Phoenix Group, a cryptocurrency, blockchain, and Web 3 company and the first UAE home-grown cryptocurrency firm to be listed on the Abu Dhabi Securities Exchange, announced that is former CEO and co-founder, Seyed Mohammad Alizadehfard (Bijan), has stepped down and been replaced by Munaf Ali, a co-founder as well who previously held the position of Group Managing Director.
As per the press release, Seyed Mohammad Alizadehfard (Bijan), will step down to focus on expanding and managing his investment fund, Cypher Capital but will continue to be involved with Phoenix Group as a major shareholder and as a trusted key advisor to Phoenix.
Munaf Ali who has been well versed in the crypto, digital asset and blockchain field, will focus his efforts on cultivating strong relationships with institutional players to capitalize on the opportunities that lie ahead in the evolving cryptocurrency and blockchain landscape. Phoenix is already working with leading investment banks and crypto advisers on possible dual listing opportunities in favourable international jurisdictions for 2025.
“I want to extend my deepest thanks to Bijan for being my co-founder and for his successful stewardship in guiding Phoenix Group from a private company to our listing on the ADX. We have worked together since we founded Phoenix and grown it into a listed billion-dollar company. Our strong relationship will continue, a CEO could not wish for a better advisor who will continue to bring opportunities to our door.”
“Taking on the role of CEO at Phoenix Group represents an incredible opportunity to lead this forward-thinking company during a time of unprecedented growth,” continued Munaf. “My extensive experience and background in banking and finance equips me to navigate the complexities of our industry as the worlds of traditional and digital assets move closer together, allowing us to position Phoenix Group for success. Looking ahead, we are exploring dual listing opportunities including on NASDAQ in 2025 as we continue to build our global presence.”
Seyed Mohammad Alizadehfard, the outgoing CEO and co-founder, will continue to play a vital role in the company as a valued advisor and shareholder. “While I transition from the CEO role, I am dedicated to supporting Munaf and the team as we embark on the next stage of Phoenix’s journey. My knowledge and expertise in cryptocurrency, combined with Munaf’s institutional background, will ensure that Phoenix Group remains at the forefront of our industry both here in UAE and on the global stage” he stated.
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UAE’s multi-billion dollar tech conglomerate, Phoenix Group PLC, listed on the Abu Dhabi Securities Exchange (ADX: PHX) has announced its Q3 2024 results, reporting core revenue of $35.9M and investment income of $68.5M. Core revenue is primarily generated from self-mining, with additional contributions from trading and hosting services. The investment income, drawn from digital assets and other diversified Web3 investments, reflects the company’s active capital deployment strategy.
As per the press release, total assets saw a 148% year-over-year increase in the first nine months of 2024, rising to $977.6 million from $394.1 million, with a 6% quarter over quarter increase.
The self-mining segment achieved significant growth, surging 285% year-over-year to $26.6 million in Q3 2024, up from $6.9 million in Q3 2023. Earnings per share for Q3 2024 were reported at $0.008.
Q3 2024 revenue came in at $35.9M, with a decline in trading and hosting revenue due to the company’s strategic shift towards deploying more inventory into self-mining. Self-mining revenue has shown resilience, with only a 7% quarter-over-quarter decrease despite the full impact of the halving, increased mining difficulty, and lower BTC prices. Phoenix Group anticipates improvements in mining economics as early indicators of a new bull market begin to emerge.
The company achieved robust returns from investments, marking a 16% quarter-over-quarter growth driven primarily by gains from new digital asset investments.
As per the release, Phoenix Group demonstrated a strong ability to generate value across diverse Web3 investments, with some assets, such as Solana tokens, achieving over 4x returns. The company is actively pursuing a strategy to increase capital deployment into foundational deals and incubation projects. Despite a challenging quarter for the industry, Phoenix Group has shown notable resilience and a strong bottom line, outperforming many peer mining companies.
“Our Q3 results reflect the effectiveness of our adaptive investment strategy, particularly within the self-mining sector and across digital assets. Phoenix Group remains committed to capitalizing on emerging opportunities within Web3 and digital assets, ensuring we continue to lead with innovation and resilience. As we expand into foundational projects and incubation deals, we are well-positioned to provide significant value to our shareholders and support growth in the region’s tech landscape.” said Seyed Mohammad Alizadehfard (Bijan), Co-Founder and Group CEO of Phoenix Group.
“Our Q3 achievements underscore Phoenix Group’s dedication to proactive and sustainable growth, especially within the self-mining and digital asset sectors. By leveraging market dynamics and focusing on foundational investments, we continue to unlock new value streams that fortify our resilience and enhance our market leadership. We remain committed to aligning our strategies with shareholder interests, building a robust platform that stands resilient against market volatility while advancing the UAE’s tech landscape.” said Munaf Ali, Co-Founder and Group Managing Director of Phoenix Group.
In May 2024, Phoenix Group announced its Q1 results, showcasing a net income of $66.2 million which it noted was representing a growth of 166% year-on-year. As per the press release, total assets surged by 237% year-over-year, soaring to $879.3 million from $261 million.
At the time Phoenix Group noted that quarter-over-quarter growth in total assets stood at 5%, while revenue experienced an 18% quarter-on-quarter increase, reaching $68.9 million. In addition gross profit saw a robust 82.8% quarter-on-quarter rise, amounting to $23.28 million, while total comprehensive income expanded by 312% year-on-year to $102.28 million and by 33.7% quarter-on-quarter. As such the earnings per share for Q1 2024 amounted to $0.011.
It would seem that earnings per share has decreased in Q3 to $0.008 from $0.011 in Q1.
Phoenix Group PLC (PHX), a leading multi-billion-dollar blockchain and crypto mining conglomerate listed on the Abu Dhabi Securities Exchange (ADX), has launched 20-megawatt mining facility in St Leon, Canada to grow its data center capacity and digital asset mining. The new site will add 700PH and provide the lowest electricity price (0.039 USD) in the Phoenix Group fleet with more than 97% uptime. This significant expansion plays an important role in enhancing top and bottom-line revenue within Phoenix Group’s core businesses including data center capacity and digital asset mining.
As per the press release, the site adds to the group’s overall gigawatt-scale operational and development capacity. It is part of a long-term strategy to expand the Group’s core business, with the goal of enhancing hash rate productivity while lowering costs.
Seyed Mohammad Alizadehfard (Bijan), Co-Founder and Group CEO of Phoenix Group, commented, “Expanding and strengthening our core business presence in Canada and North America, where we see a bright, growth-oriented future is a natural extension of our ambition to be at the forefront of growth and innovation in crypto mining and associated Web 3 and blockchain development. The new capacity will benefit both our top and bottom line revenue and we anticipate further investment in business expansion over the coming months.
Strategically located to utilize local energy resources effectively, the St Leon mining site optimizes operational efficiency and sustainability and maintains Phoenix Group’s position as one of the top 4 bitcoin mining operations globally. The Group’s adaptable infrastructure approach allows Phoenix to swiftly adapt to changes in the computing landscape, exploring opportunities in both blockchain and alternative high-value computing forms.
Phoenix Group boasts a 765MW mining operation, and fuel growth through strategic partnerships and innovation.
In May 2024, Phoenix Group announced financial results for the first quarter of 2024 with a Q1 net income of $66.2 million, a growth of 166% year-on-year. As per the press release, total assets surged by 237% year-over-year, soaring to $879.3 million from $261 million. The quarter-over-quarter growth in total assets stands at 5%, while revenue experienced an 18% quarter-on-quarter increase, reaching $68.9 million.
Azimut, an independent, global group in asset management, wealth management, investment banking and fintech, has successfully completed a new club deal to invest in Alps Blockchain totaling $156 million. Alps Blockchain is one of Europe’s leading companies and a leader in Italy in the production of computational power for blockchain and digital mining with operations in Oman.
This new €105 million ( $113 million) investment by Azimut in Alps Blockchain, follows a previous round of €40 million ($43 million) in 2023, confirming the confidence and involvement of private investors in the growth of this innovative company. Total club deal investments now stand at $156 million.
Azimut’s investment was made through Azimut Direct Investment Alps Blockchain II SCSp, a dedicated Luxembourg vehicle that invested in a 5-year guaranteed bond with the option of early redemption by Alps Blockchain. This transaction allowed around 1,000 customers, served by the Group’s network of financial advisors and wealth managers in Italy, to gain exposure to the growth of the blockchain sector.
Alps Blockchain is an Italian company that builds and operates mining farms with the aim of contributing to the development of new technologies and supporting the evolution of the energy sector, combining innovation and efficiency. In the last three years the company has quintupled the number of mining machines installed in its planned sites globally from 2,500 to over 15,000. This increase has enabled the company to reach a total energy capacity of 50 MW and more than 2 EH/s (exahash per second) of computing power produced by June 2024.
Alps Blockchain’s positive trend is also reflected in its financial results. Revenues increased from €697,000 in 2020 to €17.3 million in 2022. In 2023, thanks in part to Azimut’s first investment round, revenues reached €43.6 million, an increase of around 140% compared to the previous year, which, with a positive EBITDA.
The funds raised will be used to support Alps Blockchain’s growth and internationalization path, with a focus on consolidating and implementing its existing operations and considering expansion into new markets to further strengthen its global position.
From Italy, the company has already established operations in countries such as Paraguay and Ecuador, where the completed mining farms use hydroelectric power. Alps Blockchain actively supports the energy sector not only by focusing on hydropower, but also by exploring new sources and projects to promote the energy transition.
Among the key markets for future growth is Oman, where the company is already present with a state-of-the-art mining farm within the Green Data City technology hub. The strategic focus is also on North America, a major destination for the mining industry and attractive for new expansion opportunities.
Giorgio Medda, CEO and Global Head of Asset Management & Fintech of the Azimut Group, commented, “We are thrilled to strengthen our relationship with Alps Blockchain, whose objective is to make mining more sustainable, and to offer our customers the opportunity to participate in the growth of an all-Italian excellence that is rapidly establishing itself around the world. This new transaction is part of Azimut’s broader commitment to promoting a global and sustainable energy transition through innovative investment solutions in private markets. A commitment that from 2022 to date counts investments of over €350 million. Our vision is that asset management can increasingly play a crucial role in combining efficient capital allocation with building a more sustainable future’.
Francesco Buffa, CEO of Alps Blockchain, stated, ‘At Alps Blockchain we are committed to shaping projects that foster the synergy between new technologies and the world of energy, generating a positive impact in both sectors. This new investment is an extraordinary confirmation of the confidence in our work and an essential support for the near future. On the sixth anniversary of the company’s establishment, which was July 20th, we are enthusiastically inaugurating a new chapter in its history dedicated to the pursuit of ambitious growth targets.
Francesca Failoni, CFO of Alps Blockchain, added, “The increase in resources will allow us to contribute even more substantially to the blockchain ecosystem, fostering the development of solid and sustainable projects over time. Thanks to this financial transaction, we will not only be able to increase and make our existing sites more efficient, but also invest in the construction of new facilities, aiming to quadruple the production capacity of computing power in the service of this technology by the first quarter of 2025.”
Recently the UAE Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) issued an advisory to UAE farmers stating that crypto mining on farms could cause a sharp spike in electricity bills and cannot be carried out on UAE farm lands. For some this is confusing given that in many countries it is encouraged to utilize bitcoin mining for farming and agriculture.
As per the announcement published in Khaleej Times, “This activity is considered a misuse of the farm for purposes other than its intended use.” Those caught mining crypto on farms shall face fines of up to Dh10,000, it added.
Bitcoin Mining and High energy, water costs
This is not the first time Bitcoin or crypto mining is associated with high energy usage and costs. In a research paper entitled,” The Environmental Footprint of Bitcoin Mining Across the Globe: Call for Urgent Action. Earth’s Future, 2023” the authors used energy, carbon, water and land use data from 2020 to 2021 to calculate country-specific environmental impacts for 76 countries known to mine bitcoin. They focused on bitcoin because it’s older, popular and more well-established/widely used than other cryptocurrencies.
As per the research if bitcoin mining were a country, it would be ranked 27th in energy use globally. Overall, bitcoin mining consumed about 173 terawatt hours of electricity in the two years from January 2020 to December 2021, about 60% more than the energy used for bitcoin mining in 2018-2019, the study found. Bitcoin mining emitted about 86 megatons of carbon, largely because of the dominance of fossil fuel-based energy in bitcoin-mining countries.
In terms of water, global Bitcoin mining used 1.65 million liters (about 426,000 gallons) of water in 2020-2021, enough to fill more than 660,000 Olympic-sized swimming pools. China, the U.S. and Canada had the largest water footprints. Kazakhstan and Iran, which along with the U.S. and China have suffered from water shortages, were also in the top-10 list for water footprint.
“These are very, very worrying numbers,” Madani said. “Even hydropower, which some countries consider a clean source of renewable energy, has a huge footprint.”
Yet in terms of land use, the study analysed land use by considering the area of land affected to produce energy for mining. The land footprint of server farms is negligible, Kaveh said. The global land use footprint of bitcoin mining is 1,870 square kilometres (722 square miles), with China’s footprint alone taking up 913 square kilometres (353 square miles). The U.S.’ land footprint is 303 square kilometres (117 square miles), and likely growing while China’s is shrinking.
ADAFSA Justified in its decision
Mohamed El Masri, Founder and CEO of Permianchain, a blockchain start-up based in Toronto, Canada, that operates a permissioned blockchain platform to unlock liquidity from unused or underutilized natural resources reserves offering a mechanism for funding and energy creation for bitcoin mining and other sectors, explains, “I believe the recent warning by ADAFSA is justifiable and should have come way sooner. In my opinion, the AED 10,000 fine is a good warning fine, but if those miners do not comply, they should be fined a full year of bitcoin production (revenue) and be banned from ever conducting bitcoin mining business in the country.”
According to El Masri it is necessary to impose good practice and a sound regulatory compliant environment to maintain the UAE’s leading crypto stance. He notes, “Bitcoin mining is meant to be a social and economic practice that improves the livelihood of communities where energy and natural resources are underutilized, wasted or require commercial viability to bring to market. By hoarding power on agriculture land where it’s intended purpose is to bring much needed food security to the nation, I find that quite a waste of much needed resources.”
He explains that mining on agricultural land is not scalable anyway, and will not last. He states, “It was always a temporary fix for small-time retail mining managers to make a quick buck… the intention of these operators is money and not community or to build a circular economy for new wealth.”
He offers a solution which entails utilizing bitcoin mining in greenhouses and agribusiness to make use of the heat by-product for water heating, greenhouse crop production and other innovations are already being put to practice in various parts of the world.
Utilizing Bitcoin mining for sustainable Farming
This is true, other countries have opted for using excess energy, such as the methane waste on farms to use for Bitcoin mining. The mining of Bitcoin, requiring substantial energy input for the computational processes, can effectively harness this surplus methane, mitigating its impact as a potent greenhouse gas while simultaneously transforming waste into wealth.
The AmityAge Mining Farm in Slovakia exemplifies this fusion, transforming human and animal waste into biogas, consequently powering their Bitcoin mining rigs. This dual benefit fosters sustainability while offering a robust business model that mitigates greenhouse gas emissions.
In Canada a Manitoba company is using waste heat from bitcoin miners to heat their Greenhouse and fish farm business. In addition Myera Group in Canada is merging the worlds of Bitcoin mining and sustainable agriculture. Within the walls of a former car museum, Bruce Hardy, president of Myera Group, orchestrates a unique operation where more than 30 miners hash away on the second floor, quietly mining bitcoin while generating heat that serves a dual purpose, powering the ASIC miners and nurturing nearby plants in a greenhouse.
Even Iceland which boasts of an abundant supply of renewable energy, making it attractive hub for bitcoin miners, but is plagued with a large gap in food trade balance, depending on imports for basic necessities, is considering utilizing the synergy between bitcoin mining and use of renewable energy to offer a heating solution for businesses and greenhouses.
UAE Bitcoin Mining
In Conclusion the issue might not be Bitcoin mining on farms per say, but on what energy resources are used for Bitcoin mining, and how the excess heat from Bitcoin mining can be used for something useful allowing for a sustainable process, with less effect on the environment while enabling food sustainability.
This is especially important given that Abu Dhabi in particular has become of a hub for Bitcoin mining in the MENA region. In 2023 Zero Two, and Marathon Digital Holdings, Joint entity based out of ADGM for crypto mining inaugurated a 200 MW Bitcoin mining facility at Masdar Abu Dhabi.
As per Marathon digital website, Marathon digital is currently using UAE electricity grid to power the Bitcoin mining farm in Abu Dhabi, with 8,500 operational miners with a hashrate of 1.2 EH/s. ( They note on their website that *Data only represents Marathon’s share of the joint venture and not the total scope of operations). Marathon Digital own 20% of the joint venture.
Many in the ecosystem have noted that in the future, the UAE plans to use solar energy and nuclear energy as sustainable resources for energy production, until then whether Bitcoin is being mined on farms or elsewhere, the energy cost remains high.
Genesis Digital Assets Limited (GDA),a Bitcoin mining company with a presence in the UAE, is opening a new data center in Argentina powered by YPF Luz, a leading company in electric power generation.
The announcement comes during a period of expansion by GDA, which now operates 20 industrial-scale data centers across North America, South America, Europe, and Central Asia. The company’s first facility in South America is located in Rincón de Los Sauces, in the Neuquén Province and has a total capacity of 7 MW and 1 MW of backup.
The Bajo del Toro Thermal Power Plant, composed of YPF, Equinor and YPF Luz, will power 1,200 bitcoin mining machines, and efficiently monetize stranded gas, which would otherwise be flared into the atmosphere.
Speaking from the company’s Dubai office today, Abdumalik Mirakhmedov, Executive President of GDA, said: “We believe that Argentina is an important country for Bitcoin mining, given its abundance of energy sources and business-friendly environment.
“The opening of our first data center in South America is an important step in our geographic diversification efforts. And this will be yet another opportunity to show the world that Bitcoin mining can have a positive effect on the environment and can be fully integrated into local communities.”
With an abundance of energy, a favorable political climate, and a strong crypto ethos, Argentina is becoming increasingly important for Bitcoin mining and the broader industry.
For the new data center, GDA will use the electricity generated from stranded gas provided YPF Luz, an electric power generation company that has been leading the energy transition since 2013.
As stated by the Intergovernmental Panel on Climate Change, methane gas adversely impacts the environment as it is responsible for approximately a third of the warming the world is experiencing. Methane mitigation techniques, such as the utilization of stranded gas, are important to reduce emissions and combat global warming.
“In 2022, we were the first Argentine company to generate electrical energy for cryptocurrency mining from flare gas, an innovative solution in line with YPF’s energy transition needs,” said Martín Mandarano, CEO of YPF Luz. “This project with GDA allows us to bring YPF and Equinor, two companies committed to reducing the carbon footprint of their exploration activities, an adaptable and sustainable flare gas use solution.”
A manufacturer of Global crypto mining servers, Bitmain is holding its yearly event, the World Digital Mining Summit (WDMS) in Oman on March 29th 2024 at the W hotel. The theme of WDMS in Oman will be “Hydromining wins the desert”.
As per the press release, the conference will provide new financing opportunities and revitalize the market. Leading mining, finance, investment, custody and energy companies from around the world will participate in the event to help the digital currency and crypto ecosystem flourish. WDMS will provide an international platform to discuss financing mining, mine establishment, renewable energy, mining resources, PoW development and many other hot topics.
The summit will focus on hydro-mining, a cutting-edge technique promising to revolutionize the cryptocurrency mining industry. Hydro mining is an innovative approach to mining that utilizes water to cool mining equipment, a critical innovation in the heat-intensive climates of desert regions. As the industry grapples with environmental concerns, hydro-mining presents a sustainable and efficient solution for digital currency extraction.
Attendees can expect to delve into discussions on sustainability, efficiency, and the future of crypto mining technologies in the digital age. Bitmain’s initiative to hold the summit in Oman underscores the country’s emerging role as a hub for technological innovation in the Middle East.
Oman has been investing heavily in datacenters, and has attracted crypto mining entities such as Pheonix Technologies and Exahertz among others.
Bitget crypto exchange released some statistics on how MENA investors anticipate Bitcoin halving on its price as well as information from Bitget’s managing Director on crypto mining in the region as it courts MENA crypto traders, investors, and regulators.
As per the Bitget study 80% of MENA investors believe that bitcoin halving will lead to price fluctuations between $30,000 and $60,000 at the time of halving.
In addition, 82% of crypto investors residing in MENA who were surveyed intend to augment their investments in 2024 with merely 4% planning to reduce their crypto holdings.
Bitget Managing Director Gracy Chen has revealed that the MENA region bitcoin mining hashrate now exceeds 8 percent and is expected to grow as miners migrate from countries with regulatory instability towards low-cost reliable surplus of energy.
She notes that in Oman for example $1.1 billion of investment has gone into crypto mining, she expects as such the share of bitcoin mining in MENA to go over 15%.
Crypto exchange Bitget, with roots in India has been courting the MENA region for some time. While the crypto exchange has yet to receive a license from any GCC or MENA regulator, it has launched a Ramadan campaign to celebrate the holy month with its Arabic speaking audience. The campaign includes daily token giveaways along with the chance to win airpods, headsets, laptop, smartwatch and more.
As per the release, to make this program inclusive, Bitget will be donating $1 towards charity for each winner during the campaign timeline. Users who follow Bitget MENA on Twitter can utilize #BitgetRamadanChallenge to get noticed and win exciting rewards. Giveaways will be settled every Saturday and requires users to complete a set of challenges to be eligible for the event.
“Middle east and North African regions have increased its crypto adoption drastically in recent times. At Bitget we plan to leverage our resources to strengthen this growth. With regional specific campaigns, language support, crypto conversion and trading choices, we’ve tailored our app for our MENA users. The region is bound to grow and increase its adoption, and we’re here to fuel it,” says Vugar Usi Zade, COO at Bitget.
Back in November 2023, Bitget, even expanded its support for fiat gateways in the Middle East region. The crypto exchange announced that users can now utilize the platform’s peer-to-peer trading for seven currencies: DZD (Algerian Dinars), BHD (Bahraini Dinars), TND (Tunisian Dinars), JOD (Jordanian Dinars), QAR (Qatari Rials), MRU (Mauritanian Ouguiyas), and OMR (Omani Rials).
With the newly added fiat support, Bitget users can start buying and selling crypto with zero fees on Bitget P2P. Users can purchase USDT with integrated local currencies using local payment methods from anywhere globally via Bitget P2P. The exchange also launched Arabic lingual support for its website and mobile application.
At the time Chen noted, “Our products are aligned with Bitget’s expansion plans in the Middle East. We want to enable our traders to trade in their preferred fiat currencies. With Bitget P2P we’re enabling a seamless and convenient trading experience for our valued users in the region. We’re focused on driving financial sovereignty as we make crypto accessible and user-friendly throughout the globe.”
Bitget confirmed that it had begun exploring license applications in order to operate in target Middle East markets. In the same press release it stated, gaining proper licenses and regulatory approval is a top priority to support expansion and allow the company to open regional offices. Bitget has been scaling its operational reach globally in recent months, including the registration as VASP (Virtual Asset Service Provider) in Poland and similar crypto registration in Lithuania. The new expansion plan in the Middle East region aligns with Bitget’s vision of spreading crypto’s mass adoption.
In 2023 Bitget announced opening of operations in Dubai UAE, and recruiting over 60 new staff members to fill back-office positions.
Bitget even has its own X channel for the MENA region where it is posting competitions and challenges.
Bitget is now rated as the number 12th crypto exchange in world, with more than $2 billion worth of trading as per CoinMarketCap.
UAE IHC Holding company with crypto and Blockchain holding entities is seeking to list more than $27 billion worth in 2025, under 2PointZero.
The statement was made in an interview with IHC’s CEO Syed Basar Shueb on Bloomberg. He noted that the newly created holding firm 2PointZero will be going to the market sometime next year. UAE based International Holding Company (IHC), hadapproved the initiation of the transfer of 2PointZero, a next generation Holding Company comprising several diverse and dynamic companies, which would invest in several industries including crypto ecosystem.
IHC consolidated existing and newly created firms from Royal Group to form 2PointZero earlier this year. 2PointZero spans sectors from financial services to crypto mining. These firms include Lunate, Abu Dhabi’s newest fund, International Resources Holding, which invested more than $1 billion in Zambia’s Mopani copper mine, and private investment firm Chimera.
Citadel is a leading player in the cryptocurrency mining industry and operates a state-of-the-art crypto mining facility in Abu Dhabi, UAE. The company specializes in Bitcoin extraction and is committed to sustainable and efficient mining practices. Citadel’s strategic location in the UAE allows it to leverage the region’s advanced infrastructure. In FY22, Citadel reported a revenue of AED100 million and an asset size of AED2.7 billion. IHC recently acquired a 10% stake in Phoenix Group, which manages the ‘Citadel Project’. Citadel’s facility is recognized as the Middle East’s largest crypto-mining facility.
It was decided these companies should come into a “separate ecosystem so that when we list the business, it’ll get the significant capital injection and that will help the growth of these businesses,” the CEO said. Its valuation will be “north of 100 billion dirhams.”
IHC and Royal Group are chaired by Sheikh Tahnoon bin Zayed Al Nahyan, a brother of the United Arab Emirates’ ruler and the country’s national security adviser. 2PointZero named Mariam Almheiri, the UAE’s former minister of climate change and environment, as CEO. Sheikh Tahnoon is already linked to firms that, by weighting, make up more than two thirds of the Abu Dhabi index.
IHC is also looking to list International Technology Holding, a combination of all information technology firms overseen by the conglomerate, and Sirius International Holding which is focused on green technology, digital transformation, and health tech. ITH is slated for this year while Sirius is likely to list in 2025.
IHC according to its CEO will be pursuing new sectors in 2024. The company will be developing the mining and energy, asset management, micro-finance and reinsurance sectors. It’s also pursuing investments in artificial intelligence. IRH, a firm folded under 2PointZero, will be the vehicle for investing in mining, focusing on copper, cobalt, tin, tungsten, tantalum and nickel. It’s having negotiations in Asia, Africa and South America, he said.
