Dubai Blockchain Center to support metaverse and Web3 Initiatives in the UAE

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Updated 30 June 2022

Dubai Blockchain Center to support metaverse and Web3 Initiatives in the UAE

Dubai Blockchain Center to support metaverse and Web3 Initiatives in the UAE

DUBAI: The Dubai Blockchain Center, a leading blockchain advocate and strategic partner to Dubai Future Foundation, will provide support to the metaverse initiative launched by Dubai government's task force for digital economy development and policies.

Speaking on the sidelines of the DIFC Fintech Week in Dubai, DBCC CEO Marwan Alzarouni told Arab News that it plans to partner with upcoming events and support them to achieve their goals and position Dubai as a global hub for blockchain and the digital economy. 

“Dubai is creating a task force for the digital economy, and one of its first priorities is to create a metaverse strategy for Dubai,” said Alzarouni.




DBCC CEO Marwan Al-Zarouni

The company has also set off an educational drive to inform and acquaint potential investors about the opportunities around the metaverse, NFT and blockchain ecosystem in the region.

“We are offering a freemium model in our center to the public and our foundational classes are always free. The advanced classes, however, have to be paid for,” said Alzarouni.

He added: “We also educate government departments that want to invest in this space. The basic advice for government departments is again free.” “But professional consultancy engagements are done through our consultancy company Accelliance,” he continued.

Alzarouni also signed up as an adviser with the Rare Antiquities Project, a platform that aims to bring cryptocurrency into the museum, galleries, and heritage sector.

Its currency, also known as Rare Antiquities Token, allows its holder to purchase fractional digital artifacts of antiques using non-fungible tokens.

Dubai is creating a task force for the digital economy.

DBCC CEO Marwan Al-Zarouni

RAT holders can enter museums, and their admission cost will be automatically restored to their RAT wallet, making the admission free.

The company has been investing outside the UAE in multiple crypto funds through token allocations.

“We have worked with the Future Blockchain Summit and conducted several virtual summits during the pandemic. In addition to Dubai, we have worked with our other partner countries such as Italy, Australia and Gibraltar in conducting in person and virtual events where we identified areas of mutual benefit and potential partnerships in the Web3 space,” added Alzarouni.

The UAE has been the destination of choice for cryptocurrency, with several top companies based in Singapore, Hong Kong, South Korea and Turkey relocating their businesses to Dubai or opening their regional headquarters here.

According to Alzarouni, some of the emerging sectors in the region include game development, 3D building and e-sports.

“Dubai is becoming a melting pot for these crypto and blockchain projects and a haven for investors who want to invest in this space.”

In addition to locating their businesses in Dubai, the DBCC offers investors the opportunity to partner with like-minded individuals globally, he said.

One of the companies that DBCC provided services for was Biconomy, which is now listed on many exchanges, including Binance, he said.  

Speaking on the market and its downfall, Alzarouni said that the market downturn is healthy because it is cyclical. However, it is hard to raise funds during such a period. “But it is the perfect time to build,” he added.


Anaam’s shares lead the market gainers after it swings to profits in H1

Anaam’s shares lead the market gainers after it swings to profits in H1
Updated 9 min 26 sec ago

Anaam’s shares lead the market gainers after it swings to profits in H1

Anaam’s shares lead the market gainers after it swings to profits in H1

RIYADH: Shares of Saudi poultry processing firm Anaam International Holding Co. surged in early trading after it turned a profit of SR1.6 million ($425,599) in the first half of 2022, against a loss of SR2.4 million in the year-earlier period.

Anaam’s shares topped market gainers, surging 9.94 percent to reach SR20.8 percent at 10:32 a.m. Saudi time.

Anaam attributed its performance to an 84 percent surge in sales and revenue during the first six months of the year to reach SR7.2 million, according to a bourse filing.

Its accumulated losses reached SR7.23 million, representing 2.3 percent of capital, as of June 30, 2022.


NADEC shares rise as it signs MoU with Leha Agriculture to produce potato seeds

NADEC shares rise as it signs MoU with Leha Agriculture to produce potato seeds
Updated 26 September 2022

NADEC shares rise as it signs MoU with Leha Agriculture to produce potato seeds

NADEC shares rise as it signs MoU with Leha Agriculture to produce potato seeds

RIYADH: National Agricultural Development Co. which signed a non-binding memorandum of understanding with Leha Agriculture to produce potato seeds in Saudi Arabia saw its share prices increase during the early trading hours.

NADEC’s share rose 1.96 percent to open Monday at SR26.05 ($7) as of 10:09 a.m. Saudi time.

The MoU, which will take effect on Oct. 1 and expire on April 30, 2023, outlines a general framework for joint cooperation between the two companies, including a desire to study joint investment in potato seed production, Nadec said in a bourse filing.

Both parties agree to combine their investment efforts and serve their mutual interests.

The parties further agreed to appoint independent financial, legal, and technical advisors if they so desire or if the official authorities so request.

The full financial value will be determined and announced after legal, financial, and commercial due diligence.

Leha Agriculture provides storage and cooling solutions for agricultural products in Saudi Arabia and specializes in cultivating and marketing potatoes and potato seeds.


TASI extends loss as oil prices drop below $85: Opening bell

TASI extends loss as oil prices drop below $85: Opening bell
Updated 26 September 2022

TASI extends loss as oil prices drop below $85: Opening bell

TASI extends loss as oil prices drop below $85: Opening bell

RIYADH: Saudi Arabia’s main index continues to decline in response to oil prices dropping below $85 for the first time since January and fears of a global recession due to aggressive interest rate rises.

The Tadawul All Share Index fell 0.45 percent to start Monday at 11,110, while the parallel market Nomu fell 0.11 percent at 19,853, as of 10:09 a.m. Saudi time.

Brent crude traded at $85.30 a barrel and WTI crude reached $77.96 a barrel, as of 10:06 a.m. Saudi time.

Saudi oil giant Aramco started with a 0.43 percent decline, while Rabigh Refining and Petrochemical Co. added 0.3 percent.

The Saudi National Bank, the Kingdom’s largest lender, decreased by 0.16 percent, while Saudi British Bank declined by 0.53 percent.

National Agricultural Development Co. gained 1.96 percent, following the signing of a non-binding memorandum of understanding with the Leha Agricultural Co. to produce potato seeds in the Kingdom.

Retal Urban Development Co. gained 1.62 percent, after selling its share in a land located in Al Khobar city for SR67 million ($18 million) to Maali Holding Co.

Anaam International Holding Group gained 5.6 percent to lead the gainers, after reporting that it turned into profits of SR1.6 million during the first half of 2022.


Here’s what you need to know before Tadawul trading on Monday

Here’s what you need to know before Tadawul trading on Monday
Updated 26 September 2022

Here’s what you need to know before Tadawul trading on Monday

Here’s what you need to know before Tadawul trading on Monday

RIYADH: Saudi stocks started and ended sharply lower on Sunday, in response to the Saudi Central Bank raising interest rates in line with Fed's steep rate hike and forecast for further hikes to curb inflation.

The Tadawul All Share Index lost 2.61 percent to end the session at 11,161, while the parallel market slid 1.92 percent to finish at 19,875.

Kuwait’s index declined 2.5 percent, followed by Qatar's index declining 1.5 percent for a second session.

The index in Bahrain traded down 1.4 percent, while both Egypt’s blue-chip index and Oman index tumbled 0.3 percent.

Oil prices fell below $85 for the first time since January, Brent crude traded at $84.94 a barrel and WTI crude reached $77.70 a barrel, as of 9:20 a.m. Saudi time.

Stock News

Nadec has signed a non-binding memorandum of understanding with the Leha Agricultural Co. to produce potato seeds in the Kingdom.

Sure Global Technology Co. set its price guidance for a direct listing on Saudi Arabia’s parallel stock market at SR70 ($19) per share.

Retal Urban Development Co. sold its share in a land located in Al Khobar city for SR67.44 million to Maali Holding Co.


Saudi tech firm Sure Global sets price guidance at $19 for Nomu listing

Saudi tech firm Sure Global sets price guidance at $19 for Nomu listing
Updated 26 September 2022

Saudi tech firm Sure Global sets price guidance at $19 for Nomu listing

Saudi tech firm Sure Global sets price guidance at $19 for Nomu listing

RIYADH: Sure Global Technology Co. announced the publication of the registration document for a direct listing on the Nomu-Parallel Market, setting its price guidance for the listing at SR70 ($19) per share.

Sure International reached an agreement with its shareholders to allocate 1.284 million shares, representing 25 percent of its capital, to offer and sell in the market to natural or legal persons in order to meet liquidity requirements.

Sure received approval from the Capital Market Authority on June 30 for its registration to trade on Nomu-Parallel Market.

Established in 2006, Sure International Technology offers a wide range of services, including wholesale and retail sales of computers and accessories, printers and inks, systems analysis, software design and programming, and senior management consulting.