ArabianChain, Curiositas to create ‘Wethaq’

ArabianChain Founder and CEO Mohammed Alsehli
Updated 10 July 2018
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ArabianChain, Curiositas to create ‘Wethaq’

ArabianChain Technology, a Middle Eastern innovator in the blockchain industry, has signed a joint venture with Dubai-and-London-based innovation firm Curiositas to create Wethaq — the world’s first platform for Islamic capital markets using smart contracts and legal automation.

Wethaq will play the role of a platform-as-a-service for financial institutions, fundraisers and investors to use in the pre-sale, issuance, management and secondary trading of sukuk products.

Curiositas is an innovation firm that develops new technologies that shape finance, law and the digital economy. The objective of the joint venture is to combine Curiositas’ legal automation and financial engineering expertise with ArabianChain’s Distributed Ledger Technology (DLT) protocol and smart contracts.

Dimitrios Vourakis, managing director of Curiositas, said: “Our platform matters as there is an urgent need for automation and standardization in Islamic capital markets. Financial institutions, fundraisers and investors incur substantial operational costs and third-party charges in Islamic capital markets and face more complexity and intermediaries than those encountered in conventional markets. Wethaq separates the essential structuring services provided by financial institutions from additional services such as custodianship, and payments, and offers the latter on its automated platform.”

For a competitively priced success fee, clients will be able to use Wethaq’s comprehensive and standardized platform for the entire lifecycle of their sukuk product. The platform’s target customers include financial institutions, investment banks, lawyers, auditors, ratings agencies, accredited investors and fundraisers. 

ArabianChain Founder and CEO Mohammed Alsehli said: “This is the first ever global venture using frontier technology in Islamic capital markets and we believe that the Islamic finance ecosystem will benefit from this transparent, efficient and competitively priced platform. Due to its rigorous compliance and increased transparency, we expect both international investors and more conservative Islamic investors will consider investing in sukuk products through Wethaq. 

“We expect the Islamic capital markets to embrace Wethaq across the globe and we have already received great interest from Islamic financial institutions in the region who would be keen to use our platform once launched.”


Emaar to build ME’s largest Chinatown in Dubai

Chinese President Xi Jinping (L) and Crown Prince of Abu Dhabi Sheikh Mohamed bin Sayed Al Nahyan(R) arrive at the presidential palace in the UAE capital on July 20, 2018. (AFP)
Updated 22 July 2018
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Emaar to build ME’s largest Chinatown in Dubai

Emaar has announced a landmark development that is expected to further strengthen UAE-China relations, coinciding with the historic visit of President Xi Jinping of China to the UAE.
To honor Chinese expatriates in the UAE and further bolster business ties with China, Emaar will develop the Middle East’s largest Chinatown within the retail district of Dubai Creek Harbor, its six-square-kilometer mega-development, only 10 minutes from the Dubai International Airport and the Burj Khalifa.
“The retail precinct will occupy a central location within Dubai Creek Harbor — a destination which will be home to the world’s new icon, Dubai Creek Tower, and encompass vibrant lifestyle elements. Set by the Dubai Creek waterway, elegantly designed homes in Dubai Creek Harbor will offer spectacular views of the city’s dramatic skyline, the waterfront and the Ras Al-Khor Wildlife Sanctuary — home to over 450 animal species and migratory birds, including pink flamingos,” Emaar said in a press release.