Sheikh Saeed bin Ahmed al Maktoum (Saeed bin Ahmed Al Maktoum) from the Royal family of Dubai to support the company-managing the cryptocurrency Fund Invao in attracting more number of investors from the Gulf region, according to Bloomberg.

Investment company The Private Office of Sheikh Saeed will be to attract financing for based in Liechtenstein Invao, which in turn invests in cryptocurrency and blockchain startups. Sheikh Saeed, is one of the richest men in the world, is the Chairman and CEO of Emirates airline and Vice-President of the Executive Council of Dubai.

Created last year Invao invested in the blockchain industry more than $1 million, and despite the fall in the market remains profitable, reported business newspaper co-founder Frank Wagner (Frank Wagner).

“Even in our worst month we still got 8% return on our investment,” he said.

As noted by General Director of the Private Office Hisham al-Gurgen (Hisham Al Gurg), cooperation with Invao is part of the plan of the government of the UAE to become the center of investment in the blockchain by 2021. A strategy for implementing new technologies in the UAE, launched last year, Deputy Prime Minister of the UAE and Emir of Dubai Sheikh Mohammed bin Rashid al Maktoum (Mohammed bin Rashid Al Maktoum).

Previously, the regulator of the securities market of the UAE said that in 2019 will adopted rules for ICO. A local company ADAB Solutions announced the launch of crypto currency exchange operating under Sharia law. The Central Bank of the Emirates in collaboration with Agency of monetary circulation of Saudi Arabia (SAMA) began to implement the project launch cryptocurrency for cross-border payments, which was joined by six commercial banks.