Sheikh Saeed bin Ahmed Al Maktoum, a Dubai royal is backing cryptocurrency fund manager Invao as the Liechtenstein-based firm seeks to attract more investors from the UAE.
His private office will help Invao, which invests in cryptocurrencies and blockchain start ups, secure funding from investors in the Gulf state.
The private office, established by Sheikh Saeed bin Ahmed Al Maktoum, directly invests in businesses which bring advanced and innovative solutions to the UAE. It selects one leading company to partner with per industry, including technology, healthcare, hospitality, real estate, and in this case, investments.
INVAO's recent activity across the Middle East has shone a light on the region's fertile ground for sustained growth and innovation"
"It is with great excitement that we announce the launch of this landmark partnership. This represents a seal of approval from an association of elite business minds across the UAE. At Invao, we have the extensive experience, tact, and resources to contribute to the ascent of the UAE as a bonafide world leader in blockchain technology and look forward to helping this vision to crystallise.
"INVAO's recent activity across the Middle East has shone a light on the region's fertile ground for sustained growth and innovation," Frank Wagner, chief executive and co‑founder of Invao, said.
The private office added that the decision to choose Invao as an international partner is because the company is very bullish on the blockchain technology and it is ready to improve the access of the local market to this kind of company. The company was launched last year and has invested over $1m in crypto projects.
Hisham Al Gurg, the chief executive officer of Sheikh Saeed bin Ahmed Al Maktoum's private office, said that the Invao partnership is a part of the UAE government's strategy to become a hub for blockchain investments by 2021.
Invao allows investors to buy one token which represents a huge portfolio of cryptocurrencies and engages in crypto portfolio management and arbitrage trading to yield returns.