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BlackRock sets up in Abu Dhabi UAE as it plans regulatory approval from ADGM

BlackRock sets up in Abu Dhabi UAE as it plans regulatory approval from ADGM

The global fund manager BlackRock, which has a Bitcoin ETF, known as IBIT where in just 211 days since its launch has amassed $40 billion in assets, has received a commercial license in Abu Dhabi as it seeks regulatory approval to operate from the Abu Dhabi Global Market ( ADGM).

In a statement to Bloomberg, BlackRock stated, “Building on the long-standing relationships BlackRock has built with clients in Abu Dhabi and across the region over more than 20 years, the new office reflects BlackRock’s continued commitment to the UAE, and its dedication to fostering strong relationships with clients and partners in the country.”

The US headquartered company has assets under management of $11 trillion plus. Earlier in the year, BlackRock appointed Mohammad AlFahim as Head of the UAE. Ben Powell relocated to the region to serve clients as BlackRock Investment Institute’s first Chief Middle East & APAC Investment Strategist.

“Our presence in ADGM will enable us to better serve our clients around the world on whose behalf we engage with sovereigns, wealth managers and specialist investment vehicles based in Abu Dhabi, operating in sectors such as infrastructure, renewable energy, and technology,” said Charles Hatami, Head of Middle East and Global Head of the Financial & Strategic Investors Group, BlackRock. 

BlackRock’s growing focus on this region saw CEO Larry Fink as one of the headline speakers at Riyadh’s Future Investment Initiative (FII) forum last month, where he spoke about the largest macro trend in the world today is the amount of capital needed to digitize and decarbonise and rebuild infrastructure, amounting to trillions of dollars.

In May, BlackRock Inc. also revealed plans to set up a new investment platform in Saudi, backed by up to $5 billion from the country’s sovereign wealth fund the Public Investment Fund (PIF).

BlackRock’s strategic positioning and the increasing acceptance of Bitcoin as a viable investment option have contributed significantly to this success. The ETF’s performance highlights the potential for digital assets to become a mainstream component of investment portfolios.

Naver partners with Saudi’s NHC for digital twin platform

Naver partners with Saudi’s NHC for digital twin platform

NAVER, South Kore’s largest internet company with investment in Blockchain, is to establish a joint venture with Saudi Arabia’s National Housing Company (NHC), a state-owned company under the Ministry of Municipalities and Housing. The JV will serve as NAVER’s business unit for the Saudi Arabia region, along with NAVER Arabia (tentative name) which will oversee the company’s business in the MENA region.

The JV will operate under NAVER Arabia (tentative name), with the operation and commercialization of the digital twin platform in Saudi Arabia as its core business along with NHC. The JV will also be TEAM NAVER’s first business entity for its technology platform business in the Middle East.

NHC, a key partner of TEAM NAVER in Saudi Arabia, is a state-owned company under the Saudi Arabian Ministry of Municipalities and Housing that is responsible for 70% of real estate transactions in the country. As part of Saudi Arabia’s “Vision 2030” initiative, the company is currently focused on digital transformation such as digital innovation in the real estate sector and smart city development.

Since its establishment in 2016, NHC has been in charge of over 380 projects for real estate development projects including public housing provision, and the value of its real estate portfolio is expected to exceed 60 billion USD (80 trillion KRW) as of the end of 2025. The company has also been selected as the largest real estate developer in the Gulf Cooperation Council (GCC) by the Construction Week Middle East in 2024.

TEAM NAVER and NHC will operate and commercialize the digital twin platform in Saudi Arabia through the JV, while also developing other businesses such as a public monitoring platform for urban areas and a map-enabled super app for public administration.

“TEAM NAVER’s global competitiveness in technology and business has been recognized by various ministries and organizations in Saudi Arabia, and we are excited to further discover business opportunities with different partners in the region,” said Chae Seon-ju, President of ESG and External Affairs at NAVER.

In April 2024 two blockchain platforms, Klaytn backed by Kakao, and UAE based Finschia backed by Naver an affiliate UAE based LINE Tech Plus merged to create a new unified blockchain platform Kaia, which means “and” in Greek, with a market capitalization of $1 billion.

Kakao, the internet giant behind Korea’s most popular messaging app, operates Klaytn, the country’s largest native blockchain network with a market cap of $671 million. It targets enterprise users with a modular network architecture that enables them to build service chains atop its mainnet.

While Naver, South Korea’s leading search engine, is behind Finschia, a blockchain network developed by its Japanese subsidiary, Line. It operates one of Asia’s largest non-fungible token (NFT) marketplaces.

In August 2024, Naver was set to launch its first digital asset wallet, Naver Pay Wallet, for the Korean market. It partnered with Chiliz, a blockchain provider for sports and entertainment, as the inaugural blockchain for the wallet.

DMCC Future of trade report calls for incorporating Blockchain and AI in Gold trade

DMCC Future of trade report calls for incorporating Blockchain and AI in Gold trade

UAE based DMCC,an international business district that drives the flow of global trade through Dubai, in its special edition of its Future of Trade thought leadership report called for the incorporation of AI and Blockchain in the trade of precious metals.

The report predicts the rise of an “Asian Century” for gold, with a particular focus on the development of a new gold economic corridor among BRICS nations, including the UAE, that can provide an alternative to traditional gold trade centers.

DMCC’s findings forecast the UAE becoming one of the most important hubs for the gold trade in coming years. This position was significantly bolstered by the UAE leapfrogging the United Kingdom in 2023 to become the second-largest gold trade hub worldwide, with over USD 129 billion in total trade – a rise of 36 per cent on the past year.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “In recent years, we have witnessed historic shifts in the precious metals market, driven by Western sanctions that have forced record buying of gold by central banks and a rethink by many countries when it comes to their reliance on the US dollar. We are seeing a new gold corridor form across Asia, with Dubai at its centre – exemplified by the UAE’s rise to become the world’s second-largest gold trading hub last year. Our latest Future of Trade report underscores Dubai’s pivotal role in this transformation, as we strengthen its position as the world’s leading precious metals hub, attract key industry players and support our members to unlock new growth opportunities.”

Feryal Ahmadi, Chief Operating Officer, DMCC, said: “Our latest Future of Trade report on precious metals is a vital resource for all stakeholders involved in the industry and sets the scene perfectly for the 12th edition of our Dubai Precious Metals Conference. As the report highlights, this is a time of opportunity and challenge, and as the gold industry navigates its place in a rapidly evolving landscape, we look forward to working with our members and partners as we continue to build the world’s premier ecosystem for the global precious metals trade from Dubai.”

The report, titled “Trade, Technology and Markets in Transition,” provides key insights into the current state of the global gold and silver markets. The report highlights that geopolitical challenges including sanctions against Russia have shaken the global financial economy, prompting countries worldwide to reconsider their reliance on the US dollar and the safety of their gold holdings. As a result, central banks worldwide have ramped up their gold purchasing activities and repatriated US-stored bullion to diversify away from the dollar, with some even using gold in lieu of the US dollar in trade transactions. This shift is driving gold prices to unprecedented levels, creating a ripple effect across the global economy.

The report explores the growing importance of technological innovation within the precious metals market. From AI-driven exploration and autonomous mining techniques to blockchain-based tracking systems and digital gold investment products, technology is playing a crucial role in reshaping how gold is sourced, traded and invested in.

The Future of Trade report outlines a number of important recommendations for governments and businesses to help drive the evolution of the industry and shape the next phase of its growth:

The report calls for investing in AI and technology. Miners should invest in AI and advanced technologies to reduce costs, improve production and enhance ESG standards. Leveraging technology can also help artisanal miners eliminate mercury use.

The report also adds that players should boost digital Innovation and Access for Emerging Markets. Investment companies and fintechs should develop digital products that enable small-scale and young investors in emerging markets to access gold trading, expanding market participation.

Finally the report called for establishing Global Standards for Digital and Blockchain Solutions. It noted that industry participants should collaborate to create global standards for digital gold products and blockchain systems to improve transparency, eliminate pricing inconsistencies and reduce reliance on derivative products.

To access the full special edition report by DMCC, please visit: https://www.futureoftrade.com/

UAE to witness tokenization of 10,000 electric motorcycles

UAE to witness tokenization of 10,000 electric motorcycles

UAE based Layer1 blockchain platform for tokenization, MANTRA has partnered with UAE based Pyse, a sustainability-driven RWA platform, to finance the deployment of electric motorcycles for logistics and delivery services across the Emirates. This collaboration will kick off with initial deliveries of the striking pink electric vehicles (EVs) in Dubai as Pyse aims to tokenize more than 10,000 electric motorcycles on the MANTRA Chain by the end of 2025.

Earlier this year, MANTRA selected Pyse as a key member of the MANTRA Incubator program as part of its commitment to fostering innovative solutions in the green technology sector.

“Dubai’s logistics and food delivery sector is on the brink of an electric revolution,” said Kaustubh Padakannaya, Co-founder of Pyse. “Our partnership with MANTRA allows us to tokenize the leasing of electric motorcycles, making them accessible to retail audiences. This initiative celebrates Dubai’s sustainability goals while providing affordable mobility for all the rider heroes.”

Pyse goes beyond traditional models, enabling individuals to offset their carbon footprint and earn returns by investing directly in green assets like electric mobility and renewable energy. The MANTRA pink bike was revealed in October during Binance Blockchain Week in Dubai.

MANTRA CEO & Co-Founder John Patrick Mullin commented, “As the demand for eco-friendly delivery solutions in the region rises, this partnership positions MANTRA Chain and Pyse at the forefront of bringing quality and purposeful RWAs onchain. The deployment of these eye-catching pink EV motorcycles marks a significant step towards achieving Dubai’s ambitious sustainability goals.”

The MANTRA Incubator Program launched in June 2024. Pyse participated in the inaugural cohort alongside two projects in real estate and finance. The incubated projects received support and mentorship to build robust decentralized applications on MANTRA’s infrastructure.

In March 2024, MANTRA Chain raised $11 million led by UAE based Shorooq Partners with investors including Three-point capital, Forte Securities, VirtuZone, Hex Trust and GameFi Ventures. The news which was published in Coindesk stated, that Mantra Chain was in the final stages of receiving licenses from Dubai’s crypto regulator, VARA.

Later in July 2024, UAE based MAG Group Holding a multinational consolidation of different companies and sectors, the group’s portfolio includes real estate, contracting & engineering, industrial & commercial trading, freight services, and hospitality announced it would tokenize $500 million worth of real estate assets with UAE based Mantra a Blockchain Layer 1 RWA ( Real world assets) tokenization platform.

Avalanche partners with Saudi Arabian Oumla Blockchain

Avalanche partners with Saudi Arabian Oumla Blockchain

Saudi based Blockchain Layer 1 platform Oumla has partnered with Avalanche Blockchain with the aim of creating Saudi Arabia’s first Layer One Blockchain fully hosted in KSA.


As per the X post, ” This collaboration will support startups and SMEs, driving technological innovation across Saudi Arabia and the MENA region.”

In the X post for Oumla they stated, ” By bringing a secure, locally-hosted blockchain platform closer to home, we’re paving the way for growth and innovation aligned with Saudi Vision 2030. This partnership is part of our larger mission to develop the products the region needs to thrive in Web3 and blockchain technology, preparing the MENA market for a seamless transition into the digital future.
We’re excited to bring this vision to life and drive the next wave of technological transformation!”

Oumla in Saudi, offers an intuitive infrastructure that caters to both businesses and government entities. The platform offers a suite of APIs and SDKs, enabling developers to build applications on top of any blockchain, including Ethereum Virtual Machine (EVM)-based networks, without the need to master complex, low-level blockchain-specific protocols.

As per Oumla, its tools are designed to accelerate time to market, enhance development capabilities, and reduce security concerns, making it easier for developers to focus on innovation rather than the intricacies of blockchain technology.

Oumla recently launched a multichain platform, allowing developers to seamlessly integrate and operate across multiple blockchain infrastructures, further expanding the possibilities for innovative projects and solutions.

Recently Oumla received investment from Saudi based Adaverse, a venture capital fund and Web3 accelerator.

The Blockchain ecosystem is growing in Saudi Arabia. In 2024 Adaverse published its first Web3 ecosystem report for the Kingdom of Saudi Arabia showcasing growth, opportunities, as well as challenges. Since its inception, Adaverse has funded 54+ startups across Asia, the Middle East and Africa.

According to the Adaverse report, Saudi Arabia is well positioned to witness growth in the Web3 ecosystem. One of the main reasons is that is it the largest market in GCC with a youthful and tech savvy population. Already 63% of its 36 million residents are under 30, and 99% of Saudi residents are connected to the internet.

In addition, the ambitious Vision 2030 initiative further strengthens this by fostering a robust tech and innovation ecosystem. Saudi Arabia has also seen growth in funding for startups and Web3 ventures.

In 2024, according to Digital Digest, MENA based startups secured $429 million across 163 deals, with Saudi startups receiving 515 of the funding across 36.2% of the deals.

UAE based Shipfinex raises $1.5 million in seed round

UAE based Shipfinex raises $1.5 million in seed round

Shipfinex, which recently received preliminary approval from Dubai’s Virtual Assets Regulatory Authority, has secured $1.5 million in seed funding, led by Mr. Gaurav Mehta, Chairman of Best Oasis Limited and SPM Shipping DMCC.

As per the announcement, this investment signals a strategic partnership set to reshape access to maritime assets through blockchain technology.

Additional investors in the round include Mr. Vivek Seth, Senior Vice President at ADNOC Logistics & Services, and Mr. Yasovardhan Chinni, Founder of Nanlian Ship Management LLC.

Shipfinex aims to democratize maritime finance by enabling fractional ownership of maritime assets through blockchain. The funds will support the company’s growth, regulatory advancements with Dubai’s Virtual Assets Regulatory Authority (VARA), and the development of a secure and compliant marketplace for Maritime Asset Tokens (MATs).

“Shipfinex represents the next era in maritime finance, expanding asset ownership and enhancing transparency and efficiency,” commented Mr. Mehta. “We’re excited to support this transformative journey and redefine how the world invests in maritime assets.”

The collaboration between Shipfinex and Mr. Mehta’s leadership in maritime operations and asset management brings unprecedented synergy. This partnership combines Mr. Mehta’s strategic expertise with Shipfinex’s advanced blockchain capabilities, setting the stage for accelerated growth and innovation.

Vikas Pandey, CEO and Co-Founder of Shipfinex, emphasized, “Mr. Mehta’s support and industry insights are invaluable as we strive to redefine access and expand investment opportunities within maritime finance.”

Prior to this, UAE based ShipFinex, announced a strategic partnership with Tokeny, an onchain finance operating system specializing in tokenized securities.

XDC Blockchain partners with UAE RAK DAO for Web3 accelerator

XDC Blockchain partners with UAE RAK DAO for Web3 accelerator

XDC Network, an enterprise-grade Layer 1 blockchain designed for secure, scalable, and efficient operations that supports trade finance, real-world asset (RWA) tokenization, and decentralized applications for both enterprises and retail users, has announced its partnership with RAK Digital Assets Oasis to launch a Web3 accelerator in the UAE.

As per the X post, “The program offers support for fundraising, integration with XDC #blockchain , token launches, and regulatory guidance boosting early-stage Web3 innovation in the region.”

XDC noted on X, ” We signed an MOU with RAK DAO and launched a partnership for an acceleration program to bring more dApps onto the XDC Network and help companies register within RAK. This collaboration is set to empower the digital economy and support Web3 development in the region.

This announcement comes as XDC also partners with Plug and Play’s global open innovation platform to launch the XDC Payments Program. The program will identify and collaborate with the best payments-based web 3.0 solutions that can enrich the XDC Network.

Prior to that, Tether Operations Limited, creators of USDT digital currency has signed a Memorandum of Understanding (MoU) with RAK Digital Assets Oasis (RAK DAO). As per the press release this is the first step towards the launch of several strategic initiatives to help foster the adoption of Bitcoin technology and stablecoins in Ras Al Khaimah (RAK) UAE.

Furthermore less than a month ago, Dr. Sameer Al Ansari, CEO of RAK DAO, announced the DAO Association Regime (DARe), a legal framework offering DAOs the clarity they need to operate securely within the UAE’s legal environment.

This framework provides two distinct models: the Startup DAO for emerging organizations with fewer than 100 members and the Alpha DAO for more mature entities with treasuries exceeding $1 million.

“With the introduction of DARe, we are proud to lead the way in providing a secure, legally recognized environment for DAOs to thrive,” said Dr. Sameer Al Ansari, CEO of RAK DAO. “This framework underscores the UAE’s commitment to embracing the future of decentralized governance, creating a globally recognized standard for DAO operations.”

Blockchain game Valhalla partners with Mall of the Emirates

Blockchain game Valhalla partners with Mall of the Emirates

Blockchain game, Valhalla, Floki’s PlayToEarn Massively Multiplayer Online Role-Playing Game (MMORPG) has partnered with Mall of the Emirates in UAE to display its brand across 93 screens in the mall for four weeks, starting from November 15th until December 12th.

Mall of the Emirates, located in the heart of Dubai, is one of the world’s most prestigious shopping destinations. Since opening in 2005, it has become an iconic landmark, attracting millions of visitors each year. The mall sees daily traffic of approximately 111,500 people, making it a prime venue for Valhalla’s campaign to reach a diverse and international audience.

As per the announcement, Valhalla is ramping up its presence in the UAE, a key market for crypto adoption. Valhalla’s campaign at Mall of the Emirates aligns perfectly with this momentum. By showcasing its brand in one of Dubai’s busiest and most iconic locations, Floki aims to boost awareness and adoption of its ecosystem.

This campaign follows Floki’s recent four-week marketing initiative at WAFI Mall in Dubai, running from November 8 to December 5, where its branding appears across 18 digital screens. Together, these efforts are part of Floki’s larger strategy to dominate the Dubai crypto scene.

Valhalla is a blockchain-based MMORPG inspired by Norse mythology, offering players the chance to discover, tame, and battle with creatures called Veras. The game features a player-driven economy and a hexagonal battlefield designed for dynamic combat. Users can learn more at Valhalla.game.

Greengage to promote green digital assets sector with e-money solutions

Greengage to promote green digital assets sector with e-money solutions

Hub71 startup, Greengage, a blockchain enabled digital finance pioneer serving entrepreneurs, SMEs, family offices and digital asset firms with e-money solutions and B2B lending, has joined the Abu Dhabi Sustainable Finance Declaration to help promote a sustainable digital assets sector in Abu Dhabi.

Leveraging blockchain technology, the Hub71-based startup aims to drive efficiencies in carbon markets and offer SME clients access to carbon credit opportunities for meeting Scope 3 targets while supporting initiatives that make the industry, particularly bitcoin mining, more energy-efficient through advanced technology and investments in clean energy cryptocurrencies.

As per the release, the company will focus on increasing transparency in digital assets to ensure verifiable sustainable practices, fostering trust, and supporting ESG compliance and sustainable regulation and policy.

Sean Kiernan, CEO of Greengage, commented, “We are proud to join the Abu Dhabi Sustainable Finance Declaration, alongside esteemed signatories like our partners at Zumo. Our commitment to long-term client relationships aligns seamlessly with sustainable business practices, reflecting Greengage’s brand mission to promote ‘green’ growth and environmental responsibility, with a clear focus on sustainability as our core ‘gage’ for collateral.”

Greengage is also dedicated to increasing transparency to ensure that sustainable practices in digital assets are real and verifiable, which will help build trust and ensure ESG compliance. To date, Greengage supports the Blue Carbon Gold project, which tokenizes blue carbon initiatives that capture carbon in coastal ecosystems, such as UAE mangroves, which are high impact assets.

The Abu Dhabi Sustainable Finance Declaration, is a voluntary, membership-based initiative launched by Abu Dhabi Global Market (ADGM) and endorsed by the Ministry of Climate Change and Environment, the Central Bank, and the Securities and Commodities Authority. Over 135 organisations, including Greengage, have signed the declaration, committing to integrate ESG considerations into their business models, products, and investments.

ADGM regulatory authority releases consultation paper for security tokens, stablecoins and more

ADGM regulatory authority releases consultation paper for security tokens, stablecoins and more

UAE ADGM regulatory authority, the Financial Services Regulatory Authority (FSRA) has published a consultation paper No.10 to propose amendments on various regulations including those related to virtual assets. The amendments discuss, Digital security tokens, commodity tokens, stablecoins, and utility tokens.

As per the announcement, The proposed miscellaneous amendments result from the FSRA’s desire to simplify, clarify and correct certain requirements where appropriate and necessary, but are also in response to the FSRA’s experience of operating such legislation in practice.

The consultation period will close on 10 December 2024.

Digital Securities

In terms of virtual assets under the title “Regulation of Digital security offerings, virtual assets under the FSMR (ICO Guidance) and its Guidance on Regulation of Digital Securities activity in ADGM, it deals with the FSRA’s treatment of virtual assets and the financial activities that can be conducted in relation to them within ADGM.

The FSRA has defined Virtual Assets in the FSMR, as Digital Securities, which means digital or virtual tokens that have features and characteristics of a Security under the FSMR (such as Shares, Debentures and Units in a Collective Investment Fund).

As such all financial services activities in relation to Digital Securities, such as operating primary / secondary markets, dealing / trading / managing investments in or advising on Digital Securities, are subject to the relevant regulatory requirements under the FSMR.

Virtual assets as Commodities

In addition, market intermediaries and market operators dealing or managing investments in Digital Securities need to be licensed / approved by FSRA as FSP holders (including as Multilateral Trading Facilities), Recognised Investment Exchanges or Recognised Clearing Houses, as applicable “Virtual Assets” such as non-fiat virtual currencies, crypto ‘exchange tokens.

The Guidance also discusses virtual assets treated as commodities where only activities in Accepted Virtual Assets will be permitted.

In terms of capital formation activities, they are not within the virtual asset framework offered by FSRA in ADGM. While Derivatives and Collective Investment Funds of Virtual Assets, Digital Securities and Utility Tokens regulated as Specified Investments under the FSMR will need to be licensed by FSRA as FSP holders.

Utility Tokens

When it comes to Utility Tokens, which means tokens that can be redeemed for access to a specific product or service and are not for investment, they are also not regulated.

Stablecoins

Fiat tokens or stablecoins, which are fully backed by underlying fiat currencies which are used as a payments instrument for the purposes of money transmission will be licensed and regulated by the FSRA as providing money services.