ArabianChain, Curiositas to create ‘Wethaq’

ArabianChain Founder and CEO Mohammed Alsehli
Updated 10 July 2018

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 marks Saudi National Day with offers

Burj Khalifa will feature the Saudi national flag on its LED screen to celebrate the Kingdom’s National Day
Updated 19 September 2018

Emaar marks Saudi National Day with offers

Emaar is celebrating the Saudi National Day from Sept. 20-23 with an assortment of activities and offers for Saudi visitors and UAE residents. 

The highlights of the activities include Burj Khalifa featuring the Saudi national flag on its LED screen, the world’s largest-of-its-kind, while the Dubai Fountain will come to life with specially choreographed displays. The shows will be held at 8.10 p.m., 9.10 p.m. and 10.10 p.m. in addition to the regular displays. Residents of Saudi Arabia also enjoy a host of offers to play, stay and shop at Downtown Dubai.

Complementing the leisure activities, visitors can also look forward to attractive offers at the hotels under Emaar.

To mark this special occasion, The Dubai Mall has created a Saudi National Day Offer Booklet exclusively for Saudi nationals, which includes a range of dining deals and shopping offers. Distributed at guest services desks, Saudi nationals can collect this booklet by simply showing their national ID. In addition, branded memorabilia and light hospitality will be offered to Saudi guests. 

A traditional Saudi band will entertains guests in Souk Atrium of The Dubai Mall.