Crypto Moves – DAMAC completes $50m in crypto deals; Crypto.com to operate in Dubai

The UAE government and Crypto.com are also partnering through Investopia to advance global financial innovation both domestically and internationally.
The UAE government and Crypto.com are also partnering through Investopia to advance global financial innovation both domestically and internationally.
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Updated 05 June 2022

Crypto Moves – DAMAC completes $50m in crypto deals; Crypto.com to operate in Dubai

Crypto Moves –  DAMAC completes $50m in crypto deals; Crypto.com to operate in Dubai

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Sunday, rising by 0.47 percent to $29,785.28 as of 9:00 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,794.73 up by 1.68 percent, according to data from Coindesk.

DAMAC completes $50m in crypto deals

A Dubai-based real estate developer, DAMAC Properties, has completed cryptocurrency deals worth SAR1.8 billion ($50 million) since the beginning of the year, according to its Chief Operating Officer, Ali Sajwani.
Damac properties is having a hard time convincing older generations to embrace cryptocurrencies, non-fungible tokens, and the metaverse, Sajwani said, according to Bitcoin.com
In accepting either Bitcoin or Ethereum as payment, Sajwani noted that DAMAC has demonstrated its willingness to go the extra mile to “benefit from the most advanced technology solutions,” the article said.

VC Cypher Capital invests in blockchain company Iomob
The blockchain-focused investment firm Cypher Capital, based in Dubai, invested in Iomob on June 3, according to a statement.
The blockchain company, which developed the world’s first mobility marketplace network and token, will use the investment to improve its blockchain architecture.
Cypher Capital’s support, according to Iomob CEO Boyd Cohen, helps fuel the development of new, decentralized, interoperable global mobility networks, which will be the cornerstone of the company’s new ‘internet of mobility’ philosophy, which is beginning to reshape how the company views global transportation.
Since its incorporation in 2018 by three Ph.D. co-founders based in Barcelona, Spain, Iomob’s has deployed trials with major enterprise customers in New Zealand, Spain, and Scandinavia, and is now deploying commercially in the UK, US, and Portugal.
According to the statement, Iomob delivers multimodal, shared mobility access to millions of travelers this year with several more deployments planned.
Additionally, A100x and Creas have co-invested in the blockchain company with True Global Ventures.
With Iomob’s application and world-class “Journey Planner,” users can access 7,000 taxi fleets, and micro mobility in more than 270 cities, along with thousands of parking spaces and over 480 public transit feeds.
 

Crypto.com receives provisional approval to open a crypto exchange in Dubai
Crypto.com, the world’s fastest growing cryptocurrency platform, is in the process of offering digital asset services in Dubai, following in the footsteps of Binance, FTX, and Bybit
Dubai’s Virtual Assets Regulatory Authority has provisionally approved Crypto.com’s Virtual Asset MVP License, allowing the company to offer a full range of crypto exchange products and services, according to a statement.
Director General of Dubai World Trade Center Authority that houses VARA, Helal Saeed Almarri, said in a statement: “As a licensed participant, Crypto.com will be one of the anchors partnering with VARA in the development of a global future focused regulatory framework.”
Crypto.com submitted required documentation detailing its assurances of compliance checks in return for the provisional license. After VARA issues its final Virtual Asset MVP license, the company will offer additional products and services to institutional investors and consumers, the statement said.
Crypto.com announced plans to open a regional hub in Dubai in March. The UAE government and Crypto.com are also partnering through Investopia to advance global financial innovation both domestically and internationally.


Etihad Rail welcomes first batch of National Rail Network fleet

Etihad Rail welcomes first batch of National Rail Network fleet
Updated 9 sec ago

Etihad Rail welcomes first batch of National Rail Network fleet

Etihad Rail welcomes first batch of National Rail Network fleet
  • Company plans to expand its fleet to 45 heavy transport locomotives, six times the size of its current fleet

ABU DHABI: Etihad Rail has reached a new milestone in the development of the UAE’s National Rail Network, as the first batch of the company’s new and advanced rolling stock fleet arrive in the UAE. 

The locomotives and wagons reached the UAE via the Zayed and Al-Musaffah Ports and will operate across the entire network once it is completed. 

The achievement was announced during an event hosted by Etihad Rail at Al-Mirfa city in Abu Dhabi.

The event was attended by Etihad Rail CEO Shadi Malak, Progress Rail CEO Marty Haycraft and MENA Executive Director at CRRC Henry Pang, as well as a number of other senior officials.

“The arrival of the new fleet of locomotives and wagons to the UAE on schedule reflects the level of the achievements that the Etihad Rail project is realizing in the development of the UAE National Railway Network,” Mohammed Al Marzouqi, executive director of the rail relations sector at Etihad Rail, said.

The National Rail Network is part of Etihad Rail’s efforts to achieve the objectives of the UAE Railways Programme, the largest land transport system of its kind in the UAE. 

The program was launched as part of the Projects of the 50, the largest collection of national strategic projects aimed at establishing a new phase of development across the UAE for the next 50 years. 

It aims to establish a new roadmap for transporting goods and passengers by train across the country, thus developing a sustainable land transport system that connects UAE cities via railway.

The company plans to expand its fleet to 45 heavy transport locomotives, which is six times the size of its current fleet.

Progress Rail, a subsidiary of US-based Caterpillar and one of the world’s largest manufacturers of diesel and electric locomotives, will manufacture and supply the new EMD SD70 electro-motive diesel locomotives.

“Our diesel-electric EMD SD70 locomotives meet the highest global standards. Etihad Rail’s new fleet is a great example of what our customers have come to expect from our advanced locomotives, which are designed to perform in extreme conditions,” Haycraft said.

The company’s new fleet aims to house more than 1,000 multi-purpose wagons, which is three times the size of its current fleet. 

China’s CRRC Group, one of the world’s leading providers of sustainable development solutions of the railway industry, will manufacture and supply the new fleet of wagons.

“CRRC is excited to be a partner in stage two of the UAE National Rail Network, contributing to the growth of Etihad Rail, the UAE and the region by supporting the development of the rail industry,” CRRC UAE General Manager Ben Quak said.  

“We are pleased to witness the successful delivery of the multi-function wagons, which will contribute to reducing carbon emissions and provide safe, sustainable and efficient services,” Quak said.

“Upon completion and becoming fully operational, the network will contribute to revitalising and bolstering economic growth in the UAE, particularly during the next 50 years, by providing reliable and safe freight services with high efficiency,” Al-Marzouqi said.

The executive director said: “The network will also contribute to the region’s economic growth upon its connection with the Gulf Cooperation Council network, which will consolidate the UAE’s position as a regional and global center for shipping and logistics services. This achievement comes as part of the company’s preparations to operate the network according to the highest global standards in the future.

“We made sure that the company’s new fleet is among the most modern in the region and the world, providing the highest safety criteria in terms of design, ensuring the best specifications for sustainability and environmental protection, and integrating the latest technologies for train operation and monitoring. 

“We also ensured that the fleet suits the local geography and climate in the UAE and the region and meets the current and future needs of Etihad Rail’s clients, including industrial companies, shipping companies, building materials suppliers, quarriers and more.”

Etihad Rail’s new fleet was designed to withstand the GCC region’s geographic, climate and high temperatures and humidity levels, guaranteeing the highest levels of performance, efficiency and sustainability. 

The fleet is expected to improve the UAE’s transport and logistical services system, strengthening the country’s position in the logistics sector on a regional and international scale. It will increase the UAE National Rail Network’s capacity to more than 60 million tons of goods a year. 

Etihad Rail’s new fleet will also help to reduce carbon dioxide emissions by 70 to 80 percent.

 


Mohammed Bin Rashid Aerospace Hub to open region’s first vertical aerospace complex

Mohammed Bin Rashid Aerospace Hub to open region’s first vertical aerospace complex
Updated 19 August 2022

Mohammed Bin Rashid Aerospace Hub to open region’s first vertical aerospace complex

Mohammed Bin Rashid Aerospace Hub to open region’s first vertical aerospace complex
  • Facility will offer 86 leasable units in bid to attract SMEs, startups

DUBAI: Mohammed Bin Rashid Aerospace Hub at Dubai South announced that its Suppliers Complex, the first vertical aerospace facility in the region, will be completed in September, Emirates News Agency reported.

The facility is seeking to attract SMEs and startups by providing solutions for multipurpose activities.

The Suppliers Complex is a G+3 development with more than 12,000 square meters of light industrial space, allowing aerospace companies to quickly establish operations.

The facility has 86 leasable units for companies that provide maintenance services, trade aircraft parts, and operate aircraft as well as drones.

“The new facility is in line with our mandate to provide the aviation industry with the required infrastructure and facilities to set up their businesses as part of the overall ecosystem that we have at MBRAH,” MBRAH CEO Tahnoon Saif said.

“We are also offering exclusive incentives to companies, mainly startups and SMEs, and we will spare no effort to cement Dubai’s position on the world aviation map,” Saif added.

MBRAH is a free-zone destination for the world’s leading airlines, private jet companies and associated industries. The hub provides high-level connectivity to global aerospace players.

Home to maintenance centers as well as training and education campuses, MBRAH aims to strengthen Dubai’s engineering industry and realize the emirate’s vision of becoming a leading aviation hub.

 


Qatar sees 12-fold jump in surplus on energy profit

Qatar sees 12-fold jump in surplus on energy profit
(Getty)
Updated 19 August 2022

Qatar sees 12-fold jump in surplus on energy profit

Qatar sees 12-fold jump in surplus on energy profit

RIYADH: Qatar witnessed a 12-fold jump in its budget surplus to 47.3 billion riyals ($12.8 billion) in the first half of 2022, compared to 4 billion riyals in the same period last year, driven by soaring energy revenues.

Oil and gas revenue surged 58 percent to 150.7 billion riyals during the period, recompensating the increased government spending on wages and salaries, Bloomberg reported citing data.

Qatar revenues are mainly generated by long-term contracts to supply liquefied natural gas, typically tied to the price of oil. 

The Gulf country is benefiting from Europe’s interest in diversifying its gas supply away from Russia in the long-term. Qatar tries to tie up buyers for new LNG contracts for very long period, Bloomberg said.

The International Monetary Fund projected the country’s economy will grow 5.4 percent this year and generate a surplus equivalent to about $45 billion. 

Qatar is preparing to host this year’s soccer World Cup.

The World Cup organizers have said they’re anticipating a $17 billion boost to the country from hosting the soccer tournament.


Abu Dhabi eyes double money through Miami Hotel record selling price

Abu Dhabi eyes double money through Miami Hotel record selling price
(Shutterstock)
Updated 19 August 2022

Abu Dhabi eyes double money through Miami Hotel record selling price

Abu Dhabi eyes double money through Miami Hotel record selling price

RIYADH: Abu Dhabi sovereign wealth fund is exploring the sale of the Miami Beach Edition Hotel in which the property could fetch more than $580 million, as it is seeking to more than double its money.

This deal would mark a record on a price-per-room basis for the Miami market, Bloomberg reported citing people familiar with the matter.

Abu Dhabi Investment Authority, also known as ADIA, acquired the Edition for $230 million in 2015 from Marriott International. 

The hotel has 294 rooms and suites including oceanfront bungalows, and restaurants designed by Jean-Georges Vongerichten, according to its website.

ADIA is working on exploring the interest of potential buyers with an adviser, one of the people said, asking to be anonymous. ADIA spokesman declined to comment to Bloomberg. 


Saudi Arabia, Uzbekistan sign agreement in the energy field

Saudi Arabia, Uzbekistan sign agreement in the energy field
Updated 19 August 2022

Saudi Arabia, Uzbekistan sign agreement in the energy field

Saudi Arabia, Uzbekistan sign agreement in the energy field

JEDDAH: Saudi Arabia’s Ministry of Energy signed a memorandum of understanding with its Uzbek counterpart on August 18, to develop cooperation and exchange information and experiences between both countries, in the energy field, Saudi Press Agency reported.

This comes on the second day of the Saudi-Uzbek Business Council in Jeddah, that was held on the sidelines of the visit of the Uzbek President Shavkat Mirziyoyev to the Kingdom.

This deal covers the areas of petroleum, gas, electricity, renewable energy, energy efficiency, petrochemicals, and hydrogen.

It also includes the circular carbon economy and its technologies with the aim of limiting the effects of climate change, such as carbon capture, reuse, transport and storage.

Saudi Arabia and Uzbekistan have already signed over 10 investment agreements, worth over SR45 billion ($12 billion), on Wednesday, covering different sectors.