enhancing the quality of life in JLT.

The smart city will roll out devices, services, and platforms that will drive efficiency across public amenities, energy consumption, asset and building management. The solutions will transform all aspects of the community even as far as parking, lighting, air quality, environmental performance, and traffic monitoring.

Overall, the smart solutions will accelerate our sustainability drive and increase safety, reduce health risks, lower pollution, boost social connectedness and ultimately, deliver

35 This intelligent application of data and technology will allow us to deliver a better quality of life for the thousands of residents, organisations and visitors in our community.