Naver partners with Saudi’s NHC for digital twin platform

Naver partners with Saudi’s NHC for digital twin platform

NAVER, South Kore’s largest internet company with investment in Blockchain, is to establish a joint venture with Saudi Arabia’s National Housing Company (NHC), a state-owned company under the Ministry of Municipalities and Housing. The JV will serve as NAVER’s business unit for the Saudi Arabia region, along with NAVER Arabia (tentative name) which will oversee the company’s business in the MENA region.

The JV will operate under NAVER Arabia (tentative name), with the operation and commercialization of the digital twin platform in Saudi Arabia as its core business along with NHC. The JV will also be TEAM NAVER’s first business entity for its technology platform business in the Middle East.

NHC, a key partner of TEAM NAVER in Saudi Arabia, is a state-owned company under the Saudi Arabian Ministry of Municipalities and Housing that is responsible for 70% of real estate transactions in the country. As part of Saudi Arabia’s “Vision 2030” initiative, the company is currently focused on digital transformation such as digital innovation in the real estate sector and smart city development.

Since its establishment in 2016, NHC has been in charge of over 380 projects for real estate development projects including public housing provision, and the value of its real estate portfolio is expected to exceed 60 billion USD (80 trillion KRW) as of the end of 2025. The company has also been selected as the largest real estate developer in the Gulf Cooperation Council (GCC) by the Construction Week Middle East in 2024.

TEAM NAVER and NHC will operate and commercialize the digital twin platform in Saudi Arabia through the JV, while also developing other businesses such as a public monitoring platform for urban areas and a map-enabled super app for public administration.

“TEAM NAVER’s global competitiveness in technology and business has been recognized by various ministries and organizations in Saudi Arabia, and we are excited to further discover business opportunities with different partners in the region,” said Chae Seon-ju, President of ESG and External Affairs at NAVER.

In April 2024 two blockchain platforms, Klaytn backed by Kakao, and UAE based Finschia backed by Naver an affiliate UAE based LINE Tech Plus merged to create a new unified blockchain platform Kaia, which means “and” in Greek, with a market capitalization of $1 billion.

Kakao, the internet giant behind Korea’s most popular messaging app, operates Klaytn, the country’s largest native blockchain network with a market cap of $671 million. It targets enterprise users with a modular network architecture that enables them to build service chains atop its mainnet.

While Naver, South Korea’s leading search engine, is behind Finschia, a blockchain network developed by its Japanese subsidiary, Line. It operates one of Asia’s largest non-fungible token (NFT) marketplaces.

In August 2024, Naver was set to launch its first digital asset wallet, Naver Pay Wallet, for the Korean market. It partnered with Chiliz, a blockchain provider for sports and entertainment, as the inaugural blockchain for the wallet.

UAE to witness tokenization of 10,000 electric motorcycles

UAE to witness tokenization of 10,000 electric motorcycles

UAE based Layer1 blockchain platform for tokenization, MANTRA has partnered with UAE based Pyse, a sustainability-driven RWA platform, to finance the deployment of electric motorcycles for logistics and delivery services across the Emirates. This collaboration will kick off with initial deliveries of the striking pink electric vehicles (EVs) in Dubai as Pyse aims to tokenize more than 10,000 electric motorcycles on the MANTRA Chain by the end of 2025.

Earlier this year, MANTRA selected Pyse as a key member of the MANTRA Incubator program as part of its commitment to fostering innovative solutions in the green technology sector.

“Dubai’s logistics and food delivery sector is on the brink of an electric revolution,” said Kaustubh Padakannaya, Co-founder of Pyse. “Our partnership with MANTRA allows us to tokenize the leasing of electric motorcycles, making them accessible to retail audiences. This initiative celebrates Dubai’s sustainability goals while providing affordable mobility for all the rider heroes.”

Pyse goes beyond traditional models, enabling individuals to offset their carbon footprint and earn returns by investing directly in green assets like electric mobility and renewable energy. The MANTRA pink bike was revealed in October during Binance Blockchain Week in Dubai.

MANTRA CEO & Co-Founder John Patrick Mullin commented, “As the demand for eco-friendly delivery solutions in the region rises, this partnership positions MANTRA Chain and Pyse at the forefront of bringing quality and purposeful RWAs onchain. The deployment of these eye-catching pink EV motorcycles marks a significant step towards achieving Dubai’s ambitious sustainability goals.”

The MANTRA Incubator Program launched in June 2024. Pyse participated in the inaugural cohort alongside two projects in real estate and finance. The incubated projects received support and mentorship to build robust decentralized applications on MANTRA’s infrastructure.

In March 2024, MANTRA Chain raised $11 million led by UAE based Shorooq Partners with investors including Three-point capital, Forte Securities, VirtuZone, Hex Trust and GameFi Ventures. The news which was published in Coindesk stated, that Mantra Chain was in the final stages of receiving licenses from Dubai’s crypto regulator, VARA.

Later in July 2024, UAE based MAG Group Holding a multinational consolidation of different companies and sectors, the group’s portfolio includes real estate, contracting & engineering, industrial & commercial trading, freight services, and hospitality announced it would tokenize $500 million worth of real estate assets with UAE based Mantra a Blockchain Layer 1 RWA ( Real world assets) tokenization platform.

Avalanche partners with Saudi Arabian Oumla Blockchain

Avalanche partners with Saudi Arabian Oumla Blockchain

Saudi based Blockchain Layer 1 platform Oumla has partnered with Avalanche Blockchain with the aim of creating Saudi Arabia’s first Layer One Blockchain fully hosted in KSA.


As per the X post, ” This collaboration will support startups and SMEs, driving technological innovation across Saudi Arabia and the MENA region.”

In the X post for Oumla they stated, ” By bringing a secure, locally-hosted blockchain platform closer to home, we’re paving the way for growth and innovation aligned with Saudi Vision 2030. This partnership is part of our larger mission to develop the products the region needs to thrive in Web3 and blockchain technology, preparing the MENA market for a seamless transition into the digital future.
We’re excited to bring this vision to life and drive the next wave of technological transformation!”

Oumla in Saudi, offers an intuitive infrastructure that caters to both businesses and government entities. The platform offers a suite of APIs and SDKs, enabling developers to build applications on top of any blockchain, including Ethereum Virtual Machine (EVM)-based networks, without the need to master complex, low-level blockchain-specific protocols.

As per Oumla, its tools are designed to accelerate time to market, enhance development capabilities, and reduce security concerns, making it easier for developers to focus on innovation rather than the intricacies of blockchain technology.

Oumla recently launched a multichain platform, allowing developers to seamlessly integrate and operate across multiple blockchain infrastructures, further expanding the possibilities for innovative projects and solutions.

Recently Oumla received investment from Saudi based Adaverse, a venture capital fund and Web3 accelerator.

The Blockchain ecosystem is growing in Saudi Arabia. In 2024 Adaverse published its first Web3 ecosystem report for the Kingdom of Saudi Arabia showcasing growth, opportunities, as well as challenges. Since its inception, Adaverse has funded 54+ startups across Asia, the Middle East and Africa.

According to the Adaverse report, Saudi Arabia is well positioned to witness growth in the Web3 ecosystem. One of the main reasons is that is it the largest market in GCC with a youthful and tech savvy population. Already 63% of its 36 million residents are under 30, and 99% of Saudi residents are connected to the internet.

In addition, the ambitious Vision 2030 initiative further strengthens this by fostering a robust tech and innovation ecosystem. Saudi Arabia has also seen growth in funding for startups and Web3 ventures.

In 2024, according to Digital Digest, MENA based startups secured $429 million across 163 deals, with Saudi startups receiving 515 of the funding across 36.2% of the deals.

ADGM regulatory authority releases consultation paper for security tokens, stablecoins and more

ADGM regulatory authority releases consultation paper for security tokens, stablecoins and more

UAE ADGM regulatory authority, the Financial Services Regulatory Authority (FSRA) has published a consultation paper No.10 to propose amendments on various regulations including those related to virtual assets. The amendments discuss, Digital security tokens, commodity tokens, stablecoins, and utility tokens.

As per the announcement, The proposed miscellaneous amendments result from the FSRA’s desire to simplify, clarify and correct certain requirements where appropriate and necessary, but are also in response to the FSRA’s experience of operating such legislation in practice.

The consultation period will close on 10 December 2024.

Digital Securities

In terms of virtual assets under the title “Regulation of Digital security offerings, virtual assets under the FSMR (ICO Guidance) and its Guidance on Regulation of Digital Securities activity in ADGM, it deals with the FSRA’s treatment of virtual assets and the financial activities that can be conducted in relation to them within ADGM.

The FSRA has defined Virtual Assets in the FSMR, as Digital Securities, which means digital or virtual tokens that have features and characteristics of a Security under the FSMR (such as Shares, Debentures and Units in a Collective Investment Fund).

As such all financial services activities in relation to Digital Securities, such as operating primary / secondary markets, dealing / trading / managing investments in or advising on Digital Securities, are subject to the relevant regulatory requirements under the FSMR.

Virtual assets as Commodities

In addition, market intermediaries and market operators dealing or managing investments in Digital Securities need to be licensed / approved by FSRA as FSP holders (including as Multilateral Trading Facilities), Recognised Investment Exchanges or Recognised Clearing Houses, as applicable “Virtual Assets” such as non-fiat virtual currencies, crypto ‘exchange tokens.

The Guidance also discusses virtual assets treated as commodities where only activities in Accepted Virtual Assets will be permitted.

In terms of capital formation activities, they are not within the virtual asset framework offered by FSRA in ADGM. While Derivatives and Collective Investment Funds of Virtual Assets, Digital Securities and Utility Tokens regulated as Specified Investments under the FSMR will need to be licensed by FSRA as FSP holders.

Utility Tokens

When it comes to Utility Tokens, which means tokens that can be redeemed for access to a specific product or service and are not for investment, they are also not regulated.

Stablecoins

Fiat tokens or stablecoins, which are fully backed by underlying fiat currencies which are used as a payments instrument for the purposes of money transmission will be licensed and regulated by the FSRA as providing money services.

The Global Blockchain Show launches 2nd edition in UAE

The Global Blockchain Show launches 2nd edition in UAE

The Global Blockchain Show has launched its second edition, taking place on December 12 and 13, 2024 at the Grand Hyatt Exhibition Centre, Dubai. Organized by web3 and artificial intelligence consulting giant VAP Group, the two-day show will provide an opportunity to network with the top 1% of the web3 community by bringing together founders, solution providers, experts and enthusiasts from around the world under one roof. 

“The Global Blockchain Show is more than just a one-time event. It is designed to be the ultimate blockchain mixer where attendees will go on a continuous journey through the dynamic world of blockchain technology and unwind with the ‘who’s who’ of the industry,” said Vishal Parmar, Founder and Chief Executive Officer of VAP Group.

Speakers such as:

  • Yat Siu – Co-Founder and Chairman, Animoca Brands
  • Dr. Marwan Alzarouni – CEO/CEO AI, Dubai Blockchain Center/Dubai Economy & Tourism
  • H.E. Justin Sun – Founder/Global Advisory Board, TRON/HTX Global Advisory Board
  • Rachel Conlan – Global Chief Marketing Officer, Binance 
  • Mr. Ahmed Bin Sulayem – Executive Chairman and CEO, DMCC
  • Jason Allegrante – Chief Legal and Compliance Officer, Fireblocks
  • Pierre Samaties – Chief Business Officer, DFINITY
  • Marcello Mari – Founder & Chief Executive Officer, SingularityDAO
  • David Palmer – Chief Product Officer, Co-founder, Vodafone
  • Alicia Kao – Managing Director, KuCoin

… and many more will deliver groundbreaking insights and announcements at the highest level. 

Themes including digital currency, blockchain regulations and Web3 gaming will deep-dive into real-life applications, while workshops will provide practical ‘how-to’ frameworks, models, implementation guidance, and success metrics. 

The Global Blockchain Show is the only event that gives you a 360-degree roadmap of how individuals can leverage blockchain technology effectively. And it does not stop there. Monthly virtual roundtable conferences, quarterly reports, private project meetings and much more are set to take place all year round to ensure that the story of blockchain’s impact, innovation and integration is told in its entirety. 

Additionally, the Global Blockchain Show is led by a multidisciplinary advisory board, composed of industry leaders and experts such as Ida Mok, Chief Strategy Officer, W3GG, President, Women in Blockchain Asia; Christian Gleich, International Ambassador, European Blockchain Association; Nena Dokuzov, Coordinator, Strategy of Digital Transformation of Economy, Ministry of the Economy, Tourism, and Sport, Slovenia, among others. The board will regularly meet to discuss key industry developments through the year as well as be the committee steering the discussions that happen live on stage. 

“With a community of over 110,000, the Ultimate Blockchain Season Finale is set to open up opportunities to network with some of the most influential voices in the industry, all gathered together in a common area,” said Vishal Parmar.

So what are you waiting for? Head to: https://www.globalblockchainshow.com/tickets/ and grab your tickets to attend the grand finale of events this year. 

Bahrain Beyon Money partners with Crypto.com for digital payments and AI

Bahrain Beyon Money partners with Crypto.com for digital payments and AI

Bahrain based Beyon Monay, and Crypto.com have partnered to enhance transaction solutions and explore innovative opportunities in digital payments and AI.

As per the press release, the companies will explore collaborations in the transaction and payments sectors, as well as pursue joint innovation in artificial intelligence and open banking.

The partnership will leverage Beyon Money’s role as a financial super-app and payment platform, along with Crypto.com’s established retail products. The aim is to improve the overall experience for customers through enhanced services.

“As we continue to expand our presence in Bahrain, we are excited to investigate ways we can partner with Beyon Money, who are really leading the way in the digital payments space in the Kingdom,” said Eric Anziani, President and COO of Crypto.com.

“Beyon Money has an exciting product structure and reach in Bahrain, with a solid reputation and strong user base and by working together we hope to grow both of our brand’s innovative product range and services we provide to our Bahrain customers.”

“Beyon Money is committed to forging partnerships with leading global players,” states Roberto Mancone, CEO of Beyon Money. “Our collaboration with Crypto.com, which has recently obtained its Payment Service Provider license in Bahrain, will focus on co-marketing and promoting our respective cards. We will also work on integrating our platforms to streamline cryptocurrency purchases on the Crypto.com app, along with other projects that explore innovative technologies creating value through tangible use cases for our clients.

Previously, Crypto.com and Bahrain based BENEFIT, a FinTech and electronic financial transactions services signed an MOU ( Memorandum of Understanding) which aims at discussing combining their expertise and help expand the digital assets and fintech ecosystem in Bahrain including areas such as payment integration and prepaid card capabilities.

In September 2024, Crypto.com received a crypto payment service provider license from the Central Bank of Bahrain allowing it to offer e-money and fiat based payment services regionally, including prepaid cards.

Crypto.com had already received a crypto exchange license from Dubai’s virtual asset regulator in UAE, and considers this license as part of its expansion plans in the GCC region.

UAE licensed crypto exchanges target Institutional Investors with new products and offerings

UAE licensed crypto exchanges target Institutional Investors with new products and offerings

In just 24 hours several crypto exchanges licensed in the UAE have been promoting new offerings and campaigns targeting professional and institutional traders. OKX, Binance, GCEX and Deribit all have come out with announcements on new service offerings for institutional players, and all these crypto exchanges have licenses in the UAE.

OKX, a leading cryptocurrency exchange and global on chain technology company, announced the launch of its ‘Trade Like a Pro’ brand campaign. The campaign celebrates “A New Alternative for the UAE,” marking OKX’s recent milestone of becoming operationally live and licensed in the region as of October 10, 2024.

It is tailored specifically for UAE audiences and presented in both Arabic and English, the campaign provides a unique opportunity for local traders to learn strategies from professional traders in their market and understand why they chose OKX as their preferred trading platform. OKX is the first global crypto company in the UAE to offer AED banking rails for its retail and institutional customers and this campaign further underscores its commitment to the UAE and dedication to fostering the growth of the crypto and Web3 ecosystem in the region.

To celebrate the launch of this campaign in the UAE, OKX is offering eligible customers the chance to receive up to 100 USDT by reaching set trading volumes across spot and futures. Additionally, customers can earn 10 USDT by depositing 50 USDT into their accounts, plus an extra 50 USDT for sharing the campaign on their social media platforms. For more details about the ‘Trade Like a Pro with OKX’ campaign, running from October 29 to November 30, click here.

Even Binance has announced Binance Wealth, a technological solution for wealth managers. As per Binance, Binance Wealth allows wealth managers to oversee the onboarding of their clients and make investment recommendations, allowing their clients to receive strong support during onboarding and thereafter while retaining full discretionary control, akin to traditional wealth management.

Wealth managers must first apply to access Binance Wealth. After being successfully onboarded, they can then help support their clients’ onboarding journey by submitting the necessary KYC/KYB documentation for verification. Onboarded clients can then manage their own investments directly as well as receive recommendations from their

Catherine Chen, Head of Binance VIP & Institutional shared, “As investors worldwide recognize the potential of digital assets, we are responding to wealth managers and their clients asking for a solution to more easily access crypto. Unlocking capital inflow is key to making digital assets mainstream but there has long been a lack of traditional infrastructure for the private wealth segment to gain exposure to crypto. Binance Wealth will reduce the entry barrier for more market participants to access this new asset class and help bridge crypto and traditional finance.”

While GCEX Group, digital asset and foreign exchange solutions, has partnered with RULEMATCH, a leading market operator, to offer its institutional clients access to one of the world’s fastest trading venues for cryptocurrencies.

RULEMATCH is a spot crypto trading venue based in Switzerland, built on institutional grade technology. In addition to unparalleled execution speeds, it offers access to competitive and consistent liquidity from regulated market makers, capital efficient post-trade settlement, and stringent AML/CFT controls.

This latest development from GCEX enables its client base of hedge funds, algorithmic trading firms, brokers and ETF/ETP providers to benefit from binding quotes in an anonymous Central-Limit Order Book (CLOB) and execution times of 25 microseconds. To ensure capital efficiency and minimise settlement risks, multilateral clearing and settlement are fully integrated and handled via GCEX acting as Prime Broker Sponsor.

Lars Holst, CEO, GCEX said, “We are continually looking to push boundaries and extend our offering. Our partnership with RULEMATCH presents a fantastic opportunity for our clients. RULEMATCH is built on state-of-the-art institutional grade technology that offers ultra-low latency trading of cryptocurrencies, with ultra-competitive fees and consistent execution latency down to 25 microseconds. Their offering is very impressive and we share the same ethos in terms of market integrity and professionalism.”

Finally Deribit, a digital assets derivatives exchange, launched its support for hybrid custody solutions that allow for quicker onboarding of third-party custodians and brokerages for capital markets traders. At launch, custody firms set to utilize the hybrid model include Fidelity Digital Assets®, Copper Securities, and Zodia, with others set to be onboarded later this year.

Deribit’s current third-party custodians are fully integrated with the exchange, allowing traders to leverage all of Deribit’s trading capabilities via an API without the funds ever needing to leave their account. However, these integrations take time, making it harder for institutional traders to access the exchange and giving them fewer options for how to secure collateral. The hybrid custody model solves this problem as custodians are able to offer Deribit as a trading venue without needing full integration, giving traders using Fidelity Digital Assets® and others faster access to the Deribit trading platform.

Deribit CEO Luuk Strijers commented on the news, “At Deribit, we are committed to continually innovating and meeting the evolving needs of our institutional members and make it easier for all to access crypto derivatives markets. Throughout 2024, we have continued to focus on our institutional clients to create a fulsome trading experience in the broader finance ecosystem. Supporting a hybrid custody model marks a significant step forward, providing enhanced flexibility for accessing Deribit’s world-class digital asset derivatives trading offerings. By allowing for a hybrid model with these external custody solutions, we empower our clients while maintaining the seamless trading experience Deribit is known for.”

In a hybrid model, Deribit traders leveraging a custodian that isn’t integrated with the exchange will have to store a percentage of assets on the exchange to meet collateral requirements, while the rest will be secured by their custodian of choice. Members will need to deposit 20% of their total assets on Deribit by default, but this number is subject to change depending on trading activity, exposure, risk profiles, and market conditions. Daily settlements of profit and loss occur within the Deribit platform.

As of early 2024, institutional investors and companies have poured billions into the cryptocurrency space. In Q1 2024, over $2.4 billion was invested by venture capital firms in crypto startups. Over 70% of institutional investors are planning to put money in crypto this year.

Institutional investment in the crypto space is surging in the United Arab Emirates. Blockchain data platform Chainalysis found that institutional investments (each exceeding $1 million in value) constituted more than 67% of cryptocurrency transactions in the federation of seven emirates between July 2022 and June 2023. Following these institutional transactions were transfers linked to professional investments, ranging from $10,000 to $1 million, and retail investments made up 4.63% of all transfers in the Emirates, according to a report published on Sept. 26.

RAIN Crypto broker appoints new General Manager for Bahrain

RAIN Crypto broker appoints new General Manager for Bahrain

Rain crypto broker in Bahrain has appointed a new General Manager, replacing Mohamed Ateeq, its previous GM of four years.

In an Instagram post Rain commented, “We would like to announce that after more than 4 years of exceptional service, Mohamed Ateeq will be stepping down as General Manager of Rain Bahrain. Mohamed’s loyalty and leadership were instrumental in helping Rain become the first fully licensed crypto brokerage in the Gulf, setting a foundation for crypto adoption across the region. His deep understanding of the market, dedication to innovation, and commitment to regulatory excellence have been key to Rain’s success in pioneering the industry in the Middle East.”

The new General Manager is Mr. Geoff Stecyk, who has a strong banking background.

Rain notes, “Geoff Stecyk as our new General Manager will guide Rain Bahrain through its next stage of growth and continued market leadership.”

Rain was the first crypto broker to receive a license in Bahrain. In 2023 RAIN Bahrain noted that it had traded $484 million worth of crypto since its inception in 2019 with Ethereum the most traded crypto asset followed by XRP. It also noted that its customer base at the time was 75,000 from Bahrain residents.

In May 2024, in a blog post, RAIN Crypto exchange regulated in both Bahrain and the UAE issued a statement replying to the report by ZachXBT that the exchange had likely been exploited for $14.8 million, addressing the security incident involving the exchange. They noted” We would like our customers to know that the situation has been resolved. We assure you that we have already taken all the necessary steps to address this matter to protect customer funds.”

The crypto exchange was replying to the news circulating that “It appeared the crypto exchange Rain was likely exploited for $14.8M on April 29, 2024 after their BTC, ETH, SOL, and XRP wallets saw suspicious outflows. Funds were quickly transferred to instant exchanges and swapped for BTC and ETH.”

Crypto.com and Bahrain BENEFIT explore digital asset payment integration

Crypto.com and Bahrain BENEFIT explore digital asset payment integration

Crypto.com and Bahrain based BENEFIT, a FinTech and electronic financial transactions services have signed an MOU ( Memorandum of Understanding) which aims at discussing combining their expertise and help expand the digital assets and fintech ecosystem in Bahrain including areas such as payment integration and prepaid card capabilities.

The companies signed an MOU at the Fintech Forward event in Bahrain on October 3, 2024.

“BENEFIT’s innovative work to develop the electronic payments space in Bahrain is impressive and we’re excited at the prospect of partnering with a company that is forward-thinking and eager to support the growth of the digital assets industry,” said Eric Anziani, President and COO of Crypto.com. “Bahrain has created an innovation friendly environment and we’re looking forward to expanding our services here.”

“We are pleased to explore this collaboration with Crypto.com as it aligns with our mission to continuously drive innovation in Bahrain’s financial services sector,” said Abdulwahed AlJanahi, Chief Executive of BENEFIT. “By leveraging our expertise in electronic financial transactions and Crypto.com’s cutting-edge capabilities in the realm of cryptocurrency, we are confident this partnership can bring added value to Bahrain’s evolving fintech landscape and support the growth of digital assets in the Kingdom.”

This comes after Crypto.com Crypto.com, the 13th largest global crypto exchange according to CoinMarketCap, received a crypto payment service provider license from the Central Bank of Bahrain allowing it to offer e-money and fiat based payment services regionally, including prepaid cards.

Dubai’s DEWA digital arm InfraX and Aurum Partners to deploy edge infrastructure

Dubai’s DEWA digital arm InfraX and Aurum Partners to deploy edge infrastructure

Dubai’s DEWA ( Dubai Electricity and Water Authority) digital arm, InfraX, a subsidiary of Digital DEWA, has signed a Memorandum of Understanding (MoU) with Aurum Equity Partners, a California-based Private Equity Firm specializing in Environmental, social, and governance, ESG – First, Digital Infrastructure Asset Class will deploy next-generation edge infrastructure in UAE and MENA to support applications such as AI , connected cars, smart cities, Blockchain based DeFi applications and more.

As per the press release, the partnership addresses the growing need for localized, high-performance AI ready, Edge data center infrastructure in the era of5G and AI, while ensuring environmental responsibility and social impact.

The initiative will support next-generation applications such as Connected Cars, Smart Cities, and Blockchain-based DeFi, which require a new approach to data center design, from far edge to near edge, with emphasis on end-to-end security and energy efficiency.

“By combining InfraX’s expertise in IoT and smart city solutions with Aurum’s proven capabilities in ESG-focused infrastructure development, we’re creating a foundation for sustainable urban digital transformation,” said Rashid Alahmedi, Chief Operating Officer of InfraX. “This partnership will deliver fast, secure, and intelligent services across various sectors, aligning with the region’s digital and sustainability goals.”

Venkat Bussa, CEO & Chairman of Aurum Equity Partners & Founder of Aurum Group, stated, “Our collaboration with InfraX will establish a robust, environmentally responsible edge computing ecosystem. We’re committed to enhancing the speed and reliability of critical services while minimizing environmental impact. This partnership reflects our shared vision for a sustainable, future-ready digital infrastructure in the UAE.”

The MoU outlines a framework for InfraX and Aurum Equity Partners to jointly explore opportunities in deploying green edge computing infrastructure. The focus will be on creating scalable, energy-efficient, and sustainable edge computing solutions that align with the UAE’s vision of becoming a global leader in both digital innovation and environmental stewardship.