UAE licensed Fomo Pay to accelerate stablecoin adoption in MENA

UAE licensed Fomo Pay to accelerate stablecoin adoption in MENA

FOMO Pay, a payment institution headquartered in Singapore, with additional licenses in Hong Kong and the United Arab Emirates (UAE), has joined the Global Dollar Network (GDN), an open, enterprise-driven network designed to accelerate global adoption of stablecoins and will advance stablecoin adoption in MENA ( Middle East North Africa).

As per the press release, FOMO Pay will integrate Global Dollar (USDG), a stablecoin issued by Paxos, into its digital payment infrastructure, enabling near-instant, transparent, and regulated stablecoin payments for merchants and corporates.

The integration of USDG will allow FOMO Pay’s broad merchant base, spanning sectors such as F&B, hospitality, and retail, to accept USDG payments from their end customers seamlessly. This addition enhances consumers’ checkout experience with more flexible payment options, translating digital currency innovation into real-world utility. In parallel, FOMO Pay’s corporate clients will be able to leverage USDG to streamline cross-border payments with greater speed, transparency, and regulatory confidence.

Louis Liu, Founder and CEO of FOMO Pay, said, “The broader adoption of regulated stablecoins marks the next chapter in financial innovation, unlocking new possibilities for faster, more transparent, and compliant payments. USDG is a meaningful step in that direction, and we are pleased to join the Global Dollar Network as one of its first members to advance stablecoin adoption. Backed by FOMO Pay’s strong local banking and payment infrastructure across Southeast Asia, the Greater Bay Area, and the Middle East and North Africa, we stand ready to help shape a more inclusive and interoperable future for digital finance.”

FOMO Pay is dedicated to partnering with industry leaders to deliver faster, more cost-effective, and regulated payment solutions. By enhancing cross-border payments and facilitating real-world use cases for stablecoins, the company continues to drive innovation in digital finance. Through its efforts, FOMO Pay aims to make modern financial instruments more accessible to businesses, ultimately contributing to a more inclusive and interoperable global payments ecosystem.

Du telecom sponsors Crypto Expo 2025 in UAE

Du telecom sponsors Crypto Expo 2025 in UAE

du, a telecom and digital services provider, through du Tech is sponsoring Crypto Expo 2025, cryptocurrency and blockchain event. Set to take place on 21–22 May at Dubai World Trade Centre. At the event, du Tech will showcase its commitment to driving innovation in one of the fastest-growing industries as well as empowering businesses and entrepreneurs with advanced technological solutions in the digital landscape.

Jasim Al Awadi, Chief ICT Officer at du, said, “Blockchain and cryptocurrency are transforming the way industries operate and connect, with Dubai taking the lead as a global hub for innovation in these sectors. With a focus on innovation and customer-centricity, du Tech’s services and solutions are driving the digital transformation across the UAE and beyond. Crypto Expo 2025 provides a platform to foster collaboration, explore new possibilities, and strengthen Dubai’s position as a hub of digital finance. We are thrilled to support this exciting event and contribute to shaping the future of the crypto ecosystem.”

Crypto Expo 2025 promises insightful panel discussions, cutting-edge exhibits, and networking opportunities for attendees eager to discover the latest trends in digital finance. With du Tech as a headline sponsor, the event reflects the synergy between technological innovation and industry expertise.

As the global hub for innovation and technological advancement, Dubai continues to establish itself as a major player in the cryptocurrency and blockchain space. With the UAE’s cryptocurrencies market projected to reach $254.3 million in revenue by 2025, Crypto Expo 2025 is expected to attract a diverse and influential audience, including top leaders from DeFi, blockchain technology, digital assets, and Web3 sectors.

In April 2025, du invested in a $544.54 million hyperscale data center deal with Microsoft who will be its main tenant. The hyperscale datacenter capacity will be delivered in tranches, du said in a statement. Hyperscale centers are large facilities that are mainly used to provide data storage and cloud computing services to businesses at scale.

UAE Phoenix Group mined 350 Bitcoins in Q1 of 2025

UAE Phoenix Group mined 350 Bitcoins in Q1 of 2025

Phoenix Group PLC (ADX: PHX), a global cryptocurrency, blockchain, and digital asset infrastructure company announced its financial and operational results for the first quarter of 2025 and reported a consolidated revenue of $31 million for Q1 2025 mining over 350 Bitcoins in Q1.

Phoenix Group mined over 350 Bitcoins in Q1, which includes 222 Bitcoins that were self-mined. The opening of new facilities in the US and Ethiopia is expected to increase this capacity in Q3 and beyond.

Gross mining margins improved to 30%, up from 24% in Q4 2024, supported by operational efficiencies and energy optimization initiatives. The Company reported gross profit of $6.3 million, while operating expenses totaled $9 million, reflecting increased costs associated with scaling operations globally. The Company also reported an unrealized EBITDA loss in Q1, driven by a decline in digital asset prices and global macroeconomic factors. These assets have already begun to rebound in Q2, and a continued recovery is expected to return these assets to profitability by Q3 2025. its revenue dropped by 54.7% to $31.3 million in Q1 2025, compared to $68.9 million in Q1 2024, according to its financial statements.

The company also announced that it is moving forward with its expansion plans and aims to secure top 5 position in Bitcoin mining and AI Data centers by 2026. Currently it is one of the top 10.


As global demand for power increases, forecasters predict a power shortage by 2027. In response, Phoenix Group continues to acquire more land sites with power contracts, enabling it to enhance its assets and Bitcoin mining capabilities while also integrating and capitalizing on the upcoming demand for AI and data centers by introducing a new business vertical and profit center.

HPC and AI-driven advancement offer Phoenix Group a key diversification avenue beyond crypto mining, with the company strategically positioned to leverage this by dedicating a portion of an existing site in the US for prototype setup and completing a feasibility study. In addition, Phoenix continues to scout for new sites in the US as a priority region for its expansion plans.


Following the end of the quarter, the Group successfully energized its 20 megawatt Texas site, taking Phoenix’s global operational capacity to over 500 megawatts across five countries. The Texas facility, built over 4.3 acres and energized within three months, adds 3,990 hydro-cooled miners contributing approximately 1.2 EH/s to Phoenix’s hash rate.

In addition to the Texas deployment, Phoenix advanced its recent international expansion with growth at its Ethiopian site, where it secured an additional 52 megawatts of mining capacity, to be developed in two phases. Phase 1, which has been energized, will deliver 20 megawatts of capacity and Phase 2 (32 megawatts) remains on track for completion by the end of Q2 2025.

This expansion increases the Company’s total operational capacity in the country to 132 megawatts, setting a new benchmark for sustainable mining in Africa and delivering large-scale operations in energy-rich regions.

Munaf Ali, CEO and Co-Founder of Phoenix Group, commented, “Phoenix Group’s position as a top 10 global Bitcoin miner, underpinned by our strategic site locations in Canada, Ethiopia, Oman, the UAE, and the U.S., provides us inherent resilience to market fluctuations. We are not just weathering the current sector-wide pressures but actively accelerating our expansion. This momentum will carry through 2025 and 2026 as we aggressively build out the capacity needed to meet the inevitable surge in demand for power required by Bitcoin mining and AI data centers. Phoenix Group is strategically poised to be a primary enabler of this digital transformation.”

“The launch of our Texas facility strengthens our operational base in North America while reinforcing our industry-leading mining infrastructure and global diversification strategy. Texas is one of the most mining-friendly jurisdictions in the U.S. and our progress there builds on the operational momentum we’ve delivered recently following our expansion in Ethiopia. We remain committed to scaling efficiently, maintaining cost leadership, generating value and positioning Phoenix to capture opportunities as market dynamics evolve.”


The Company’s mining operations delivered an average of 14.2 EH/s in Q1 2025, maintaining its competitive global share of network hash rate. Mining efficiency improved 17% to 25.4 joules per terahash (J/TH) following the deployment of next-generation miners across key sites in the U.S. and Ethiopia.

Phoenix continues to fund its growth strategy through a disciplined capital allocation approach, supported by liquidity reserves and a strong balance sheet and no expansion debt on its books, enabling the Company to execute growth without compromising financial flexibility.

UAE regulated MANTRA and WIN Investments to tokenize sports

UAE regulated MANTRA and WIN Investments to tokenize sports

UAE regulated tokenization platform MANTRA, the Layer 1 blockchain purpose-built for real-world assets (RWAs), has partnered with WIN Investments, a fintech platform pioneering regulated sports digital assets to tokenize sports assets starting with soccer.

WIN has built an ecosystem that opens the door for fans and investors to participate in the global football transfer market.

Through a regulated framework, WIN issues utility tokens and digital securities linked to real-world assets, including professional players and club rights. The flagship product leverages the FIFA Solidarity Mechanism, a system that rewards youth clubs when players they’ve trained are transferred internationally. This recurring income allows soccer clubs to further develop new talent, and enables investors to participate in future player transfer revenues. WIN is backed by Ripio Ventures and the Werthein Group, the principal stakeholder of DirecTV, Latin America’s largest sports broadcasting company.

“Partnering with MANTRA, a global leader in real-world asset tokenization, regulated by Dubai’s Virtual Assets Regulatory Authority (VARA), is a key milestone in our mission to turn the passion of sports into a new compliant class of Real World Sports Assets,” said Gonzalo Busnadiego, Co-CEO of WIN Investments. “This collaboration brings us closer to a future where fans and investors can connect with clubs and athletes in a more direct, transparent, and meaningful way.”

“FIFA’s 2024 Global Transfer Report details the football transfer market represents $66 billion in locked value, with $8.59 billion spent on transfers in 2024 alone. WIN’s Solidarity Mechanism unlocks 5% of this market—$3.3 billion—by offering access to player transfer revenues. WIN has $7.4 million in assets under management (AUM) from 130 player transfers across 16 partnered clubs, including stars like Alexis Mac Allister and Emiliano Martínez, and expects to exceed $20 million in tokenized assets by year-end.”

MANTRA and WIN Investments will establish a framework for the tokenization of WIN’s existing and future sports-related assets. The two companies will develop and launch fan and investor-facing products within the MANTRA ecosystem.

Future initiatives scheduled for Q4 2025 include; WIN leveraging MANTRA as an infrastructure partner to expand the availability of its compliant sports products onchain with a focus upon transfer tokens. Transfer tokens represent a fraction of the future revenue derived from a player’s next transfer and are tied specifically to the FIFA Solidarity Mechanism.

“This partnership with WIN is a natural extension of MANTRA’s RWA vision of bringing the world’s financial ecosystem on-chain by being the preferred ledger of record for real world assets,” said John Patrick Mullin, CEO of MANTRA. “We see huge potential in combining the passion of sports with regulated, tokenized assets, and we believe Latin America is the perfect place to lead that charge.”

Saudi Digital economy worth $131 billion the largest in MENA

Saudi Digital economy worth $131 billion the largest in MENA

Saudi Arabia stood out as the largest digital economy in the Middle East and North Africa (MENA), having made significant strides in artificial intelligence (AI), data centers, digital government, and human capital development, aligning with the goals of Saudi Vision 2030.

As per aa report by World Telecom and Information Society, Saudi Arabia’s digital economy is valued at over SR495 billion OR $131 Billion, representing 15% of the gross domestic product (GDP).

The telecommunications and information technology market registered record growth of more than SR180 billion or $47 billion in 2024, driven by increased private sector investment and heightened innovation, further reinforcing the Kingdom’s position as the largest technology market in the Middle East.

This reflects a significant shift in the national economic landscape and highlights the Kingdom’s success in accelerating income diversification through a smart economy.

In its pursuit of transitioning to the smart era, the Kingdom has invested over SR55 billion or $14 billion in AI technologies and data centers, establishing itself as a regional hub for future industries. Earlier this year during LEAP Summit KSA attracted $22.4 billion in AI and datacenter investments.

By empowering digital human capabilities, Saudi Arabia has boosted its regional prominence as a major hub for digital talent, generating over 381,000 quality jobs in the technology sector.

In the field of digital governance, Saudi Arabia has made exceptional progress in United Nations indicators, ranking sixth globally in the E-Government Development Index. It also ranked fourth globally in the Digital Services Index, second among G20 countries, and first in the region. In sub-indicators, the Kingdom ranked first globally in digital skills and open digital government, and seventh worldwide in the E-Participation Index.

Ant Digital to tokenize green finance energy assets in UAE

Ant Digital to tokenize green finance energy assets in UAE

Ant Digital Technologies, a blockchain, privacy computing, security technologies, and distributed database company has established its global headquarters in Hong Kong and is expanding its footprint into the UAE. Ant Digital Technologies has selected Dubai as a strategic gateway to unlock opportunities in the Middle East market.

As per the announcement, the strategic move underscores the company’s commitment to global Web3 and Artificial intelligence (AI) development, while recognising the UAE’s rapid embrace of emerging technologies.

Ant Digital seeks not only to tokenize Financial Real World Assets but also energy ones. The company seeks to offer access to green financing. Diverse investors can participate in the transition towards a greener future, fostering a more inclusive and liquid market for sustainable assets. Ant Digital Technologies, has facilitated transactions for 14 million new energy devices on-chain through the tokenization of green energy assets, setting a global standard and exemplifying how green assets can unlock significant investment opportunities.

At a recent event in UAE, Ant Digital Technologies announced the release of Jovay, a Layer 2 blockchain solution tailored for RWA fund transactions, showcasing trusted execution and exceptional performance capabilities with a throughput of 100,000 transactions per second and 100-millisecond on-chain response time. This cutting-edge platform can seamlessly integrate with Layer 1 blockchains, enhancing their performance and scalability. Jovay is set to play a pivotal role in transforming trillions of RWAs into tradable digital assets globally, thereby enhancing global liquidity and streamlining the trading of physical assets on the blockchain.

Zhuoqun Bian, President of Blockchain Business at Ant Digital Technologies, said, “We have been enthusiastic about the transformative power of blockchain technology across the finance industry and beyond. Leveraging years of expertise in blockchain, IoT, and AI research and development, we look forward to collaborating with global partners to unleash the full potential of real-world assets and propel innovation on a global scale.”

Dr. Zhao Wenbiao, CEO of Ant Digital Technologies, shared, “By integrating top-tier blockchain solutions into the energy RWA ecosystems of these regions, we aim to cultivate a ‘dual-hub synergy’ between Hong Kong and Dubai, propelling the global shift towards a digital economy.”

Sharjah Maritime academy launched Blockchain micro credentials

Sharjah Maritime academy launched Blockchain micro credentials

Sharjah Maritime Academy (SMA)has launched a blockchain-based Micro-Credentials through its partnership with EduChain and it has developed an AI-powered smart campus.

SMA has automated 85% of its processes, using AI to create a smart, sustainable, and student-first academic environment. This isn’t a cosmetic shift – it’s systemic. From personalized learning to real-time analytics, SMA is building the digital infrastructure students need to thrive in tomorrow’s world.

SMA is the first maritime institution in the UAE to issue blockchain-based micro-credentials, through a partnership with Educhain. Every certificate, badge, and transcript is now tamper-proof, instantly verifiable, and globally shareable – making SMA students skills-first professionals ready for a tech-driven future.

“This is bigger than maritime,” said chancellor Dr Hashim Al Zaabi. “It’s about redefining education in a world where technology, automation, and sustainability shape every industry. We’re not catching up; we’re setting the pace.”

With digital-first systems, strategic partnerships, and graduates built for what’s next, SMA isn’t waiting for the future of education – it’s delivering it.

Saudi Central Bank invests in MicroStrategy who are Big on Bitcoin

Saudi Central Bank invests in MicroStrategy who are Big on Bitcoin

Saudi Central Bank better known as SAMA in a recent SEC ( Securities and Commodities Exchange) 13F filing has disclosed that it has invested and holds 25,656 shares in MicroStrategy Inc. For those not familiar with MicroStrategy, now known as Strategy, it is an award-winning AI (Artificial Intelligence) and Business Intelligence platform trusted to deliver intelligence everywhere, on any cloud, at enterprise scale.

It is also one of the biggest buyers of Bitcoin. Its strategy has been to issue equity, debt and preferred stock to acquire the digital currency, and it has been on a buying spree. Its Bitcoin holdings have more than doubled since Sept 2024, when it held 252,200 coins. It had about 447,000 coins at the end of 2024. Now, MicroStrategy owns 568,840 bitcoins as of May 12, 2025.

Its CEO Michael Saylor in an interview on Al Arabiya encouraged countries like Saudi Arabia, Qatar, UAE, and Kuwait to purchase Bitcoin as well. In the Al Arabiya English interview with Hadley Gamble, he works to convince the globe on why Bitcoin is the center of the AI economy, and why countries including KSA, Kuwait, Qatar, and UAE as well as the rest of the world should buy Bitcoin. He then states that GCC region with its low taxation, its digital asset regulations, and its trusted banking sector could become the trusted digital asset custodians for the digital economy.

MicroStrategy states the average purchase price as $66,384.56 USD per bitcoin with a total cost of $33.139 billion USD.

Now, Saudi Central Bank, has indirectly become an investor in Bitcoin with its 25,656 Shares in MicroStrategy.

The Saudi Central Bank is not the first with exposure to Bitcoin. Prior to this Mubadala Fund of UAE invested in Bitcoin ETF with BlackRock. More recently Mubadala increased its investment in Black Rock’s Bitcoin ETF. It now holds a $408.5 million stake in IShare Bitcoin Trust (IBIT). While MGX, UAE sovereign Fund and a big investor in AI, recently invested $2 billion into Binance.

Even Bahrain based Al Abraaj Restaurants Group B.S.C. (Ticker: ABRAAJ) (“Company”), a public listed company on the Bahrain Bourse, has announced that it put Bitcoin on its balance sheet. The Group has purchased Bitcoin in partnership with U.S. based 10X Capital, becoming the first publicly traded company in the Kingdom of Bahrain, the Gulf Cooperation Council (“GCC”), and the Middle East to acquire Bitcoin as a treasury asset.

While Saudi Arabia has yet to come out with its crypto regulation, it has been investing heavily in Web3 technologies, including AI, Blockchain and others. Could this be the beginning of an opening up to crypto after the United States seems to have changed its stance on the asset, or just another AI investment? It just might be both!


UAE Sovereign Fund Mubadala increases investment in Bitcoin

UAE Sovereign Fund Mubadala increases investment in Bitcoin

While the rumor mill across the crypto ecosystem over the past days speculated that countries such as Qatar, UAE, and Saudi Arabia were investing in Bitcoin, Mubadala, Abu Dhabi’s sovereign wealth fund, disclosed a $408.5 million stake in IShare Bitcoin Trust (IBIT) in a 13F filing released on My 15th 2025.

The fund reported holding 8,726,972 shares as of March 31, 2025, an increase from 8,235,533 shares reported at the end of 2024. This increased exposure showcases the perception change regarding Bitcoin and crypto in general after President Trump has taken office.

Back at the end of 2024, UAE Mubadala, a sovereign investment fund, revealed in an SEC Filing that in late 2024 it invested $436 million worth in BlackRock’s Ishares Bitcoin Trust ETF. The disclosure was made through a 13F filing with the U.S. Securities and Exchange Commission (SEC).

At the time while Mubadala’s investment in Bitcoin while not directly but through an ETF is a significant departure from the usual investments made by Sovereign funds in the Middle East and GCC region.

The UAE in particular has been showcased as having 30% of its population owning crypto. Prior to this announcement another UAE sovereign wealth fund, through one of its subsidiaries FSI ( FS Innovation) agreed with US based Marathon digital holdings, a digital asset mining company establishing and operating facilities for digital asset mining in Abu Dhabi. The initial phase consisted of two digital asset mining sites comprising 250 MW (megawatts) in Abu Dhabi UAE. Marathon Holdings will own 20% of the joint company in UAE only. The cost of the project being $406 million.

Bahrain Restaurant Group also announced investment in Bitcoin

Bahrain based Al Abraaj Restaurants Group B.S.C. (Ticker: ABRAAJ) (“Company”), a public listed company on the Bahrain Bourse, announced that it has put Bitcoin on its balance sheet. As per the news on Zawya, the Group has purchased Bitcoin in partnership with U.S. based 10X Capital, becoming the first publicly traded company in the Kingdom of Bahrain, the Gulf Cooperation Council (“GCC”), and the Middle East to acquire Bitcoin as a treasury asset.

Al Abraaj has acquired an initial amount of 5 Bitcoin with plans to build on this initial purchase and begin allocating a significant portion of its corporate treasury into Bitcoin.

As per the announcement, Al Abraaj considers Bitcoin to be its reserve treasury asset. Al Abraaj is a profitable company, with 2024 EBITDA of USD $12.5 million.

HODL 2025 ends with a move to KSA in December

HODL 2025 ends with a move to KSA in December

HODL 2025 concluded its highly Dubai edition at Madinat Jumeirah, bringing together a powerful mix of blockchain pioneers, Web3 innovators, DeFi leaders, regulators, and institutional investors from across the globe. The summit, held in alignment with the Dubai FinTech Summit as part of the broader effort to shape the future of finance in the region, reinforced HODL’s position as a leading platform for collaboration and innovation in the decentralized economy.


This edition marked a major milestone in the HODL journey exploring the Future of Decentralized Finance and Web3 in the MENA Region

Over two days, the summit featured 50+ sessions that explored next-generation themes like:
• Blockchain Market Trends 2025
• Innovative Governance for Virtual Assets
• AI x Blockchain: Converging Technologies
• DeFi Evolution and Banking Disruption
• Tokenization of Real-World Assets
• NFTs and the Metaverse Frontier

Attendees included key decision-makers from governments, blockchain networks, crypto exchanges, venture funds, and DAOs, along with founders, CTOs, developers, and asset managers.

“HODL 2025 in Dubai brought together a powerful mix of visionaries shaping the future of digital finance. As we head to Riyadh, we aim to build on this momentum and further accelerate Web3 and blockchain innovation across the region.” Mohammed Saleem, Founder & Chairman of Trescon, the organisers of HODL.

During the Crypto Rulebook: Global Best Practices & Regulatory Measures panel discussion, Dyma Budorin expressed that “We want to have the best ecosystem for entrepreneurs to run their business.”


In the same session, Samir Safar-Aly emphasized that “Regulations need to catch up and work together.”


During the Insuring the Future of Crypto: Bridging Risk & Innovation in the Digital Asset Economy session, Joseph Ziolkowski stated that “Insurance has been a bedrock component of sustainability; it is a $6 trillion market.”

HODL 2025 also hosted high-level networking sessions and investor roundtables, providing a fertile ground for deal-making and strategic partnerships. The event was supported by an impressive roster of sponsors and featured in leading media publications HODL 2025 is proudly supported by leading media outlets, including CNN Business Arabic as the Official Media Partner, Khaleej Times as the Exclusive Media Partner, Entrepreneur Middle East as the Ecosystem Partner, Arabian Business as the Business Media Partner, and ZEX PR Wire as the Digital PR Partner — collectively amplifying its global reach..


HODL 2025 is powered by a strong lineup of sponsors, with Liquid Loans.io as the Platinum Sponsor, Coinvoyage as the After Party Sponsor, Tata Consultancy Services (TCS) and Gofaizen & Sherle as Gold Sponsors, Facephi as the Silver Sponsor, and Skygate Network, FMCPay, Pays Solutions, and PEP as Bronze Sponsors.

HODL 2025 ended with an announcement of HODL Riyadh KSA in December of this year. This comes as Saudi Arabia rapidly emerges as a global tech and finance hub, driven by bold initiatives under Vision 2030, the country is making significant strides in the digital asset and blockchain space. With regulatory clarity evolving and institutional interest accelerating, Riyadh presents a strategic next stop for the HODL platform.

HODL Riyadh will serve as the most important gathering of Web3 leaders, investors, policy-makers, and innovators in the Kingdom – connecting the region’s ambitions with global blockchain ecosystems. This upcoming edition is expected to focus on:
• Regulatory frameworks supporting virtual assets and tokenization
• Institutional DeFi and digital asset adoption
• Public-private collaboration on blockchain infrastructure
• Web3 innovation in financial services, real estate, and logistics