Upcoming AIM Congress in Abu Dhabi to delve into digital economy, blockchain, and IoT

Upcoming AIM Congress in Abu Dhabi to delve into digital economy, blockchain, and IoT

The AIM Congress 2025, a well-known global investment platform, which will be held from April 7th-9th 2025, under the theme “Mapping the Future of Global Investment” will have a dedicated portfolio for Digital Economy in addition to its FDI (Foreign Direct Investment) portfolio which will address digital transformation as one of the key drivers.

The Digital Economy portfolio is dedicated to supporting the transformation of the global economy into a digitally-driven economy, fostering a sustainable, inclusive and secure digital future. Digital technologies present unparalleled opportunities for economic transformation. They enable novel interactions among individuals, communities, and governments, facilitate access to information, streamline business operations and enhance engagement with public authorities. Also, the diminishing of geographical and physical barriers creates new avenues for economic, social and cultural development, while also boosting regional and global competitiveness.

As per the announcement, digital transformation, data-driven insights, automation, the Internet of Things, blockchain adoption, focussing on cybersecurity and cognitive technologies are among the key drivers revolutionizing the finance industry. Over the next five years, these advancements are expected to significantly reshape the sector at all levels. The Future of Finance portfolio offers a unique opportunity for finance professionals and stakeholders to network, exchange experiences, and gain valuable insights, enabling participants to navigate and thrive in this rapidly evolving financial landscape.

The AIM Congress 2025 will include eight portfolios, which include Foreign Direct Investment (FDI), Global Trade, Startups & Unicorns, Future Cities, Future Finance, Global Manufacturing, Digital Economy, and Entrepreneurs. These portfolios will encompass a broad range of sectors such as smart agriculture, energy, infrastructure, finance and stock exchange markets, and information and communication technology. Additionally, they will address industry, medical tourism, biotechnology, medical technology, the pharmaceutical industry, international trade, logistics and transportation, water technology, tourism, and education. This diverse lineup underscores AIM’s comprehensive approach to exploring and advancing critical areas of development and innovation.

Focussing on innovation and entrepreneurial opportunities, the Startups and Unicorns portfolio will bring together leading innovators, seasoned investors, industry professionals and influential organizing bodies from around the globe, thereby contributing to equipping startups with essential information, tools and networking opportunities to ensure their success in the competitive market environment.

AIM Congress 2025 will explore the latest trends and developments shaping the global investment landscape, focusing on addressing current and future challenges while driving collaborative efforts to forge innovative solutions, with the goal of fostering a balanced, prosperous and sustainable global economy.

The event will see the participation of an elite group of leaders, government officials, policymakers, industry leaders, senior regional and international investors, as well as prominent international companies and organizations from various sectors.

His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade and President of AIM Congress, emphasized the significance of this gathering, stating, “AIM Congress 2025 is an opportunity to reaffirm the UAE’s unwavering commitment to leading global efforts in addressing the pressing economic challenges of our time. As the world navigates profound economic shifts, AIM will provide a crucial platform for the international community to come together, devise innovative investment strategies, and build a framework that ensures sustainable and inclusive growth for all.”

HE Al Zeyoudi went on to say, “As the hosts of this prestigious global investment congress, the UAE is leveraging its forward-looking vision and the guidance of our wise leadership to deepen our engagement with the world in trade and investment, expanding economic partnerships with key global economies that will drive progress towards a more interconnected and resilient world economy. AIM Congress 2025 is a critical opportunity to exchange expertise, share pioneering innovations, and lay down a roadmap for the future of sustainable global investment.”

Building on the continued success of the previous editions of AIM Congress, the organizing committee is committed to meeting the high expectations of the global investment community. AIM Congress 2025 will be expanded significantly, with an increased number of events, activities and exhibitors. The exhibition area will be doubled to over 30,000 square metres, and the event will host more than 25,000 distinguished participants from 180 countries, with over 1,000 speakers are expected to engage in more than 350 panel discussions.

Dawood Al Shezawi, Chairman of the Organizing Committee of AIM Congress, emphasized the event’s ongoing success and increasing participation. He said: “Following the resounding success of the previous AIM Congress, which attracted 12,427 prominent figures from 180 countries and featured 412 dialogue sessions exploring investment trends, challenges and opportunities, we are committed to building on this momentum. The previous edition featured 927 speakers, including industry leaders and policymakers, who engaged in discussions to foster collective action and collaboration aimed at driving sustainable global economic growth.”

Al Shezawi added: “As we prepare for AIM Congress 2025, we are dedicated to organizing a bigger and more impactful edition with the goal of continuing the journey towards shaping a more prosperous and inclusive global economy and achieving sustainable economic development, contributing to shaping the evolving investment landscape with renewed vigour.”

Al Shezawi said: “In its commitment to stimulating strategic partnerships, the AIM Congress 2024 signed 43 memorandums of understanding between government entities, financial institutions and private sector companies. It also coordinated 8,130 bilateral meetings between investors and participating entities. The agenda of AIM Congress 2024 also included an exhibition, which was dedicated to highlighting the latest innovations, products and services showcased by 352 exhibitors.”

UAE based Klumi Ventures for Web3 partners with DWF Labs

UAE based Klumi Ventures for Web3 partners with DWF Labs

Klumi Ventures and DWF Labs, an investor and market maker have partnered to offer comprehensive strategic advisory, investments, and market-making expertise for companies entering the UAE market.

As per the press release, the collaboration provides essential support in go-to-market strategies, regulatory compliance, fundraising, and business development. Additionally, DWF Labs will facilitate OTC deals and launch a new options platform, offering Klumi Ventures’ clients access to crucial liquidity, tailored trading solutions, and varied yield opportunities.

Kristiina Lumeste, SEO and Founder of Klumi Ventures, commented, “DWF Labs is one of the leaders in the Web3 space and has seen notable success in Asia. The team is now expanding its footprint to the UAE and we are excited to support DWF’s top portfolio companies and contribute to the growth of their Web3 ecosystem in the UAE.”

Klumi Ventures and DWF Labs will collaborate to offer comprehensive strategic advisory services to companies looking to expand into the UAE market. This includes guidance on go-to-market strategies, regulatory compliance, fundraising, and business development to ensure successful expansion.
Leveraging DWF Labs’ expertise in investments and market making, the partnership aims to provide Klumi Ventures’ portfolio companies with access to crucial liquidity and capital resources, enabling them to scale effectively in the UAE’s growing digital asset market.
OTC Deals and Options:

DWF Labs will facilitate OTC deals, providing tailored solutions for clients seeking to trade large volumes of digital assets securely and efficiently. In addition, DWF Labs is soon launching its own full scale options platform where Klumi Ventures clients can access various levels of yields.
The partnership will launch a series of educational initiatives in the UAE, including workshops, aimed at sharing critical knowledge and tools needed to thrive in the UAE Web3 ecosystem. These initiatives will focus on strategies, networking, regulatory and legal requirements, and the complexities of operating within the UAE market.

“This partnership with Klumi Ventures represents a significant step forward in our shared vision to build a robust Web3 ecosystem that supports innovation and sustainable growth across the UAE region. Together, we are strategically positioned to drive the digital transformation in the UAE, empowering both new entrants and established institutions to thrive in this dynamic landscape,” said Andrei Grachev, Managing Partner at DWF Labs.

The collaboration between Klumi Ventures and DWF Labs stands as a testament to the UAE’s ambition to become a leading global blockchain hub. By combining their expertise and resources, Klumi Ventures and DWF Labs are set to foster innovation and accelerate Web3 adoption across the MENA region, delivering significant benefits to startups and established institutions alike.

Last month Klumi Ventures partnered with Fuze, the Middle East’s regulated digital assets and blockchain infrastructure provider to harness Klumi Ventures’ investment acumen and Web3 expertise alongside Fuze’s digital assets infrastructure to accelerate the adoption of Web3 technologies throughout the region.

UAE University carries out study on Blockchain for food safety

UAE University carries out study on Blockchain for food safety

The American University of Ras Al Khaimah ( AURAK) in UAE has released a new study on how the use of the Internet of Things (IoT) and blockchain to dramatically boost food safety.

The study, done by Dr. Tahseen Arshi, Associate Provost for Research and Community Service at AURAK, in collaboration with researchers from the University of Naples, Italy, advocates integrating the IoT and blockchain to revolutionize the food supply chain significantly. Dr. Tahseen argues that combining these technologies into the food supply chain gives companies visibility into the upstream supply chain.

Food safety is a pressing global concern, particularly in light of the rapidly growing world population (currently 8.11 billion). WHO estimates that 600 million people – almost 1 in 10 persons in the world – fall ill after eating contaminated food, and 420,000 die every year.

This underscores the critical need for innovative solutions, such as those proposed in the study, to enhance food safety. For instance, IoT can track the temperature of food products during transportation, helping to prevent spoilage. Similarly, blockchain can provide a transparent record of a food product’s journey, from farm to table, helping to identify the source of contamination in case of an outbreak.

Prof. Stephen Wilhite, Senior Vice President of Academic Affairs and Student Success and Provost at AURAK, stated: “Food safety is a highly complex issue. Given the dangers it poses to public health, it is vital we use new technologies to monitor the supply chain. AURAK is happy to support this research study, which is an earnest effort to highlight how the effective use of IoT and blockchain can prevent contaminated food from reaching consumers by enabling enhanced transparency and traceability in the food supply chain.”

Dr. Tahseen Arshi commented, “With the rising population, food safety will be under greater threat. Coupled with this, changing climatic weather patterns, scarcity of water, and soil degradation caused by industrialization and urbanization are adding to the problem. Our study investigates how technologies like the IoT and blockchain can revolutionize how food is monitored, traced, and managed across the supply chain, enhancing transparency, accountability, and efficiency.”

The study demonstrates how these new technologies can be game-changers in the area of food safety. Blockchain enables end-to-end traceability of food products. Each stage of the food supply chain—from production to processing to distribution—can be logged on a blockchain. IoT can track food products in real-time through sensors that capture and transmit data on where food has been, how long it has been stored, and under what conditions.

According to the study, these technologies are used for a wide variety of applications, such as Real-Time Monitoring (using sensors and smart tags to monitor environmental conditions during transportation), Predictive Maintenance (IoT devices monitoring equipment for signs of wear and tear); Automated Compliance (monitoring compliance with food safety regulations); Immutable Records (providing a decentralized, immutable ledger to record every transaction or change in the food supply chain) and Enhanced Transparency (access to detailed information about the origins and handling of food).

One of the biggest benefits offered by these technologies is Streamlined Recalls. In the event of a food safety issue, blockchain can help quickly identify and isolate affected products, streamlining the recall process and minimizing the impact of food safety incidents.

The study was published in 2023 as a chapter in IGI Global’s book ‘Impactful Technologies Transforming the Food Industry.’ IGI Global is a Scopus-indexed, US-based, independent international academic publisher dedicated to releasing high-quality, peer-reviewed scholarly research publications.

Binance Bahrain to provide South Africans with derivative products

Binance Bahrain to provide South Africans with derivative products

Binance Bahrain has announced that it will become South African provider for derivatives products as a Juristic Representatives of FiveWest OTC Desk (Pty). As per the announcement, Binance ensures that it continues to comply with its regulatory obligations and can continue to provide services for derivatives products to South African users.

South African derivatives users will need to register a new account with Binance Bahrain and accept the applicable Terms of Use. Users will need to resubmit all required Know-your-Customer (KYC) documentation in order to comply with Bahrain regulatory requirements.

Binance will be able to continue serving South African users in compliance with local regulatory requirements. Binance Bahrain is able to provide crypto exchange and custodian services in line with its License by the Central Bank of Bahrain as a Category 4 Crypto-Asset Service Provider to operate a crypto-asset exchange.

In April 2024, after two years of foundational efforts, the financial sector conduct authority in South Africa approved 75 crypto asset service providers (CASPs) from a pool of 374 applicants. The list included prominent global exchanges such as Luno VALR but Binance and Yellow Card were missing. The FSCA noted that these applications are still under review and has committed to providing ongoing updates as the evaluation and approval process continues.

Soon afterwards in May 2024, Binance Holding became enthralled in a court battle with Dimplex, a minority shareholder of Binance Digital, a subsidiary of Binance international which does business mainly in UK and South Africa. Dimplex alleged that the holding company had misled authorities and customers about its operations.

Web3 Holon green data storage provider sets up in UAE

Web3 Holon green data storage provider sets up in UAE

Australian Web3 Holon, a pioneer in Web 3.0 and AI-driven data storage and compute, has set up a base in the UAE.

Based in Australia, Holon has been building their innovative technology since 2018, with the aim of becoming the world’s greenest Web 3.0 infrastructure company. Holon is working to establish a 100% verifiably green global data network and empower data ownership.

“Holon recognized early that Web 2.0’s legacy infrastructure would struggle with cybersecurity, data privacy, and resource consumption. Web 3.0, with its decentralized, open-source framework, offers solutions for creating secure, transparent, and efficient digital ecosystems,” said Heath Behncke, Managing Director. “The UAE, particularly Dubai, have emerged as global leaders in fostering technological innovation. The country’s comprehensive approach to regulation, policy, and infrastructure development makes it an ideal hub for Web 3.0 and AI advancements. Holon’s commitment to Web 3.0 aligns with its vision to drive innovation for a sustainable and equitable digital future.”

Holon’s approach to sustainable data innovation involves modular micro-data centers equipped with immersion cooling technology. These small, efficient units can be integrated into existing properties, reducing the need for large, energy-intensive data centers. By leveraging Web 3.0’s distributed and decentralized technologies, Holon can bring data storage and computing closer to the user, improving latency, security, and energy efficiency. Additionally, Holon’s solutions can be powered by green energy, with the added benefit of repurposing waste heat to offset property energy costs, making it a win-win for businesses and the environment.

The company noted that the growth of data is staggering, from 1 Zetabyte (ZiB) in 2010 to over 100 ZiB in 2020. With AI driving significant data consumption, it is forecasted that 75,000 ZiB of machine-generated data will be generated annually by 2040. This surge will require around 1,000 ZiB of enterprise storage, a 250-fold increase. However, this expansion comes with a rising carbon footprint, with data centers projected to consume 8% of global electricity by 2030.

Heath said, “The blend of AI and Web 3.0 is transforming data management, offering secure, verifiable, and efficient handling of large data sets. Web 3.0’s decentralized infrastructure meets AI’s demands for accuracy and security, fostering a global ecosystem essential for AI deployment. Holon is committed to leading the way in sustainable data innovation, ensuring a secure and prosperous digital future.”

The company is exploring new opportunities to support commercial real estate firms in repurposing their infrastructure to tap into the booming data market. By merging property and data infrastructure, Holon is set to create a new future for both industries, ensuring they are well-positioned to thrive in economic challenges.

UAE RAK DAO hires former digital assets executive at Fidelity

UAE RAK DAO hires former digital assets executive at Fidelity

RAK Digital Assets Oasis (RAK DAO), Free Zone with Common Law features established to support digital asset companies, has hired Luc Froehlich as its new Chief Commercial Officer (CCO) formerly the Global Head of Digital Asset solutions at Fidelity International. With a distinguished career spanning digital assets, asset management, and investment banking, Luc Froehlich brings unparalleled expertise to the role, positioning RAK DAO for continued growth and innovation in the rapidly evolving digital assets landscape.

Luc joins RAK DAO following his tenure as Global Head of Digital Assets Solutions at Fidelity International, where he established a business line dedicated to digital assets, built an ecosystem and consulted institutional investors. His influence extends beyond corporate leadership, having authored influential research for the World Economic Forum on topics such as distributed ledger technology in capital markets, stablecoins for financial inclusion, and the macroeconomic impact of central bank digital currencies and cryptocurrencies.

Commenting on Luc Froehlich’s appointment, Dr. Sameer Al Ansari, CEO of RAK DAO, said, “We are thrilled to welcome Luc to our leadership team at RAK DAO. His extensive experience and deep understanding of the digital assets space make him an invaluable asset as we continue to drive innovation and foster a thriving ecosystem for digital assets. Luc’s strategic vision and leadership will be instrumental in achieving our mission to position RAK DAO as a global leader in the digital assets industry.”

“I am excited to join RAK Digital Assets Oasis at such a pivotal time in the digital assets industry. The unique positioning of RAK DAO as a global hub for innovation and its commitment to fostering a thriving ecosystem for digital assets make it an exceptional place to contribute my expertise. I look forward to working with the talented team at RAK DAO to drive growth, attract leading digital asset companies, and further establish RAK DAO as a world leader in this dynamic sector,” Luc Froehlich commented.

As CCO, Luc will oversee the development and execution of RAK DAO’s commercial strategy, focusing on expanding the Free Zone’s influence and attracting leading digital assets companies to the region. His appointment marks a significant milestone in RAK DAO’s ongoing efforts to solidify its position as a leader in the global digital assets industry.

Prior to this Tether signed an MOU with RAK DAO for collaboration on stablecoin adoption in the ecosystem.

Central Bank of Qatar token regulations excludes crypto and stablecoins

Central Bank of Qatar token regulations excludes crypto and stablecoins

Qatar just announced its digital assets or token regulations. The Central Bank of Qatar, Qatar Financial Authority, as well as the QFC regulatory authority released the regulations that would allow for tokenization of real world assets not including cryptocurrencies or stablecoins. This comes after Qatar had announced its DLT regulations, as well as launched its Digital Assets Lab. Throughout this time Qatar had always made it clear especially through QFC that this pertained to tokenization of real world assets for financial and investment purposes.

On Sunday October 29th, Qatar announced one of the biggest digital assets initiatives in the country and the GCC region, the Qatar Innovation Dome for digital assets. The digital asset lab was aimed to develop tokenization platforms and ecosystems for everything that has value whether tangible assets or intangible assets including real estate assets, securities, Sukuk, bonds and others in the future utilizing DLT ( distributed ledger technologies), blockchain, and smart contracts.

Today the digital asset token regulations has provided the framework to implement this.

The regulations cover all activities related to permitted tokens

As per the framework the regulations apply to tokens meeting the criteria specified which are under permitted tokens. It also covers transactions involving permitted tokens, and the provisioning of these token services. It also covers token custodians, and token exchanges, token transfer providers, token validators as well as token issuers which they call token generators.

Token custody services means the service of holding or controlling tokens on behalf of clients; or holding or controlling the means by which clients’ tokens may be recorded and transacted on token infrastructure. A company that holds or safeguards the private keys for its clients’ tokens is providing custody services in relation to those tokens. An entity licensed to provide token custody services may be referred to as a token custodian.
Qatar regulations also discussed Operating a token exchange which means operating a system which brings together multiple third party buying and selling interests in tokens, in accordance with the system’s non-discretionary rules, in a way that results in a contract in respect of the tokens. As per the regulation a token exchange which operates a facility which is merely an order routing system where buying and selling interests in, or orders for, tokens are merely transmitted but do not interact is not operating a token exchange.

Token is defined as digital representation of real property or rights

As per the regulation a token means a unique electronic data unit that is cryptographically secured. It is a digital representation of real or personal property rights including contractual rights and is capable of being issued, transferred or stored using DLT ( Distributed Ledger technology) or other similar technology.

DLT or blockchain technology will be used to transfer and store the permitted token.

Crypto and stablecoins not included in Digital asset regulation

The new digital asset regulations however are very clear on what they considered as not permitted tokens. In short, non permitted tokens are tokens that do not represent a right in a property. As such cryptocurrencies, and stablecoins are considered not permitted or excluded tokens from this regulation.

As noted in the regulation “ Excluded tokens include a currency that can otherwise be used as a means of payment. Examples: A cryptocurrency token that is used as an alternative to fiat currencies but is not issued or backed by any governmental authority and does not represent any ‘off-chain’ property, is an example of an excluded token.”

It goes on to add, “ A token commonly referred to as a stablecoin, is an example of an excluded token. This is because a stablecoin is regarded as a substitute for currency that can be used as a means of payment.”

Accepted tokens include for example a token representing a right to a commodity, such as a precious metal.

Investment tokens included in regulation

The regulation also allows investment tokens under what it calls tokenized schemes or token investing schemes or tokenized funds.
As per the regulations, “ A QFC scheme, or a sub scheme of a QFC umbrella scheme, is a tokenized scheme if any of the units in the scheme or sub scheme are investment tokens. A QFC scheme, or a sub scheme of a QFC umbrella scheme, is a token investing scheme if the scheme’s, or sub scheme’s, constitutional document states that it is an object of the scheme to invest in tokens.”
The regulation notes that tokenized investment schemes could cover Islamic funds, money market funds, feeder funds or property fund schemes.
In addition the regulation discusses tokenized investment funds and notes that, “ a professional investor fund is a tokenized fund if any of the units in the fund are investment tokens; a token investing fund if the fund’s constitutional document states that it is an object of the fund to invest in tokens.

 H.E. Sheikh Bandar bin Mohammed bin Saoud Al Thani, Qatar Central Bank Governor, stated, “Launching the 2024 Digital Assets Regulations marks a significant milestone in our journey towards realizing the Third Financial Sector Strategy.” He noted that this framework will create significant opportunities and support establishing a robust regulatory environment within the financial sector. This will support Qatar’s digital transformation goals, in line with the Third National Development Strategy, the final phase of the Qatar National Vision 2030.

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, added “The introduction of the Digital Assets Framework 2024 underscores our commitment to creating a robust regulatory regime aligned with international best practices. We are proud to set a blueprint for developing, applying, and operating digital assets, that promotes market trust and confidence. We anticipate that this regulatory clarity will attract both domestic and international players, boosting Qatar’s financial services sector competitiveness.”

Adaverse invests half a million dollars in Saudi Web3 loyalty platform

Adaverse invests half a million dollars in Saudi Web3 loyalty platform

Adaverse, a Web3 venture builder, has invested half a million dollars ($500,000) as a pre-seed investment in Saudi loyalty platform, Mithu, a platform aggregator for restaurants and cafes in Saudi Arabia. 

Mithu aims to solve a critical problem in the loyalty program market, where customers struggle to manage multiple loyalty programs and billions of dollars worth of points expire annually. 

In Saudi Arabia, only 2.5% of restaurants currently offer loyalty programs, leaving a vast untapped market, while globally, about $100 billion worth of loyalty points expire annually. Customers hold an average of 17 loyalty programs, with 68% churning within the first year.

By aggregating loyalty programs into a single, gamified app, Mithu seeks to increase customer engagement and help businesses, particularly SMEs in the food and beverage industry, retain customers more effectively. Founded earlier this year, Mithu has already signed agreements with approximately 200 restaurants in Riyadh. 

“We’re thrilled to have Adaverse on board,” said Mohsin Qureshi, Founder of Mithu. “Their expertise in Web3 and gamification is invaluable as we develop a tokenised version of our app. This investment accelerates our time to market, allowing us to better serve our clients and users.” 

Vincent Li, Founding Partner of Adaverse, said, “We are thrilled to invest in Mithu, whose founding team brings decades of deep experience in the restaurant and retail sectors. The opportunity to disrupt this vertical in Saudi Arabia is enormous, and we’re excited to be part of it. As Adaverse, we bring global expertise in technology, coupled with Web3 knowledge, to support Mithu in developing their cutting-edge solutions. This unique combination of industry insight, technological prowess, and market opportunity positions Mithu for significant success and growth. We look forward to witnessing their impact on the Saudi Arabian market and beyond.” 

Mithu’s founding team offers a depth of expertise that positions the company at the forefront of Web3, AI, and customer loyalty innovation. CEO Mohsin Qureshi boasts over 15 years in foodtech, q-commerce, and technology startups, having held key leadership positions at Foodics, Cheetay, and Delivery Hero. CTO Asif Ali brings experience from leadership roles at Careem, Swvl, and foodpanda, and is currently pursuing a Ph.D. in AI. 

Shipfinex tokenization platform receives UAE initial approval

Shipfinex tokenization platform receives UAE initial approval

UAE based Shipfinex, a Blockchain platform for tokenizing maritime assets, announced that it had initial approval from Dubai’s Virtual Assets Regulatory Authority (VARA). The licensing remains subject to fulfilment of pre-operating conditions and qualifying for operational approval. Asper the updated press release, this approval marks a significant step toward launching a regulated and secure platform for investors seeking fractional ownership and investment opportunities in the maritime industry.

The maritime industry has long been dominated by large institutions and wealthy individuals, primarily due to high capital requirements and limited liquidity. ShipFinex is introducing fractional ownership and blockchain technology, making maritime investments accessible to everyday investors.

The Initial approval is an essential milestone in the pursuit of a complete Virtual Asset Service Provider (VASP) License and will enable Shipfinex to move forward in the licensing process as we look to offer comprehensive virtual asset services and related activities in the region in the future.

“We are thrilled to receive this initial approval, which allows us to lay the groundwork for our operations and move closer to offering innovative and compliant virtual asset services to our clients,” said Capt Vikas Pandey, CEO of Shipfinex FZCO. “This initial approval aligns with our commitment to contribute to the UAE’s strategy for future innovation and sustainability.”

On receiving the license, ShipFinex will be able to offer a comprehensive suite of services, including brokerage, custody, exchange, and investment management, all within a fully regulated ecosystem. This provides investors with a one-stop platform for diversified maritime investments.

Shipfinex’s operations in the UAE, once fully licensed, will enhance the country’s digital asset infrastructure, contributing to its reputation as a forward-thinking hub for financial innovation. With its robust regulatory environment and strategic initiatives, the UAE is a leader in the financial industry. Shipfinex’s presence will further strengthen Dubai’s status as a global maritime and commerce hub, driving economic growth through innovative solutions and fractional ownership models.

In the coming months, ShipFinex plans to expand its offerings and capabilities to further enhance investor experience and drive growth in the maritime finance sector. It will introduce a broader range of tokenized maritime assets giving investors more options to diversify their portfolios, whether they are interested in cargo shops, tankers or specialized vessels.

The article was updated on Sept 2nd at 19:17 Beirut Time based on an updated press release published on the same link provided in initial story.

UAE based Web3 entity Verofax for customer relations raises $3 million

UAE based Web3 entity Verofax for customer relations raises $3 million

The Abu Dhabi-based Web3 services provider Verofax has raised $3 million in bridge capital. Leads in the round were King Abdullah University for Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK. Other participants included Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC.

As per the announcement, the money will be used by the company to carry out its planned projects in the Middle East and the EU, including AI-powered guides in the GCC and sports fan guides in the EU and North America.

Verofax uses patented Web3 technologies like augmented reality, blockchain, and artificial intelligence to create elevated tourist, shopper, and brand marketing experiences. These technologies allow retailers, sports stadiums, and destinations to make their experiences more interactive, increase conversion, and promote social virality. Through direct involvement and the use of gamification, brands can establish a closer relationship with their customers and achieve better outcomes from AI and AR experiences.

Leading companies such as Anheuser Busch Inc. and Emirates Airlines currently use Verofax products, which are applicable to a variety of industries, including retail, tourism, and sports.

Wassim Merheby, CEO of Verofax, said, “Our solution helps tourists elevate their experiences, unlock personalized discounts and offer gamified ‘Explore to Win’ sponsored games in augmented reality. This allows enterprises and brands to sponsor and elevate their marketing efficiency, power direct-to-consumer communication and deliver amazing experiences to drive growth and boost loyalty. We are thrilled to be joined by strategic investors that will help us accelerate our AI guide solution and AR gamified experiences and grow through their collective network and with their advice.”

This allows travel destinations, retailers, and sports stadiums to make their experiences interactive in order to increase conversion and social virality. Through direct involvement and gamification, brands can increase consumer intimacy and get unparalleled outcomes from AI and AR experiences.

Verofax has received numerous accolades for using artificial intelligence in the retail and tourism industries, and it has made over $3 million in sales for Fortune 100 firms in 50 different countries so far.