From Funding for Startups to Digitalization of Economy: Dubai Silicon Oasis Authority chief in Armenia with New Projects

At the invitation Made in Armenia NGO,  the Senior Director of Dubai Silicon Valley Authority, Hans Henrich Christensen, has arrived in Armenia with perspectives of new projects and cooperation in the country's IT sector. The VP of Dubai Silicon Oasis Authority, who is on the third day of his visit, has studied the Armenia IT sector to identify its prospects and potentials in terms of future investments and cooperation. Meetings have been held with the Ministers of Economy, and High-Tech Industry,  ISTC Foundation and Union of Employers of Information and Communication Technologies.

As the main target of its activity. Dubai Silicon Valley Authority is engaged in finding and financing  promising IT startups. Armenian companies are also in among its target choices.

"Over our past couple of days in Armenia, we have explored opportunities as to how Armenia and Dubai can cooperate with each other. We have already signed a memorandum of understanding with the company Blockcentro, and I am confident that more memoranda are still to come. I have also managed to meet with several ministers and a number of organizations and can say, on behalf of the Government of Dubai, that there are wonderful opportunities in Armenia, especially when it comes to the blockchain technologies. Over the past years, Dubai has been assisting in the creation and promotion of startups. Today, our company is the largest startup development center in the region, investing in startups in the format of its venture capital," Mr. Christensen said at a news conference today, emphasizing the existing great perspectives in terms of assisting startups. 

In  collaboration with Blockcentro, Dubai Silicon Valley Authority aims to create the world's first ever government-run tokenization in Armenia. It is an instrument implying the digitalization of assets to enable the sale and purchase  of the already digitalized assets globally.

"Such an initiative is important especially in the IT  sector given that startups often need funding. Hence tokenizing startups paves the way for those companies to promote their purchase or sale in any part of the world. There is an idea to tokenize also Armenia's economy. Its digitalization will enable the state to sell its  assets - the bonds being released, for instance - in any part of the world. Armenia's economy will definitely benefit from that," said Hayk Vardanyan, the founding director of Blockcentro.

Hans Henrich Christensen's visit and meetings may build an important bridge between Armenia and Dubai on their way towards a new cooperation.

The Vice President of Dubai Silicon Valley Authority emphasized blockchain technologies' limitless potential and the actuality of capital tokenization in the modern world, especially on the real estate and stock markets.

Mr. Christensen is to sign a new memorandum of understanding with Made in Armenia, yet both speakers of the event refrained from unveiling many details on the plan for now.

Ashot Grigoryan, who is the president of Made in Armenia NGO, said discussion are now underway over their upcoming projects.

"Our vision is aimed at the future, and this cooperation is a step towards creating that future. Developed countries pursue that path; hence Armenia must not lag behind them. Specific projects have now been outlined with Dubai Silicon Valley Authority, with the two countries having the willingness to develop that cooperation," Mr. Grigoryan said.

Mr. Christensen expressed his company's interest in seeing the launch of Armenian IT companies' branches in Dubai and vice versa, emphasizing the big potential of the country's macroeconomic sector.