Dubai Future Accelerators is an initiative launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum. The program’s objective is to select 31 of the most cutting-edge technology providers from around the world, bring them together to find solutions to specific government challenges, and rapidly develop those solutions into society. With USD 275m in backing for this accelerator, Dubai wants to position itself as a leader in the innovative technology race, according to NewsBTC.
Participants of the Dubai accelerator will receive support to develop prototypes. Assuming these developments are fruitful, deployment of the service across Dubai is on the agenda as well.
Loyyal will work with Dubai Holding, who focus their attention on hospitality and real estate sectors, among other things. Reducing paperwork and cutting out intermediaries wherever possible is their primary objective.
Loyyal is already a member of the Dubai Global Blockchain Council, and they have been working to develop national blockchain-based solutions for tourism. The company uses their own native blockchain for all services and aims to incentivize voluntary behaviour. Recently, the startup has been selected by AiSpot to provide its loyalty and rewards platform in Norway.
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