UAE DAMAC properties investing $20 billion in US datacenters for AI and crypto

UAE DAMAC properties investing $20 billion in US datacenters for AI and crypto

UAE DAMAC Properties CEO, Hussain Sajwani, a close business partner of the Trump family will invest $20 billion in US datacenters used for AI ( Artificial Intelligence) and crypto. President-elect Donald Trump announced the $20 billion investment for data centers in the United States on January 7th 2025.

Trump said at a news conference that he believed Sajwani made the commitment because “he was very inspired by the election and wouldn’t do it without the election.” The president-elect emphasized his plans to get investments of $1 billion or more through the environmental regulatory review process quickly.

Sajwani briefly joined the news conference and said: “It’s been amazing news for me and my family when he was elected in November.”

Sajwani’s promised investment feeds into an existing boom for constructing data centers used in the development of artificial intelligence and expansion of cryptocurrency, as well as in other elements of an increasingly digital economy that relies on having greater sources of computer processing power.

In October, the financial company Blackstone estimated that the U.S. would see $1 trillion invested in data centers over five years, with another $1 trillion being committed internationally.

Sajwani would gain data centers in the United States, which thus far have not been part of his company’s EDGNEX data center portfolio. According to the company’s website, it already has or plans to build data centers in the UAE, Saudi Arabia, Turkey, Spain, Thailand and Indonesia.

Investment in datacenters globally and in the Middle East is growing. It is estimated that global spending on construction of new data centers is expected to surpass US$49 billion by 2030 (source: MicKinsey & Company). With over US$1.0 trillion funding gap in renewable energy, it is believed to be an opportune time to lay the groundwork to power the advancement of compute infrastructure for a vibrant digital economy.

Recently HODLER INVESTMENTS, a UAE based investment company, headquartered in the Dubai, which includes in its portfolio energy, AI, and digital asset mining startups such as PermianChain, Brox Equity and others; and Abu Dhabi’s EHC Investment which leads multiple businesses with operations and investments across the energy, infrastructure, firefighting technology and system integration services signed a strategic partnership to launch NEXGEN.

NEXGEN will support the creation of a compliant digital energy market to supply critical energy infrastructure that will monetize wasted energy such as flared gas in the UAE, KSA, and Egypt with the aim of hosting global data center operators, reducing carbon emissions and contributing the Digital Energy Infrastructure (DEI) Fund, a local decarbonization innovation fund.

UAE licensed Backpack Exchange acquires FTX EU

UAE licensed Backpack Exchange acquires FTX EU

UAE licensed Backpack Exchange, a global cryptocurrency exchange has acquired FTX EU, the MiFID II-licensed former European arm of FTX. In a Coindesk article, it noted that BackPack acquired FTX EU for $32.7 million.

As per the press release, the acquisition which was approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), marks a major milestone in Backpack’s global expansion and commitment to delivering secure, regulated trading solutions across Europe.

Backpack EU is planned to go live in Q1 of 2025. The crypto exchange will offer a full suite of crypto derivatives throughout the European Union including perpetual futures.


With the acquisition, Backpack’s new EU arm will offer a full suite of crypto derivatives throughout the European Union including perpetual futures, a market where no regulated crypto derivatives currently exist, as unregulated offshore exchanges have been forced to wind down their unlicensed European operations.

Armani Ferrante, CEO of Backpack Exchange, commented: “As many international exchanges exit the European Union, becoming a MiFID II-licensed entity demonstrates our dedication to meeting the highest regulatory standards and is a significant step to bringing transparent, secure, and regulated crypto trading to an underserved European market.”

As part of the acquisition, Backpack EU will undertake responsibility for distributing the previously court-approved FTX bankruptcy claims to FTX EU customers.

Mr. Ferrante further noted, “Customer restitution is a crucial step to rebuild trust and confidence in the industry, and Backpack is committed to returning FTX EU customers’ funds as fast and as safely as possible.”

In addition to compliant product offerings, Backpack EU will provide seamless integration with traditional payment rails including instant, low-cost Single Euro Payments Area (SEPA) payments and wire transfers in major currencies across the region.

In February 2024, The BackPack raised $17 million in a series A round led by PlaceHolder VC.

UAE Zand bank signs up new collaboration

UAE Zand bank signs up new collaboration

UAE fully licensed digital bank Zand, has yet again signed up a new collaboration. This time it is with UAE Web3 financing platform Klickl. This comes weeks after Zand Bank announced that it was launching its licensed digital asset custody services. This came after receiving approval from the Virtual Asset Regulatory Authority. In addition Zand announced it would be launching Zand’s AED-backed stablecoin which will further enhance the bank’s ability to integrate TradFi and DeFi, reinforcing its leadership in the digital assets landscape.

In 2023, UAE based Abu Abu Dhabi Global Market (ADGM) and Zand Bank, partnered to offer preferential banking services and efficient bank account opening for ADGM-licensed entities, including SMEs, virtual assets companies, funds, and corporations. Since then it has become the go to bank for crypto exchanges, and other Web3 entities when it comes to crypto banking related services.

By leveraging Zand’s banking products and solutions, Klickl is poised to streamline its business processes, optimize financial management, and drive innovation within the Web3 ecosystem.

Michael Chan, CEO of Zand, commented, “We are pleased to announce our collaboration with Klickl International, aligning with the UAE’s bold vision to accelerate the digital economy. At Zand, we are dedicated to delivering seamless and secure banking experiences through continuous innovation, forward-thinking, and a client-first approach.”

Michael Zhao, CEO of Klickl International, added, “Partnering with Zand Bank marks a pivotal moment in our journey towards reshaping the digital finance landscape. With Zand’s support, we are unlocking new possibilities for businesses and consumers, driving meaningful change in the industry.”

Syrian government is not exploring a bitcoin proposal

Syrian government is not exploring a bitcoin proposal

While some news outlet announced that the Syrian government was considering a bitcoin legislation, the Founder of Bitcoin21 Arabic noted that it was not the Syrian government but a group of crypto enthusiasts who were discussing this.

Bassem, the Founder of Bitcoin21Ar noted on twitter, “To clarify Syria’s Bitcoin policy proposal: Who wrote it, and is it legitimate? First, let’s address the misinformation circulating in crypto media: NO, the transitional government has neither approved nor considered this proposal, and we do not expect them to do so anytime soon. They likely have more pressing issues to address at this time.

He further explains that the proposal is not meant to circumvent international sanctions. He stated, “We believe that sanctions should be lifted URGENTLY through legal and political processes in accordance with international law.”

In a telegram group Bassem carried out a discussion on how one could introduce a constructive Bitcoin legislation to the Syrian people after a decade of severe humanitarian and financial distress. He adds, “The idea for the proposal was my own, and it was collaboratively drafted in Arabic by everyone. . We also had a small number of Bitcoiners who provided This is a grassroots movement driven by very bright and enthusiastic Bitcoin plebs.”

As part of this evolution, we renamed the group the “Syrian Center for Economic Research” or SCER and the initiative gained unexpected momentum when Dr. Saifedean Ammous who joined the discussions.

It’s important to clarify again that this is not a government-affiliated organization or funded by any entity.

To the people who are accusing us of being terrorists, CIA, or fill in the blank, can you please be less racist? Thanks!

The SCER is a volunteer-driven initiative that hopes to bring together Syrian engineers, academics, entrepreneurs, and visionaries to learn, disseminate knowledge, and foster communication and open dialogue on economics, technology, and money.

There is no physical headquarters. They communicate through social media channels like Telegram, X, and Nostr and encourage video and audio calls.

Joins us here: https://t.me/SyrianCER

Non Syrians are welcome too 🧡

UAE and USA retail investors to increase investments in crypto in 2025

UAE and USA retail investors to increase investments in crypto in 2025

In an eToro survey, published December 24th, on UAE retail investors, it found that UAE retain investors plan to increase their cryptocurrency investments by 2025. In fact 37% of retail investors plan to do so, while 40% plan to increase their investments in stocks, bonds and commodities, while 38% plan to invest in real estate.

This survey covered 1,000 retail investors in the UAE, 54% of whom listed financial goals as their main New Year’s resolutions for 2025, including investing in stocks, cryptocurrencies, and real estate.

The survey also showed that 51% of respondents plan to increase their savings or investment amounts, and 41% plan to develop more comprehensive budgeting and spending tracking strategies. Meanwhile, 32% want to increase their income through side jobs, and 28% are considering changing jobs to earn higher salaries.

66 percent of retail investors in USA will increase allocation in crypto in 2025

Bret Kenwell of eToro discussed a survey that was conducted on 1,000 retail investors in the United States. 61% of respondents affirmed that the bull market will persist.

In addition, confidence in AI stocks is also high, with 16% anticipating that they will continue their substantial increase into 2025, while 42% anticipate more incremental increases in their share prices.

Analyst Bret Kenwell said, “Tech often serves as a leadership group for US stocks, and with mega-cap and AI-related stocks garnering strong momentum as Q4 draws to a close, retail investors are looking for that to continue in 2025. Given how well markets have performed and how well these companies are doing, it’s no surprise that investors are optimistic.”

The re-election of Donald Trump, a pro-crypto president, has inspired substantial adjustments in retail investors’ portfolios. 55% of investors have adjusted their strategies. Of those that are planning on adjustments, 66% are increasing their allocation to crypto, a more popular option than US stocks 50%.

Bret Kenwell explained that Crypto has done really well. He further pointed out that Bitcoin has doubled its price for two consecutive years.

UAE among the top 10 global Blockchain countries with 340 patents

UAE among the top 10 global Blockchain countries with 340 patents

In a recent study by ApeX exchange the UAE came in among the top 10 globally ranked countries for blockchain and crypto technology. The UAE had a score of 73.2 with 340 blockchain patents. UAE also has 414 blockchain-related jobs, providing opportunities in a budding ecosystem.

Singapore took the lead, with the highest composite score of 85.4, with over 2,400 jobs related to blockchain technologies. Additionally, it has one of the largest concentrations of crypto exchanges globally, with 81 platforms.

Hong Kong ranks second in blockchain and cryptocurrency technology with a composite score of 82.7. Its financial infrastructure integrates blockchain seamlessly, supported by more than 1,100 jobs in blockchain technologies and a strong presence of crypto exchanges.

Estonia ranks third with a composite score of 81.5. It has the smallest population among the countries studied but still achieves impressive results with 95 blockchain patents, 149 blockchain-related jobs, and 52 crypto exchanges.

Switzerland secures fourth place in blockchain and cryptocurrency technology, with a score of 80.2. The country’s leadership in decentralized finance is backed by 440 blockchain-related jobs and 32 crypto exchanges.

The United States is fifth, scoring 79.8, and leading the way in blockchain and cryptocurrency technology, achieving the highest numbers across all key metrics. With 32,000 blockchain patents and more than 17,000 jobs related to blockchain available. The country hosts 166 crypto exchanges, providing platforms for trading and utilizing cryptocurrencies.

Canada ranks sixth in blockchain and cryptocurrency technology, with a score of 77.3. The country offers over 1,200 blockchain-related jobs, which shows the demand for skilled professionals in the sector. It also has 1,200 blockchain patents, while its 32 crypto exchanges provide ample platforms for cryptocurrency transactions.

Moroccan crypto regulation aligns with G20 recommendations

Moroccan crypto regulation aligns with G20 recommendations

Once again the Governor of Bank Al-Maghrib (BAM), Abdellatif Jouahri, has spoken about the crypto assets regulatory framework that the country will soon adopt noting that it will align with G20 recommendations. In a press conference this week, during the BAM’s council for 2024, he noted that the crypto framework will manage the use of crypto assets while encouraging innovation in the financial sector.

Last month the Governor also noted that the crypto framework was in the adoption phase. Morocco has been working on this crypto framework since 2022.

Jouahri said that the regulation aligns with the latest G20 recommendations. It also addresses the financial risks linked to crypto-assets.  

“We want to regulate the use of crypto-assets without hindering the innovation that may arise from this ecosystem,” Jouahri said.  

The governor explained that the framework was developed with technical assistance from the International Monetary Fund (IMF) and the World Bank. It seeks to balance two priorities; ensuring a secure and well-regulated environment and fostering innovation.  

The drafting process included broad consultations with national and international institutions, as well as economic stakeholders. “We engaged all relevant parties to create this framework. This approach ensures effective adoption and minimizes uncertainties,” Jouahri added.  

In September 2024, Chainalysis in its 2024 Geography of Cryptocurrency report covering the MENA region noted that MENA is the seventh largest crypto market globally in 2024 with the biggest two crypto countries being Turkey and Morocco. Turkey held 11th position while Morocco 27th where Turkey capture $137 billion and Morocco $12.7 billion.

CoinMENA the first and only Crypto exchange in MENA to list Ripple stablecoin

CoinMENA the first and only Crypto exchange in MENA to list Ripple stablecoin

CoinMENA, a regulated crypto broker with licenses in the UAE and Bahrain, is one of the selected crypto exchanges globally to be listing Ripple’s new RLUSD stablecoin on its platform. CoinMENA is the only crypto broker to be chosen by Ripple to list its stablecoin in the MENA region.

Ripple which today launches its Ripple USD (RLUSD) on global exchanges has chosen CoinMENA, Uphold, MoonPay, Archax, Bitso, Bullish, Bitstamp, with Mercado Bitcoin, Reserve, Zero Hash and others expected in the coming weeks.

CoinMENA Founders, Dina Sam’an and Talal Tabbaa commented, “We are proud to be the first and only platform in MENA to list RLUSD, the latest stablecoin in the market. Demand for stablecoins is exploding in the region, driven by diverse and growing use cases, we are seeing from our user base. Stablecoins are by far the most popular use case in the crypto today, and this listing reflects our commitment to providing the latest crypto financial solutions that meet the evolving needs of our users.”

Each RLUSD token is fully backed by U.S. dollar deposits, U.S. government bonds, and cash equivalents—designed to ensure its stability, reliability, and liquidity. To maintain the highest standards of transparency, Ripple will publish monthly, third-party attestations of RLUSD’s reserve assets, conducted by an independent auditing firm.

“Early on, Ripple made a deliberate choice to launch our stablecoin under the NYDFS limited purpose trust company charter, widely regarded as the premier regulatory standard worldwide,” said Brad Garlinghouse, Ripple’s CEO. “As the U.S. moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry.”

Key RLUSD partners include leading global exchanges, market makers, and payment providers, which will drive adoption and usage across the Americas, Asia-Pacific, UK, and Middle East regions.

RLUSD will be utilized for financial use cases and allows institutions to, facilitate instant settlement of cross-border payments, access liquidity for remittance and treasury operations, seamlessly integrate with decentralized finance (DeFi) protocols, and a reliably bridge between traditional fiat currencies and the crypto ecosystem, ensuring a seamless and efficient transition when entering (on-ramping) or exiting (off-ramping) the crypto space.

It will also be used to provide collateralization for trading tokenized real-world assets such as commodities, securities, and treasuries onchain.

Early next year, Ripple Payments will use RLUSD to facilitate global payments on behalf of its enterprise customers. Ripple Payments has served $70 billion in payments volume and counting, and has near-global coverage with 90+ payout markets, which represent more than 90% coverage of the daily FX market.

 RLUSD is available on both the XRP Ledger and Ethereum blockchains, offering flexibility and scalability for a broad range of financial use cases.

“Stablecoins could become the backbone of private payments by offering a secure, scalable, and efficient alternative to traditional systems. With its focus on compliance and reliability, RLUSD aims to establish new standards for trust and to play a pivotal role in shaping the future of payments. Joining the Advisory Board provides me an opportunity to counsel RLUSD as it embarks on its journey in the rapidly evolving financial landscape,” said Raghuram Rajan, former Governor of the Reserve Bank of India.

“I am excited to join Ripple’s advisory board at such a pivotal moment for digital finance,” said Kenneth Montgomery, former First Vice President and Chief Operating Officer at the Federal Reserve Bank of Boston. “Stablecoins are rapidly emerging as a cornerstone of the payments landscape, delivering the speed, efficiency, and cost-effectiveness that traditional systems often struggle to achieve. I look forward to collaborating with the Ripple team to support the global growth and adoption of RLUSD, unlocking new opportunities for financial inclusion and modernizing the future of payments.”

Hex Trust crypto platform launches fiat on and off ramping services in UAE

Hex Trust crypto platform launches fiat on and off ramping services in UAE

Hex Trust, a regulated provider of virtual assets custody, staking and market services has officially opened HT Markets MENA offering fiat on/off-ramp services in Dubai UAE through its secure, institutional-grade platform.

These services are immediately available for institutional clients and accredited investors with a minimum on-ramp threshold of AED 368,000 (equivalent to USD $100K).


Hex Trust established a Dubai office in June 2022. It currently holds three Virtual Asset Service Provider (VASP) licenses in Dubai, issued by the Virtual Asset Regulatory Authority (VARA). This includes a license to provide Virtual Asset Custodial Services, a second license for its VA Broker-Dealer and and a third for VA Management and Investment arm, HT Markets MENA FZE.

As per the announcement, these licenses allow Hex Trust to offer comprehensive Virtual Asset services covering Broker-Dealer and Management and Investment Services, which include regulated Staking Services.


“We are one of the first VA broker-dealers in the MENA region to offer an efficient and secure bridge between fiat and virtual assets. This unique offering caters to the huge appetite for on/off-ramp services in Dubai and is a significant achievement for HT Markets MENA.
We see enormous potential for virtual asset growth in Dubai given the progressive regulations, welcoming governments, and thriving crypto ecosystem. ” Filippo Buzzi, Hex Trust’s Regional Director MENA.


Hex Trust Markets offers safe access to the DeFi ecosystem, where clients can generate yield with native on-chain staking solutions and execute trades with the support of Hex Trust’s dedicated Markets team. It also brings secure access to crypto-fiat conversions through Hex Trust’s fully-licensed, institutional-grade custody platform. This enables investors in Dubai to seamlessly move their cryptocurrencies into fiat currencies, fostering a secure and compliant trading environment.

BitPanda crypto exchange steps out of Europe to UAE

BitPanda crypto exchange steps out of Europe to UAE

Bitpanda, a European crypto platform, has obtained an in-principle approval from the Virtual Assets Regulatory Authority (VARA), as its first expansion outside of Europe. BitPanda received the in-principle approval only after 8 months since submission.

As per the press release, once officially licensed, Bitpanda will be able to commence operations in the UAE as Bitpanda Broker MENA DMCC.

The expansion follows a series of strategic moves, including the establishment of its Dubai office at the DMCC Crypto Centre earlier this year, onboarding a team of regional experts, and forming key partnerships with financial institutions such as The National Bank of Ras Al Khaimah (“RAKBANK”) and CoinMENA, one of the UAE’s leading licensed crypto platforms.

Eric Demuth, Co-Founder and CEO of Bitpanda, commented, “In Europe, we have built a reputation as the most trusted and regulated digital asset platform. Now, we are scaling this proven model globally, with Dubai and the UAE serving as our strategic launchpad for international expansion. The opportunities are immense, and we are uniquely positioned to seize them – both as Europe’s leading crypto broker and as a top infrastructure provider in the digital assets space.”

Fabian Reinisch, General Counsel of Bitpanda, added: “Securing VARA’s in-principle approval in under eight months reflects the strength of VARA’s progressive regulatory framework and Bitpanda’s steadfast commitment to compliance and innovation. For over a decade, we have demonstrated that a compliance-first approach is the only path to sustainable and responsible growth in our industry. Now, we are extending this approach to markets beyond Europe.”

As it expands into the Middle East, Bitpanda is taking a decisive step toward a truly global presence, reaffirming its role as a pioneer in driving the adoption of digital assets around the world.