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SuiHub Dubai accelerator receives over 630 applications

SuiHub Dubai accelerator receives over 630 applications

SuiHub, based out of Dubai UAE received over 630 applications for its Global Accelerator Program, the largest intakes ever recorded for an ecosystem-specific accelerator program.

SuiHub’s accelerator program attracted interest from over 13,000 individuals from 152 countries and 2,452 cities. This exceptional level of enthusiasm highlights the momentum within the Sui ecosystem and the widespread appeal of the SuiHub initiative.
Kristof Lukovich, CEO of SuiHub stated, “The immense interest in the SuiHub Accelerator Program underscores the strength of the Sui ecosystem and its appeal to builders worldwide. We are incredibly excited to work with the inaugural cohort and help them unlock the full potential of the Sui blockchain to address real-world challenges.”

With an acceptance rate of just around 1.3%, the inaugural cohort of the SuiHub Accelerator is set to feature some of the most innovative and promising startups in the Web3 space.

“The 630+ applicants is a testament to the strength of the SuiHub offering and the momentum within the Sui ecosystem,” said Scott Keto, President at CoinList. “With an acceptance rate of just 1.3% and many quality applicants to choose from, the first cohort of the accelerator looks incredibly promising. We look forward to supporting this next generation of builders on Sui.”

The SuiHub Accelerator, run in partnership with UAE based Brinc, CoinList, UAE based Ghaf Group, and the Sui Foundation, provides up to $200,000 in milestone-based funding per team, technical support, and access to global marketing channels. Its mission is to empower pre-token projects and entrepreneurs building sustainable business models on the Sui blockchain.

“Backed by Sui’s lightning-fast and scalable network, these projects have immense potential to continue to grow the Sui ecosystem.” said Dr. Kostas Chalkias, Co-founder of Sui.

“The response to the SuiHub Dubai Accelerator from the community, developers, entrepreneurs, and users has been incredible. The extraordinary volume of qualified submissions reflects the talent that makes the Sui ecosystem a thriving, innovative network,” said Henrik Johansson, Head of Community at Sui Foundation.

The first cohort of the SuiHub Accelerator is scheduled to commence shortly, with selected teams gaining direct access to the Sui Solutions Engineering team, expert advisory on token design and distribution mechanisms, and growth marketing support.

“The exceptional caliber and overwhelming number of SuiHub accelerator applications demonstrate both the rapid growth of the Sui ecosystem and the strength of our partners,” said Bashar Aboudaoud, COO & Co-Founder of Brinc. “The program is quickly establishing itself as one of the best in the Web3 space, and I am very excited to see the progress of the startups that enter it.”

As SuiHub continues to foster innovation and collaboration, this inaugural cohort is poised to set the stage for further advancements in Web3 and accelerate Sui’s mission of onboarding the next billion users to the blockchain.

“At Ghaf Group, we are thrilled to support Sui’s growth in the Middle East and beyond. This program is more than just an accelerator, it’s a launchpad for the next wave of innovation in Web3 and will have a positive effect in further strengthening the regional ecosystem through new global connections.” stated Feras Al Sadek, MD, Ghaf Group.

Sui Hub launched in UAE in November 2024

SUI, through its SuiHub launched its Global Accelerator Program, a new initiative designed to help build sustainable businesses on Sui in the Web3 space in the UAE back in November of 2024. The 12-week accelerator program will be run in partnership between Brinc, CoinList, Ghaf Group, and Sui Foundation; and is set to provide strategic funding, technical guidance, and networking opportunities to startups and developers building on the Sui blockchain.

Dubai Freezone and Dubai Land Department to include blockchain and AI in proptech sector

Dubai Freezone and Dubai Land Department to include blockchain and AI in proptech sector

The Dubai Integrated Economic Zones Authority (DIEZ) and the Dubai Land Department (DLD) have partnered to encourage the adoption of modern technologies, such as artificial intelligence (AI) and blockchain, in the real estate sector, and Property technology sector (Proptech), while facilitating the establishment of companies and providing the necessary support to expand their business,

As per the press release, the collaboration aims to enhance research, development, and technological innovation, as well as ease of doing business in Dubai, and to contribute to the growth of emerging startups, small and medium innovative enterprises in the sector.

This partnership aligns with the objectives of the Dubai Research, Development, and Innovation (RDI) Grant Initiative, launched by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence, in September 2024. Through one of the four priority sectors – Cognitive Cities – Dubai RDI will focus on Proptech, smart mobility, traffic management, and smart grids.

The Memorandum of Understanding was signed by Dr. Mohammed Al Zarooni, Executive Chairman of Dubai Integrated Economic Zones Authority, and Marwan Ahmed bin Ghalita, Director-General of Dubai Land Department, at Dubai Silicon Oasis, the special economic zone for knowledge and innovation and a member of DIEZ.

Dr. Mohammed Al Zarooni said, “DIEZ is committed to providing a conducive environment for start-ups, SMEs and innovative projects in various emerging technology sectors. Dubai is a global destination for entrepreneurs and innovators with promising tech-focused ideas. Through our collaboration with active entities to contribute to building a future-ready economy in Dubai, such as the partnership with Dubai Land Department, DIEZ aims to enhance the emirate’s global position in attracting technology entrepreneurs and SMEs and providing everything they need to support doubling the size of Dubai’s economy and making it one of the top three global cities by 2033, in line with the objectives of the Dubai Economic Agenda D33.”

Marwan Ahmed bin Ghalita said, “Through this partnership with the Dubai Integrated Economic Zones Authority, we are committed to providing a conducive environment that encourages the adoption of modern technologies, such as artificial intelligence and blockchain, in the real estate sector, while facilitating the establishment of companies and providing the necessary support to expand their business, aligning with the Real Estate Evolution Space ‘REES’ initiative we previously launched as part of our efforts to achieve the objectives of the Dubai Economic Agenda (D33), positioning the emirate as a key hub for innovation. We aim to enhance Dubai’s position as a leading destination for real estate innovation, in line with the Dubai Real Estate Strategy 2033, particularly by establishing a comprehensive ecosystem based on modern technology and advanced digital solutions.”

this comes as Klickl, the Web3 financial platform out of the UAE, announced that it will enable real estate developer IMKAN offer international investors with secure, fast and flaxible options of alternative payments in high value sector such as real estate through cryptocurrency by converting crypto into AED. Klickl will offer cryptocurrency payment processing system.

UAE Tokinvest and InvestaX have partnered to deliver tokenized asset offerings

UAE Tokinvest and InvestaX have partnered to deliver tokenized asset offerings

Tokinvest, a market-leading real-world asset investment platform based in Dubai, and InvestaX, a leading tokenization platform based in Singapore, have partnered to enhance global accessibility to asset-backed and rights-linked virtual assets. The two entities will deliver an end-to-end solution for token offerings and secondary market trading across two markets that are global leaders in supporting the adoption of real-world asset tokenization.

The collaboration between Tokinvest and InvestaX will provide a seamless dual-market solution for real-world tokenized assets.  This includes structuring and creating virtual assets, issuing tokens in the primary market, raising capital, and facilitating liquidity and secondary market trading. The partnership leverages both companies’ complementary regulatory licenses and market reach: Tokinvest as a leader in the Middle East and InvestaX as a pioneering platform in Asia.

“Through this partnership, we are uniting two strong forces in the virtual assets world to bring greater access, efficiency, and liquidity to investors and asset owners,” said Scott Thiel, CEO of Tokinvest. “Our shared vision is to enhance the global ecosystem of tokenized assets and provide robust solutions for those looking to invest in the digital future.”

Julian Kwan, Co-Founder & CEO of InvestaX, added: “We’re excited to collaborate and bring Singapore and the UAE closer together through this partnership. We already have several projects in the pipeline, and we’re eager to launch them and contribute to the growth of this industry.”

Tokinvest has been increasing its partners over the past few months

Just last week, Tokinvest, and German based StegX, a platform for tokenized real assets based in Germany, have partnered to bridge tokenization between UAE and Germany. StegX has been collaborating with entities to bridge tokenization solutions with Singapore, and Latin America.

Additionally Tokinvest expanded its collaboration with Universal Digital Payments Network (UDPN) to launch a Tokenized Deposit and Stablecoin Management System.

Klickl and IMKAN Properties to convert crypto into AED for real estate transactions

Klickl and IMKAN Properties to convert crypto into AED for real estate transactions

While the UAE Central Bank has made it clear that crypto cannot be used as a legal tender for the purchase of goods and services inside the country, while AED stablecoins can be, real estate investors and buyers can still utilize cryptocurrencies for real estate purchases with Klickl and IMKAN Properties which has 26 properties across two continents.

Klickl, the Web3 financial platform out of the UAE, will be able to help IMKAN offer international investors with secure, fast and flaxible options of alternative payments in high value sector such as real estate. Klickl will offer cryptocurrency payment processing system.

“Our collaboration with IMKAN aligns with our mission to extend the benefits of Web3 technologies into everyday business transactions,” said Michael Zhao, CEO of Klickl. “From cross-border remittances to real estate investments, digital currencies offer an unmatched level of convenience, transparency, and efficiency. By supporting IMKAN’s customers with both crypto payment acceptance and fiat conversion, we are creating a model that other real estate companies can adopt to attract a new generation of buyers.” He went on to say.

The collaboration will allow IMKAN to offer its clients the option of converting cryptocurrencies, including Bitcoin, Ethereum, and stablecoins like USDT for use to invest in premium real estate . With these options, both local and international buyers gain greater flexibility, avoiding the complexities and delays that often come with cross-border bank conversions.

One of the key drivers behind this initiative is the increasing number of international investors in UAE real estate. The ability to use digital currencies for conversion will streamline transactions for overseas buyers, especially those in emerging markets or regions with less-developed banking infrastructure.

“Crypto is more than a payment method—it’s a financial tool that enables us to operate more efficiently across borders,” Zhao explained. “Our goal with IMKAN is to offer this technology to its customers in a way that enhances liquidity and supports business continuity, providing real estate developers with the financial stability they need to grow.”

Klickl’s platform will be offered seamlessly with IMKAN’s existing sales and payment systems. Buyers will experience a straightforward process where cryptocurrency payments can be made through a secure platform, and all necessary regulatory checks will be conducted automatically.

Klickl will ensure that all transactions are compliant with UAE regulations. From Know Your Customer (KYC) protocols to anti-money laundering (AML) compliance, the platform incorporates best-in-class security features to protect both IMKAN and its clients.

“We are committed to maintaining the highest levels of security and compliance,” Zhao emphasized. “Every transaction will go through rigorous checks to ensure it meets regulatory standards, so our partners and their customers can transact with confidence.”

The long-term vision includes expanding the use of digital finance tools across IMKAN’s full range of projects, from luxury residential developments to large-scale commercial properties.

“The UAE is rapidly emerging as a major crypto hub driven by the region’s welcoming regulatory environment and its proactive approach to supporting the digital asset sector. As one of the nation’s leading real estate developers, IMKAN is proud to play a decisive role in revolutionizing real estate transactions by embracing cryptocurrency for property investments. Together with Klickl, we are helping to ensure that the UAE will remain a leader and not a follower in digital currency proliferation,” said Engineer Suwaidan Al Dhaheri, CEO of IMKAN Properties.

“This collaboration demonstrates how blockchain and digital assets can bring real value to traditional industries,” said Zhao. “It’s not just about following trends; it’s about using these technologies to solve real-world challenges and unlock new opportunities. We see the potential for this model to reshape not only real estate but also other sectors where high value transactions are common.”

UAE Etihad Credit Insurance joins KYC Blockchain platform

UAE Etihad Credit Insurance joins KYC Blockchain platform

UAE KYC Blockchain platform led by the Dubai Department of Economy and Tourism ( DET) and powered by Norbloc Blockchain has added the first insurance member, Etihad Credit Insurance (ECI),The KYC Blockchain platform aims to improve ease of doing business, company KYC compliance, and customer data quality and enable the KYC network’s future growth by leveraging it as a reliable customer data ecosystem.

Her Excellency Raja Al Mazrouei, CEO of ECI, said, “We are pleased to be the first export credit agency to join the UAE’s KYC platform, which marks a remarkable milestone for us. This step enables the ecosystem to quickly improve the verification process of consumer identities and build unified procedures by leveraging blockchain technology. At ECI, we are committed to using state-of-the-art technologies in partnership with relevant stakeholders to increase operational efficiency, optimize services and accelerate processes. We believe that this move would help streamline the process of delivering our services and solutions, as well as support and enable a larger group of businesses engaged in UAE export and re-export operations to both regional and international markets.”

Ahmad AlFalasi, CEO of DBLC at DET, added, “We are pleased to welcome ECI as the first insurance sector entity to join the KYC Blockchain Platform. This milestone highlights ECI’s commitment to improving ease of doing business and enhancing KYC compliance standards. DET is dedicated to providing alternative channels for seamless company KYC data sharing and validation, with this initiative being a key example. By easing access to banking, financial, and insurance services, the platform fosters regulatory collaboration while ensuring robust KYC compliance. ECI’s participation underscores the growing momentum of this initiative, and we look forward to further strengthening Dubai’s position as a global trusted business hub.”

Astyanax Kanakakis, CEO and Co-Founder of norbloc, explained “The KYC Blockchain Platform establishes a single version of truth per customer profile, enhancing data quality, boosting transparency, while improving institutions’ efforts to combat financial crimes, streamlining data exchange and encouraging cooperation. Furthermore, the continuous expansion of platform members in the country aligns with the UAE’s strategy for digital transformation and is an integral component to stimulating economic growth and reinforcing the UAE’s leading position as a global financial hub and a primary investment destination.”

The platform uses norbloc’s Fides solution to improve customer experiences by leveraging innovative blockchain technology to offer access to accurate and reliable information for banks and other financial institutions. Joining the platform ensures an expedited account opening process, streamlined financial and digital services, seamless consent-driven customer data transfer, and confidentiality of customer data.

With the goal of facilitating efficient data exchange in the emirate, the Dubai Department of Economy and Tourism (DET) launched the KYC Blockchain Platform in 2020, in collaboration with a group of founding member banks. In May of 2023, Al Masraf bank became the 10th bank to join the Norbloc KYC Blockchain platform developed under the initiative with Department of Economy and Tourism (DET).

Eight crypto entities receive in-principle approval from VARA Dubai

Eight crypto entities receive in-principle approval from VARA Dubai

Eight crypto entities have received in-principle approval from Dubai’s Virtual Asset Regulatory Authority (VARA) listed on VARA website. Those receiving in principle approval include names such as BitPanda, Hashkey and Bybit which are both seeking a crypto brokerage license, as well as Bitgo which is seeking a crypto custodian license.

Other names include Atremo Digital, Gate Technologies, and MKX Virtual Assets Broker, which have all as well received in principle approval for a crypto broker licenses.

LCT Global, also known as CoinW has also received an in-principle approval for crypto exchange license. In December 2024, “Securing VARA’s In-Principle Approval is a defining moment for LCT,” said Sonia Shaw, CEO of LCT. “It affirms our steadfast commitment to compliance, transparency, and innovation. This achievement positions us to deliver secure, world-class crypto solutions and establish trust with our clients and stakeholders worldwide.”

Once or if these crypto services providers receive their final licenses, they will be added to the already existing licensed 23 virtual asset service providers in VARA.

The UAE had become an attractive destination for leading crypto exchanges including Binance, Crypto.com, OKX and others. It is not only attractive for its regulatory frameworks in place which includes the recent stablecoin regulations from UAE Central Bank, but also for the ownership of crypto in the country.

According to data from Triple A, countries within the “Emerging Economies” category dominate in crypto ownership. The UAE leads the way at 25.3%, the highest percentage of ownership. Singapore follows closely at 24.4%, while Turkey is at 19.3%. Both exhibit higher adoption rates compared to Advanced Economies like Switzerland (12.4%) and the United States (15.0%).

Mohammed Al Hakim, Crypto.com President, UAE Operations noted in a a session on The Future of Crypto at the 8th annual Sharjah Entrepreneurship Festival (SEF) that, “In the next two years, people in the UAE should be able to use cryptocurrency for everyday transactions”.

Globally 562 million people own crypto. This number is set to rise as the United States takes on a more open regulatory stance to crypto, stablecoins, and service providers.

The UAE still remains at the forefront, with the UAE Securities and Commodities Authority has recently released a draft regulation under the title “ Security Tokens and Commodity Tokens Contracts”. The UAE SCA  in its draft regulations has defined Security tokens as digital assets created using Distributed Ledger Technology to represent financial rights or tangible assets. Examples of Security tokens include equity tokens, and bond tokens. With regards to Commodity Tokens, the regulator has defined them as a type of digital assets that are based on the value of physical commodities such as gold, oil, metals, or agricultural products.

WadzPay Blockchain crypto entity no longer licensed in UAE

WadzPay Blockchain crypto entity no longer licensed in UAE

WadzPay, a blockchain technology and financial services company that had applied and had received a VASP license pending further operational requirements in Dubai UAE, via the Dubai Virtual Assets Regulatory Authority, has been delisted from VARA’s public registry, which implies that WadzPay is no longer a regulated entity in Dubai UAE. Reasons behind this are not unclear given the efforts WadzPay had made over the years to received this license, yet on VARA website it shows that the license has been withdrawn.

This comes months after WadzPay in November of 2023, had announced it secured a capital commitment of $50 million SGD in the form of a Share Subscription facility from GEM Global Yield (GEM). The SSF as noted in that press release, was supposed to accelerate the company’s growth strategy via acquisitions, partnerships and organic initiatives.

The agreement established a Share Subscription Facility granting WadzPay the option to call upon GEM to subscribe for Ordinary Shares up to a total value of SGD 50 million (approximately USD 36.7 million) upon a successful public listing for a thirty-six-month period.

WadzPay had received a VASP license for crypto brokerage under pending status back in February 2024. Yet until now it was still pending. In November Anish Jain, Founder and CEO, noted that the company opened its Dubai offices back in 2022, citing that a main attraction of Dubai was its supportive regulatory environment.

WadzPay “bridges the gap between fiat currencies and virtual assets,” according to Anish Jain, founder and CEO.

Moreover Jain had described the license, – issuance of which is subject to meeting pre-operating requirements and qualifications – as a “pivotal advancement for WadzPay… enhancing trust and credibility among stakeholders viewing Dubai as a launchpad for global ambition.”

It would seem that this ambition has faded for WadzPay.

Bahrain Ministry of Justice launches Blockchain notarization platform

Bahrain Ministry of Justice launches Blockchain notarization platform

Bahrain Ministry of Justice has announced the launch of its Blockchain remote visual notarization system in collaboration with the Information and eGovernment Authority (iGA).

As per the press release, the initiative aligns with Bahrain’s Economic Vision 2030, expanding the private sector’s role while the Ministry of Justice overseed licensed private notaries.

Nawaf bin Mohammed Al Maawda, Minister of Justice, Islamic Affairs, and Endowments, announced this stating, ” Private notaries will receive training from the Judicial and Legal Studies Institute, with access requiring electronic key authentication.” The minister urged users to register for government notifications via bahrain.bh, as registered details will be used for service access.

Al Maawda reaffirmed the ministry’s commitment to digital transformation, introducing the service gradually for specific transactions through a blockchain powered platform ensuring confidentiality, authenticity, and fraud prevention, including digital signature verification.

In the UAE as well in 2024, DIFC ( Dubai International Financial Center) and Swiss The Hashgraph Association also announced, a digital Notary Service, which will be the notarizing English documents only and is the first-of-its-kind service in the UAE. The service will provide three (3) options for users; an automated self-service; a live virtual system; and an in-person service. Users of the service will also have the option to utilize an authentication service through primary source verification (PSV).

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UAE and Qatar VCs invest in securitization AI entity, Teamsec

UAE and Qatar VCs invest in securitization AI entity, Teamsec

Deniz Ventures, the venture capital fund of DenizBank, established under the Emirates NBD Innovation Fund—the Corporate Venture Capital arm of Emirates NBD Group—and Qatar based Rasmal Ventures, a venture capital firm, have invested in Turkish based TeamSec, an a AI-powered securitization platform, transforming the structured finance industry through its innovative Securitization-as-a-Service platform.

Securitization is the process in which certain types of assets are pooled so that they can be repackaged into interest-bearing securities.

With a total investment raise of 7.6 million USD, TeamSec aims to accelerate its growth operations, focusing on rapid expansion in the Middle East and North Africa (MENA) region. The company already has an innovation license in DIFC ( Dubai International Finance Center). Additionally, TeamSec also aims to diversify its product and service portfolio and enhance current service offerings.

TeamSec in Saudi Arabia

In Saudi Arabia, TeamSec has taken a major leap forward by signing a Memorandum of Understanding (MoU) with SIMAH, the Saudi Credit Bureau. This collaboration is a key milestone in enhancing the securitization ecosystem in the Kingdom, enabling us to access critical credit data and analytics required to structure robust securitization solutions.

The partnership with SIMAH will provide data-driven securitization models that meet international standards. By leveraging SIMAH’s extensive credit information database, the company seeks to ensure that their securitization products are built on a foundation of trust, reliability, and precision—qualities that are vital for attracting investors and fostering confidence in the market.

Through its AI and data analytics-based solutions, TeamSec seeks to create critical value for investors and financial institutions.

Commenting on the investment, Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said, “We recognize the immense potential securitization holds in supporting regional growth. Our recent strategic investment in TeamSec, a fintech innovator specializing in Securitization-as-a-Service, underscores our commitment to shaping this market and enabling its growth. We are the first investor in TeamSec, supporting the founder and team in their growth journey at an early stage.”

NEOHUB CEO Gürhan Çam highlighted that TeamSec’s technological infrastructure will lay the groundwork for stronger collaborations among financial institutions in the future and contribute significantly to the financial ecosystem. He stated: “Digital transformation in the fintech sector is no longer a luxury but a necessity. As DenizBank and NEOHUB, we aim to address the technological gaps in the field of securitization by collaborating with startups through our investment in TeamSec. We recognize that TeamSec’s innovations in securitization have the potential to set new industry standards.”

Emphasizing the collaborative approach, Rasmal Ventures’ Co-Managing Partner, Alexander Wiedmer, noted: “TeamSec’s bold vision to revolutionize the securitization industry across the Middle East and beyond resonates strongly with us. Their mission-driven, execution-focused team exemplifies the kind of ambition and innovation we are excited to support. Our investment, alongside Deniz Ventures, reflects our commitment to advance fintech solutions that redefine traditional financial processes. By backing teams like TeamSec, with deep expertise in their field, we aim to accelerate digital transformation and fortify the regional financial ecosystem.”

Emphasizing the role Emirates NBD’s Corporate Venture Capital arm played in driving this investment, Neeraj Makin, Group Head of Strategy, Analytics, and Venture Capital at Emirates NBD, added, “Emirates NBD’s Innovation Fund drives strategic investments in cutting-edge fintech startups like TeamSec, enabling us to deliver tailored solutions that align with our vision of being the most innovative bank for our customers. As the industry evolves, the fund ensures we stay ahead of disruptive trends while enhancing the digital experience for our clients.”

Esad Erkam Köroğlu, Founder and CEO of TeamSec, highlighted that this strategic investment from Deniz Ventures combined with the VC mindset and experience of the Rasmal Ventures’ team, is a key enabler in achieving the company’s vision: “The investment we received from ENBD and Rasmal Ventures demonstrates the trust placed in TeamSec’s vision and technological prowess by these renowned institutions. At the same time, this investment round supports our mission to revolutionize the securitization market, positioning TeamSec as a leader in the fintech sector as well as in the securitization market, particularly in the MENA region. With this investment, we endeavor to strengthen our position as a global game-changer in the field of securitization.”

Qatar based Rasmal Ventures, the first independent venture capital company within QFC authority, licensed to manage exempt funds domiciled in QFC, launched its Rasmal $100 million Fund I in 2023. The Fund was supported by key Qatari private investors and institutions.

Dubai authorities investigated $65.3 million worth of crypto money laundering

Dubai authorities investigated $65.3 million worth of crypto money laundering

During the years between 2022 and 2024 Dubai Police revealed that they had conducted money laundering financial investigation cases including $16.3 million ( 60 million AED) in virtual assets, or crypto asset cases. This did not include a case where The Dubai Economic Security Center disrupted a $49 million crypto money laundering operation. Both investigations led to a total of $65.3 million crypto money laundering investigation cases.

Between 2022 and 2024 Dubai Police had conducted a total of 500 money laundering cases totaling $1.1 billion ( 4 billion AED).

Lt-Gen Abdulla Khalifa Al Marri, Commander-in-Chief of Dubai Police, noted that these achievements reflect the UAE’s dedication to combating money laundering and enhancing international cooperation to tackle financial crimes. “Through the UAE National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organizations Committee, the force strategically coordinates with key partners to fight financial crimes,” he said.

“Our efforts encompass human resources development and specialised training for our officials such as the International Diploma in AML and Terrorist Financing, launched in cooperation with the United Nations Office on Drugs and Crime. The programme has trained 116 professionals from relevant national organisations,” Al Marri revealed.

Lt-Gen Al Marri explained that Dubai Police has demonstrated exceptional commitment to intelligence sharing, exchanging 1,733 financial crime-related dossiers with international partners over the last three years. “These exchanges have been facilitated through organisations such as INTERPOL, Europol, and regional and Gulf networks. Additionally, Dubai Police has signed numerous Memoranda of Understanding (MoUs) with global counterparts to bolster law enforcement cooperation,” Al Marri confirmed.

Expert Maj-Gen Khalil Ibrahim Al Mansouri, Assistant Commander-in-Chief for Criminal Investigation Affairs, highlighted the role of advanced technologies in enhancing investigative capabilities. “Dubai Police leverages cutting-edge artificial intelligence and specialized task forces to uncover illicit activities, apprehend perpetrators, and work closely with international law enforcement to combat money laundering effectively,” Al Mansouri noted.

Dubai Economic Security Centre disrupted $49 million crypto money laundering operation

The other successful operation, a collaboration between Dubai Economic Security Centre and the Public Funds Prosecution in Dubai disrupted an international organized crime network involved in money laundering operations worth $49 million (180 million AED) using cryptocurrencies. It involved 30 individuals and three companies. The network, which conducted complex money laundering operations worth AED180 million using cryptocurrencies, operated across the UK and Dubai. Investigations revealed that the network laundered cash in the UK through unlicensed cryptocurrency intermediaries present in the UK and Dubai.

Dubai Police working with crypto exchanges and Blockchain Intelligence firms

The General Department of Criminal Investigation at Dubai Police signed a Memorandum of Understanding (MoU) with BitOasis Technologies to strengthen cooperation, foster partnership ties, and enhance security efforts. The MoU aimed to bolster collaboration and exchange expertise in addressing economic crimes and exploring their future trends.

Additionally Dubai Police also partnered with Crystal Intelligence an advanced blockchain analytics and on-the-ground intelligence firm empowering financial institutions, governments & regulators in the fight against cryptocurrency crime.