Dubai royal Sheikh Saeed bin Ahmed Al Maktoum is backing cryptocurrency fund manager Invao as the Liechtenstein-based firm seeks to attract more investors from the UAE.
According to a February 5 report from Bloomberg, the private office of the Sheikh will help Invao, which invests in cryptocurrencies and blockchain startups, secure funding from other investors in the United Arab Emirates.
Despite being just a year old, Invao has already invested over $1 million dollars into a wide variety of crypto-related businesses. Invao’s co-founder, Frank Wagner, told Bloomberg that the company managed to remain profitable even though the value of almost all cryptocurrencies on the market has fallen by 70 percent.
The company’s partnership with the Private Office of the Dubai royal is the latest such project initiated by the Sheikh. Private Office CEO Hisham Al Grug told Arabian News that the UAE plan on becoming a blockchain investment hub by 2021.
Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai said that blockchain adoption would help the government prepare for future challenges by reducing administrative expenses by $3 billion annually.