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Brics Video length: 03:36

Brics expansion could hasten move away from dollar

The addition of six new countries to the Brics bloc – including some of the world’s largest oil exporters – is likely to expedite the decline in the US dollar’s prominence in global trade, according to a Dubai financial analyst. Saudi Arabia, the UAE, Egypt, Iran, Argentina and Ethiopia have all been accepted as members […]

The DIAC metaverse initiative is increasing its international arbitration cases, which can now be staged in its metaverse

Dubai arbitration centre aims high as caseloads surge

Dubai International Arbitration Centre (DIAC) aims to become the top global destination for settling corporate disputes after the revamped institution reported a six-fold rise in the value of cases filed there last year. Before the creation of DIAC in 2004, arbitration in the emirate was conducted mostly through a division of Dubai Chamber of Commerce […]

South Korea blockchain Abi Dhabi

Korean blockchain firm picks Abu Dhabi for global HQ

Neoply, a South Korean blockchain technology company, is to establish its global headquarters in Abu Dhabi. The firm joins Abu Dhabi Investment Office’s (Adio) Innovation Programme, which is investing AED2 billion ($545 million) in supporting the growth of tech-focused industries in the emirate.  Neoply is the blockchain arm of Neowiz Holdings, a prominent South Korean […]

US UAE trade aircraft

US electric aircraft developer lands in Abu Dhabi

A hybrid-electric vertical take-off and landing aircraft developer from California is planning to set up a regional HQ in Abu Dhabi as trade deals between the Emirates and the US focus on advanced technologies. Odys Aviation has joined the UAE Ministry of Economy’s NextGen foreign direct investment programme, which aims to attract digitally enabled businesses […]

GCC healthcare

More GCC healthcare mergers likely as competition hots up

The GCC healthcare market is set to witness more mergers, acquisitions and consolidation as competition increases, say experts. As the sector continues to mature, public-private partnerships (PPPs) are bringing about a shift in care delivery that is likely to be transformative, according to Dubai-based investment banking advisory firm Alpen Capital. Its research predicts that healthcare […]

Cryptocurrency US UAE

UAE to benefit from US cryptocurrency brain drain

Tightening regulations in the US to bring cryptocurrency and digital assets operators to heel could see talent and investment turn to the UAE. The US Securities and Exchange Commission (SEC) has been targeting the cryptocurrency industry, which its chair Gary Gensler referred to as a “Wild West”. At the same time the UAE is welcoming […]

UAE startups and neobanks

SVB collapse may boost UAE startup business for neobanks

One thing is more certain than not in the ongoing confusion caused by last week’s Silicon Valley Bank collapse: traditional lenders in the Gulf are likely to make it even more difficult for UAE startups to open bank accounts and borrow money.  Emerging digital lenders in the region are hoping that this creates a big […]

Antoni Trenchev, co-founder of Nexo, says they manage $3 billion of transactions each day

UK crypto lender Nexo to set up in Emirates

UK-based crypto lender Nexo is opening offices in the UAE as it looks to grow its Middle East business to 30 percent of its total global operations. The company, which has five million users across 200 jurisdictions, is setting up in Dubai where a workforce of 150 will be recruited, according to MD and co-founder […]

EBD approved a total of AED 6.1 billion in loans in 2022

Emirates Development Bank loans to SMEs up 387%

Emirates Development Bank (EDB) approved a total of AED1.8 billion ($490 million) in loans to small and medium-sized enterprises in 2022 – a year-on-year increase of 387 percent. This consisted of AED1.2 billion of direct financing and AED611 million of indirect financing through EDB’s credit guarantee scheme with partner commercial banks. SMEs make up around […]

People, Person, Man, cart

Top 10 agtech innovators shaping the Mena market

Lush plains criss-crossed by fresh water lakes and grasslands where hippos and elephants roamed. This was the Arabian peninsula in prehistoric times, according to archaeologists who have uncovered traces of fertile landscapes beneath the desert sands. Today the terrain looks very different, as the region’s governments race to confront food scarcity on a warming planet. […]

RAK launches free zone for digital and virtual asset firms

The Ras Al Khaimah government has announced plans to launch RAK Digital Assets Oasis, a free zone dedicated to digital and virtual asset companies. The zone will be purpose-built for non-regulated activities in the virtual assets sector, the UAE state-run Wam news agency reported. It will be exclusively dedicated to digital and virtual assets service […]

First Abu Dhabi Bank FAB

First Abu Dhabi Bank to launch crypto services

First Abu Dhabi Bank plans to introduce cryptocurrency and digital asset offerings to its customers. The move is part of a plan by the UAE’s biggest lender to implement Web3 technologies in its services to gain competitive advantage. “We’re already working on a product paper looking at how to work with crypto and digital assets,” […]


Become a master of the metaverse

For a time last year, all anybody seemed to be talking about was the metaverse. Some Gulf businesses said they were already planning for it, while others were trying to work out what the fuss was about. The frequently asked questions included: when will it really arrive? How much does it cost? Who’s on the […]

Crypto exchange auBinance has held workshops with Dubai Police and authorities across the GCC to increase learnings around crypto crimedit and investigations departments are tackling crypto transaction crimes

Binance focuses on security as crypto crimes hit $20bn

Cryptocurrency crime reached a record $20.1 billion last year according to blockchain analysis company Chainalysis, but Binance’s security chief says this is still little compared to traditional financial scams. Nils Andersen-Röed, deputy head of financial crime compliance at Binance, argues the sum must be put into context. “There seems to be a misconception about the […]

Shoppers at the Galleria mall

Where the mall meets the metaverse

“We’re working on a number of initiatives that start to blur the boundaries between Web3, the metaverse, and how that is implemented in a physical space.” This is not how retail bosses used to talk a few years ago – but the digital habits that shoppers developed during the pandemic are here to stay, so […]