UAE Phoenix Group is top 10 bitcoin miner globally

UAE Phoenix Group is top 10 bitcoin miner globally

Phoenix Group PLC (ADX:PHX), a global cryptocurrency, blockchain, and next-generation digital asset infrastructure company, is now one of the top 10 crypto mining entities globally. Recently it announced that it has a total crypto mining operational capacity in Ethiopia of 132 MW after just adding 52 MW in the country. In total Phoenix Group now has a Bitcoin mining capacity of 500 MW across five countries globally, including operations in UAE, GCC, America, Canada and Ethiopia.

Munaf Ali, CEO & Co-Founder of Phoenix Group, said, “Phoenix Group has rapidly become a leading force among the top 10 global Bitcoin mining companies, a testament to our strategic foresight in securing prime locations with abundant, low-cost energy and our operational excellence driven by vertical integration and cutting-edge technology. The opportunities for future growth are immense, and we are committed to aggressively expanding our global footprint in key energy markets.”

Earlier this year, Phoenix Group entered Ethiopia with an 80 MW power purchase agreement (PPA), laying the groundwork for efficient, low-cost, and sustainable operations in a strategically important region. The newly secured 52 MW site will be developed in two phases. Phase 1 will deliver 20 MW of capacity, activating 5,300 high-efficiency air-cooled mining units with an expected output of 1.2 EH/s. Phase 2, set for completion by the end of Q2 2025, will add a further 32 MW, using hydro-cooling technology. Once fully operational, the site’s total hash rate is projected to double to approximately 2.4 EH/s.

Sustainable crypto mining in Ethiopia

Reza Nedjatian, CEO of Phoenix Mining, AI & Data Centers, added, “With 132 MW now running on clean hydropower, we’re proud to set a new benchmark for sustainable mining in Africa and deliver large-scale operations in energy-rich regions.”

Phoenix Group’s Ethiopian operations rank among the most sustainable in global Bitcoin mining, with 90% of their energy sourced from renewable hydropower via the Grand Ethiopian Renaissance Dam.

In an interview with CNBC Crypto Weekly show Munaf Ali discussed the huge Bitcoin mining project in Abu Dhabi UAE that was designed built and operated by the company. The site occupies 80,000 square meters with 45,600 servers. He noted that this is one of the largest sites in the world.

The Future of Bitcoin mining is in electricity and power

The future of Bitcoin mining according to Munaf Ali is contingent on electricity. In his interview with Henri Arslanian he notes, there is a grab for power, everyone wants to have access to electricity because data processing is a new commodity, whether it is for bitcoin mining, AI, Web3 or DeFi, everybody needs electricity for these datacenters being built.

These comments come as The UAE government works on its energy needs with the launch of XRG, an international energy investment company that will focus on projects across the spectrum, from gas to chemicals to low carbon fuels to energy infrastructure. The energy investment company was launched by ADNOC in November 2025 with the aim to have $80 billion in assets under management by 2035.

XRG was launched by Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and ADNOC. He noted at the time that global energy demand is set to rise dramatically, increasing from 9,000 GW to 15,000 GW by 2035 and potentially reaching 35,000 GW by 2050—a staggering 250% increase. The rise of AI applications like ChatGPT, which consumes ten times the energy of a single Google search, is accelerating this trajectory.

UK crypto broker DKK Digital receives license in UAE

UK crypto broker DKK Digital receives license in UAE

DKK Digital FZE, a Dubai based subsidiary of DKK Partners based in London, has secured full regulatory approval from the Dubai Virtual Assets Regulatory Authority (VARA) to operate as a licensed Virtual Asset Service Provider (VASP) Broker/Dealer as it plans to scale its operations across the Middle East.

As per the announcement, DKK Digital is now authorized to offer a comprehensive suite of regulated digital asset services, including fiat on/off ramp infrastructure and liquidity provision for stablecoins such as Electronic Dirham (EAED), USD Tether (USDT), USD Coin (USDC), and Ripple USD (XRP).

Khalid Talukder, Co-Founder & CEO of DKK Digital commented, “Receiving full regulatory approval from VARA is a major milestone for DKK Digital and a strong validation of our commitment to building within a compliant and forward-thinking framework while contributing to Dubai’s vision as a global hub for blockchain and Web3 innovation. This license enables us to officially operate as a regulated Broker/Dealer VASP and further strengthens our ability to deliver secure, institutional-grade digital asset solutions across the region and beyond.”

The firm’s approval also reinforces its capacity to build robust partnerships with banks, fintech companies and financial institutions across the regions, enabling regulated services for cross-border settlements, FX markets and treasury operations.

This week alone in the UAE, several crypto brokers and exchanges such as Gate.io and Bitgo both receiving licenses from VARA adding to the already competitive crypto exchange market.

UAE MAG seems to have dropped Mantra Chain for Multibank with new $3 billion tokenization deal

UAE MAG seems to have dropped Mantra Chain for Multibank with new $3 billion tokenization deal

It is obvious that UAE MAG real estate developer who just announced a $3 billion tokenization deal with MultiBank Group, a financial derivatives institution in UAE, has dropped its previous agreement with Mantra Chain valued at $500 million.

The property assets MAG mention in their current announcement with MultiBank, and Mavryk, a Layer 1 blockchain tokenization infrastructure provider are the same as those they had previously mentioned with Mantra Chain.

In July 2024, MAG Group had announced that it would tokenize $500 million of RWA with Mantra Chain, the Layer 1 Blockchain tokenization platform, whose OM Token recently lost 90% of its value. At the time the press release noted that MAG would tokenize assets in tranches and would include residential projects such as Keturah Reserve, which is being built by MAG as well as the $75 million mega-mansion at ‘The Ritz-Carlton Residences, Dubai, Creekside’ development, where investors would earn yield through stablecoins and Mantra’s OM token.

Woo and Behold today MAG in its announcement with Multibank and Mavryk are tokenizing the same exact property assets. As noted in the press release, ” The partnership will bring MAG’s high-value real estate developments, The Ritz-Carlton Residences, Dubai, Creekside, part of the Keturah Resort, and Keturah Reserve, onto the blockchain, making them available to global investors via MultiBank.io’s fully regulated RWA marketplace. Once launched, holders of the RWA assets will be able to earn yield distributed daily on the MultiBank.io platform.”

There still might be remnants of the deal with Mantra Chain given that the current press release says that part of the Keturah Resort will be tokenized in the deal with MultiBank, which might leave some assets for the initial deal with MantraChain. Interestingly the new press release does not build on or mention the previous agreement with Mantra Chain.

The release goes on to note that the $MBG token will power access, staking, fee payments, and platform engagement, positioning it as the infrastructure layer behind institutional-grade digital asset offerings.

Each entity will play their role. MAG will provide its premium real estate inventory for tokenization, while Mavryk will deliver the blockchain infrastructure to support on-chain asset issuance and DeFi integrations,while MultiBank Group will oversee regulatory compliance, secondary market liquidity, and platform governance.

Talal Moafaq Al Gaddah, Senior Executive Vice Chairman of MAG, said, “At MAG, we have always been driven by excellence and a passion for shaping the property landscape of tomorrow. Partnering with MultiBank Group marks a milestone in broadening access to high-value developments and unlocking liquidity via blockchain.”

“This isn’t just a real estate deal, it is a flagship use case for the $MBG token. By enabling seamless access to $3B in tokenized property, MultiBank becomes the bridge between regulated finance and next-generation investment infrastructure.” said Zak Taher, Founder and CEO of MultiBank.io.

The platform is built to scale up to $10 billion in assets, setting the stage for a new era of programmable ownership and compliant digital investing, with $MBG at its foundation.

At the end of 2024, MAG Group Holding’s portfolio of current and under development projects across its different real estate subsidiaries has reached AED 43.7 billion ($11.9 billion).

Gate crypto exchange licensed by UAE regulator

Gate crypto exchange licensed by UAE regulator

Gate Group, which operates Gateio crypto exchange announced that its UAE subsidiary Gate Technology FZE known as Gate Dubai has obtained a VASP License under the regulation and supervision of VARA in Dubai to provide crypto exchange services and is permitted to serve institutional investors, qualified investors, and retail investors.

Dr. Han, Gate Group’s Founder and CEO, commented, “We have always adhered to a compliance-first strategy, and Dubai is undoubtedly one of the most forward-looking jurisdictions in the global crypto industry. Obtaining VARA’s full operational license is a critical step in Gate Group’s expansion across the Middle East and the world.We look forward to growing alongside Dubai’s ecosystem and driving further prosperity in the local digital economy.”

The crypto exchange is also launching its office and expanding its local team.

As per the announcement Gate Dubai will allow users to initiate crypto-to-crypto and fiat-to-crypto and vice versa trades with other users as the counterparties to these transactions.

Gate crypto exchange has also sought licenses and received approvals in Lithuania, Argentina, Malta, Italy, Gibraltar, Bahamas, and Hong Kong. Last year, Gate Group also completed the acquisition of Japan-licensed exchange Coin Master, further broadening its international compliance network.

Coti Blockchain joins Saudi Arabian AI and Blockchain center

Coti Blockchain joins Saudi Arabian AI and Blockchain center

COTI an EVM-compatible L2 Blockchain focused on privacy technology with its COTI V2 that provides a developer-friendly ecosystem that has fast and scalable access to Ethereum, has joined Saudi Arabia’s AI and Blockchain Center (SAAIBC), which brings together Saudi Arabian leaders, policymakers, and practitioners through a shared mission to accelerate AI and blockchain adoption across MENA and broader Africa.

As per the post, COTI’s involvement reflects a continued interest in the region and in the application of real-world assets (RWAs) to bridge traditional finance with blockchain economies. COTI will bring deep insight into compliant confidentiality, auditability, and ways to bridge the gap between traditional finance and Web3 technologies.

Saudi Arabia’s Vision 2030 aims to transform the Kingdom into a global AI powerhouse with unparalleled levels of investment. This includes the Public Investment Fund (PIF), a $40 billion AI fund, and Project Transcendence, a $100 billion initiative to build investment into data centers, startups, and AI infrastructure. Strategic partnerships — such as a $1.5 billion commitment from AI chip startup Groq — further reinforce the Kingdom’s ambitions to leverage technologies on a global scale. The result is that Saudi’s AI market alone is forecast to grow to approximately $61.85 billion by 2033, expanding at an impressive CAGR of 46.6%.

“This is a rare opportunity to shape blockchain policy and infrastructure at an early stage throughout the Africa and MENA region. By bringing together infrastructure providers, including COTI, with investors, government officials, and businesses, we will be able to trial meaningful projects with input from all relevant stakeholders — giving the greatest possible chance of success.” — Shahaf Bar-Geffen, CEO, COTI


SAABIC announced its formation today during the Real-World-Asset Summit in Dubai. SAABIC members joined the RWA Summit roundtable alongside top leaders from government, investment, and technology to address the major challenges to tokenization across MENA and broader Africa. Held at the iconic Burj Al Arab, and coinciding with the TOKEN2049 conference, the event brought together a cohort of 40 distinguished guests — including notable government leaders and royal family members from the United Arab Emirates, Kingdom of Saudi Arabia, Republic of Kazakhstan, Republic of Nigeria, Republic of Sierra Leone, France, and the United Kingdom — as well as investors representing nearly half a trillion USD in AUM.

Discussions centered around issues such as regulatory clarity, trust-building between TradFi and DeFi, and the future of asset tokenization.

Galaxy leads $12 million investment in UAE based Fuze

Galaxy leads $12 million investment in UAE based Fuze

Galaxy, a leader in digital assets and data center infrastructure, and e& capital, the venture capital and investment arm of globaly technology group e& lead $12.2 million Series A funding round in Fuze, the Middle East and Turkey’s fastest growing digital assets infrastructure firm.

As per the press release, the Series A investment will fuel Fuze’s regional and international expansion, accelerate product innovation and compliance, and support top-tier hiring. Fuze provides Digital Assets-as-a-Service infrastructure enabling financial institutions and businesses across MENA and Turkey to offer regulated digital assets to their clients, as well as an Over-The-Counter (OTC) trading desk. In addition, Fuze has now launched a full suite of stablecoin infrastructure products and recently announced its expansion, through FuzePay, into payments.

Mo Ali Yusuf, CEO and Co-Founder at Fuze, stated, “Strategically, Galaxy’s comprehensive digital asset capabilities and e&’s unparalleled network will fast-track our mission to enable any bank, fintech or traditional business to seamlessly integrate digital assets and accelerate regional digital asset adoption. We are seeing a huge surge in demand and we believe that in the next 12 months, every financial institution and business will leverage some type of crypto or stablecoin capability.”

Leon Marshall, CEO of Galaxy Europe, added, “We are thrilled to partner with Fuze and lead this Series A round. The Middle East is poised to become a major hub for innovation, with the UAE demonstrating a willingness to develop comprehensive regulatory frameworks for digital assets and Fuze rapidly advancing its digital assets infrastructure.”

Fuze has been championed from the beginning by Further Ventures, an ADQ-backed venture builder and investment firm. In 2023 the company raised a seed round of $14mn, the largest Seed investment in a digital assets startup in the history of the Middle East and North Africa region (MENA). The investment was led by Abu Dhabi-based Further Ventures, along with participation by US-based Liberty City Ventures. 

Mohamed Hamdy, Managing Partner at Further Ventures said, “This fundraising round marks an important milestone for Fuze, a company that Further Ventures backed since inception. We’re proud to welcome leading global investors – including Galaxy, e& Capital, and others – to join us on this journey. We believe Fuze is poised to become a dominant force in enabling digital asset businesses around the world.”

Harrison Lung, Group Chief Strategy Officer e&, said “With our investment in Fuze, we’re excited to align with a team that’s setting the benchmark for what a future-ready, regulated digital asset ecosystem can look like. There’s a natural synergy between Fuze and our fintech portfolio, from e& money to Wio and Careem Pay. And this investment is about backing bold companies who understand the long game, building digital assets infrastructure to supercharge the next wave of financial services innovation.”

In the last year, Fuze has processed over $2 billion in total digital assets volume through their Digital-Assets-as-a-Service platform, stablecoin infrastructure, and OTC.

SolvBTC Protocol launches Shariah Bitcoin yield product

SolvBTC Protocol launches Shariah Bitcoin yield product

Solv Protocol, creators of SolvBTC.CORE in partnership with CoreDAO and Nawa Finance have launched a Shariah compliant Bitcoin yield product.

SolvBTC.CORE enables institutions to access halal Bitcoin yields while meeting Shariah standards, unlocking a new era of Bitcoin finance (BTCFi) adoption.

The Middle East alone holds over $5 trillion in sovereign wealth fund assets. A significant portion of these funds require strict Shariah compliance before allocating capital into new asset classes, including digital assets like Bitcoin.

SolvBTC.CORE breaks down this barrier, offering a compliant pathway for these funds to earn sustainable yields on Bitcoin. Certified by Amanie Advisors, a globally recognized leader in Shariah advisory, and facilitated by Nawa Finance, a Shariah-compliant DeFi partner, SolvBTC.CORE adheres to the highest standards of Islamic finance, ensuring sovereign funds and institutional allocators can confidently participate in BTCFi.


SolvBTC.CORE combines Bitcoin’s security with Shariah-compliant yield generation by pegging Bitcoin, Every SolvBTC.CORE token is fully backed by Bitcoin, preserving the underlying value of users’ assets. It also offers secure staking yields where Bitcoin holders stake BTC through SolvBTC.CORE to help secure the Core Network, earning consistent on-chain yields without compromising liquidity or self-custody.
Yield generation mechanisms are fully aligned with Islamic finance principles — free from interest-based income and excessive risk.
Investors maintain full liquidity to deploy assets across DeFi opportunities, blending yield generation with active market participation.
With SolvBTC.CORE, institutions can now:

Ryan Chow, Founder of Solv Protocol, states, “SolvBTC.CORE paves the way for sovereign wealth funds and traditional financial institutions to securely and confidently stake Bitcoin and earn real, on-chain yields.”

Animoca Brands opens office in UAE and appoints Managing Director

Animoca Brands opens office in UAE and appoints Managing Director

Animoca Brands today announced its official expansion into the Middle East, with a presence in Dubai, United Arab Emirates, to meet the growing demands of Web3 organizations moving into the region. The company has also appointed Omar Elassar as managing director for the Middle East and head of global strategic partnerships.

As per the press release, the Dubai office will serve as a hub to engage with both local and international partners to foster innovation, guide strategic direction and operations and develop partnerships.

Oman Elassar will oversee the Middle East growth and operations. As a Web3 veteran Oman has eight years of Web3 native technology experience having held various executive roles with Polkadot, Ripple and others. He has also worked across corporate and technology strategy, as well as financial advisory at firms including Oliver Wyman, Deloitte, and Morgan Stanley. He holds an MBA from INSEAD, and an Honours degree in Computer Engineering from the University of Waterloo in Canada.

Commenting on the appointment, Evan Auyang, group president of Animoca Brands, said, “Omar’s deep expertise in Web3 makes him an exceptional addition to Animoca Brands. His leadership will be a key driver in driving Animoca Brands’ strategic growth in the Middle East and beyond.”

Omar Elassar, managing director for Middle East and head of global strategic partnerships, added, “We are excited to establish our first office in the Middle East, one of the world’s most connected innovation hubs, to leverage the region’s vibrant landscape and support the evolving needs of the Web3 industry locally and globally. Joining Animoca Brands at this phase in its journey presents a unique opportunity to work with visionary builders and contribute to the wider integration of blockchain technology in a market that is poised for significant growth.”

​Animoca Brands has been active in the MENA region

Already Animoca brands has been active in the region whether in Saudi Arabia or the UAE. Earlier this year is signed an agreement with Saudi Neom, and also led an investment in UAE based Param Labs, an independent Web3 Blockchain gaming and technology studio totaling $7 million.

RAK Digital Oasis and Blockchain SuiHub to scale startups in MENA

RAK Digital Oasis and Blockchain SuiHub to scale startups in MENA

UAE RAK Digital Assets Oasis (RAK DAO), the Free Zone dedicated to digital assets and blockchain enterprises, and SuiHub MENA, the regional innovation hub supporting the growth and scaling of startups within the Sui blockchain ecosystem have partnered to scale MENA startups through an accelerator program.

The program as per the announcement will provide entities with the resources and support to tap into the region’s regulatory and licensing infrastructure.

Sui selected Dubai in 2024 as its inaugural location for the first SuiHub, while RAK DAO is already home to over 500 Web3 companies spanning GameFi, NFTs, non-custodial wallets, proprietary trading firms, and Decentralized Autonomous Organizations (DAOs).

Kristof Lukovich, CEO of SuiHub MENA, stated, “SuiHub MENA’s partnership with RAK DAO presents a unique opportunity for startups to work in a supportive environment where they can focus on their growth. We believe that by building strong, long-term strategic collaborations with Govt. entities, regulatory bodies, and licensing authorities, we are positively contributing to helping the ecosystem further develop here in the UAE. We are proud of our partners and are delighted to formalize our collaboration with RAK DAO.”

Paul Dawalibi, CEO of RAK DAO, commented: “The partnership with SuiHub MENA reinforces our commitment to enabling high-growth blockchain ventures with the tools and infrastructure they need to thrive. At RAK DAO, we’re focused on building an ecosystem that combines regulatory clarity with global connectivity, and collaborations like this are central to that vision.”

In February 2025, SuiHub Dubai, 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.

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Zodia Custody seeks acquisition of Tungsten crypto custodian

Zodia Custody seeks acquisition of Tungsten crypto custodian

Zodia Custody, the institution-first digital assets platform backed by Standard Chartered, Northern Trust, SBI Holdings, National Australia Bank, and Emirates NBD, is exploring the potential acquisition of UAE regulated Tungsten Custody Solutions.

According to the press release, the acquisition would significantly expand Zodia Custody’s operational footprint in the Middle East and would benefit from Tungsten’s licensing within the Abu Dhabi Global Market (ADGM).

Additionally the integration with Tungsten Custody Solutions, Zodia Custody would enhance its ability to deliver secure, digital asset custody services in the region. Tungsten also holds an Initial Approval and No-Objection Certificate from Dubai’s Virtual Asset Regulatory Authority (VARA). Zodia Custody will continue the process of obtaining its full Virtual Asset Service Provider (VASP) license from the Dubai regulator.

As part of the transaction, Further Ventures, Abu Dhabi’s leading digital asset-focused venture capital firm, would also join Zodia Custody’s cap table. Further Ventures incubated Tungsten Custody Solutions from inception and brings deep institutional ties across the UAE’s investment, innovation, and regulatory ecosystems.

“The UAE is setting the global standard for digital asset infrastructure – and we’re here to build with it,” said Julian Sawyer, CEO of Zodia Custody.

“It’s a natural move for us to explore joining forces with Mohamed Hamdy and the team at Further Ventures, who are recognised leaders in fostering growth and innovation within the global digital asset landscape. We are looking forward to learning from their expertise and in-market insights as we work to expand our presence in the UAE.

“This acquisition would give us licensed, operational scale within ADGM and unlock deep connectivity with the region’s sovereign ecosystem. It’s a pivotal moment in our global strategy.”

Mohamed Hamdy, Managing Partner at Further Ventures, comments, “We are excited to explore joining Zodia Custody on its journey to becoming the global leader in institutional digital asset custody solutions. Zodia’s robust infrastructure, world-class team, and exceptional track record provide a powerful foundation to accelerate the adoption of digital assets across the Middle East and beyond. This partnership would not only be strategic but would align perfectly with our vision of nurturing transformative companies within the UAE’s digital economy.”

Completion of the acquisition is subject to the completion of due diligence and regulatory approval, shareholders’ approvals and satisfaction of other customary closing conditions. This news comes alongside key leadership appointments, including Dominic Longman, previously Senior Executive Officer at Binance Abu Dhabi Limited, now serving as Managing Director, Middle East and Africa (MEA). He is joined by Zane Suren, Managing Director of Commercial, MEA, who relocated to the UAE earlier this year, and will lead Zodia Custody’s regional growth from its ADGM-regulated hub.