Crypto one of the challenges included in the first UAE government cybersecurity competition at Gitex 2022

Crypto one of the challenges included in the first UAE government cybersecurity competition at Gitex 2022

UAE Cyber Security Council, Abu Dhabi Digital Authority (ADDA), and UAE Department of government support have launched the 1st annual global Capture the Flag (CTF) cybersecurity competition. Crypto is one of the themes included in the competition. 

Established in November 2020, the UAE Cyber Security Council is tasked with developing and overseeing a cyber security strategy for the UAE, and creating a safe and strong cyber infrastructure, while Abu Dhabi Digital Authority was established to enable, support and deliver a digital government that is proactive, personalized, collaborative and secure.

Both have come together with the support of UAE Department of government support to organize the first CTF cybersecurity competition.

The CTF competition will be held at Gitex 2022 which will take place from 10-14 October 2022 at the Dubai International Convention and Exhibition Centre.

The aim of the knowledge based challenge is to create a safer digital world. Challenges fall under several themes including, web exploitation, forensics, reversing, OSINT, IoT hardware, crypto, network, mobile, and Steganography.

Teams of 3 or 5 are considered eligible for the competition. They will need to register their teams. The qualification round which will take place online on 10-Sep-2022, and only five (5) teams from the online qualifier round will be selected for the finals.

The Final round will be held physically and in person at Gitex 2022. Qualified teams must be physically present with their laptops at Gitex Dubai from Oct 10 till Oct 14, 2022 for the final round.  Abu Dhabi Digital Authority will cover all the accommodation and travel expenses and the entry badges for the final CTF round in GITEX.

The winners will be announced at the end of the 5th day, of Gitex 2022, the first 3 teams will receive cash prizes. 1st place winner will receive 35,000 AED, 2nd place will 25,000 AED, and 3rd place will receive 15,000 AED.  

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Kuwait illustrator brings the Kuwait concept of Dewaniya to life in the form of NFTs

Kuwait illustrator brings the Kuwait concept of Dewaniya to life in the form of NFTs

F2o Designs Shop and F2o Studio founded by Kuwaiti national Fatima Fawzi Alothman launches the idea of bringing the GCC Arab cultural element of Dewaniya to the NFT (Non Fungible Token) Web3 world

Fatima, who currently resides in UAE, is a freelance illustrator specializing in character design, children’s books illustration editorial and advertisement illustrations. She also offers traditional animation services. She holds bachelor’s degree in civil engineering from the American University of Sharjah and a Master’s degree in fine arts from the Academy of Art University in San Francisco, USA.

For those unfamiliar with both the Arabic term and the cultural social aspect of Dewaniya here is a small explanation. A  Dewaniya is a place where friends and people from the community gather to discusses ideas and spread messages related to both local and international issues, and even circulate jokes. It’s where voices are heard, echoed, and taken to further places. It is the weight of the people in the Dewaniya that makes the difference in spreading news to the community.

The Dewaniya served an important purpose in the development of Kuwait over the last 250 years by facilitating quick communication and consensus building among other things. There are many type of Dewaniyas that have evolved from the original archetype and they differ only in terms of the groups they serve and the level of formality.

The Dewaniyas are the core of Kuwait’s social, business and political life, the places where topics of interest are discussed, associates introduced, alliances formed, and similar networking activities undertaken. 

Fatima along with Hamad AlSarraf creative Director, and Hala AlAsfour, Marketing and PR strategist have curated a collection of 3000 NFTs called The Dewaniya Dudes. These NFTs will be part of a Dewaniya platform which will mirror the model of the Real Dewaniya utilizing web 3.0.

To join the Dewaniya platform a user has to have a Dewaniya dude NFT. This will offer access to exclusive content and privileges. As per the website the Alpha mint is coming up soon, and is reserved for the whitelisted only.

Increasingly the Arab world is witnessing innovative ways of how artists and youth in the region are utilizing NFTs and Web3 to bring together the traditional social values and community beliefs with digital future. This is yet another example of how NFTs can be utilized while keeping traditions alive.

Crypto ETP issuer sets up MENA base in UAE

Crypto ETP issuer sets up MENA base in UAE

21Shares, one of the largest issuers of cryptocurrency exchange traded products (ETPs), has expanded to the Middle East and hired Sherif El-Haddad, to Head the Middle East office from Dubai UAE.

As per the announcement, Sherif El-Haddad Crypto ETP issuer sets up MENA base in UAE joins 21Shares  in Dubai, where he will lead 21Shares’ market expansion in the region. 

El-Haddad previously served as Head of Asset Management at Al Mal Capital. Before that, he was the Managing Partner of Pearl Capital Management and led the asset management division of EFG Hermes for over 13 years. El-Haddad has extensive experience in the financial services sector across the Middle East and a broad set of capabilities and networks. El-Haddad holds an accounting degree from The American University in Cairo.

“In addition to Switzerland, where 21Shares is based, Dubai is one of the most exciting and favorable locations for crypto and blockchain businesses. As 21Shares embarks on its Middle East expansion, I am proud to be part of this growth journey. ” Sherif El-Haddad commented.

Commenting on the company’s new hires and market expansion, Isabell Moessler, Head of Distribution EMEA at 21Shares said: “We’re so glad to welcome Marina, Oliver and Sherif to our fast-growing team. Their experience will help us gain even more traction in our European core markets and begin our entrance into the Middle East.”

21Shares recently launched its Crypto Winter Suite, a set of products designed to help investors weather the bear market and provide various ways to enter the asset class. Recent product launches in the Crypto Winter Suite include the world’s cheapest Bitcoin ETP (CBTC) as well as two risk-controlled products, the 21Shares S&P Risk Controlled Bitcoin Index ETP (SPBTC) and 21Shares S&P Risk Controlled Ethereum Index ETP (SPETH).

Qatar University joins a handful of global universities in the metaverse

Qatar University joins a handful of global universities in the metaverse

Qatar University has signed an MOU with Metavisionaries, a community of change makers, thought leaders and industry experts who are committed to providing access to the space economy and frontier technologies to build socially inclusive competency and human capacity required to meet immediate and future sustainability challenges.

Metavisionaries is offering MetaEduVersity and space campus the Metaship which utilizes web3 and the metaverse combined with our physical SPACE INNOVATION LABS with our partners ICE Cubes.

Qatar University while espousing to be the first university in the metaverse, will actually be joining 10 other US based universities who will be offering metaverse experience in the fall of 2022. Prior to Qatar University announcement, ten universities are getting set to launch their own metaversities this fall to provide students and professors with a “digital twin” replica campus in which to attend courses, using a Meta Quest 2 virtual reality headset provided through a partnership with VictoryXR and Meta.

The announcement said students at Morehouse College in Georgia, the University of Kansas School of Nursing, New Mexico State University, South Dakota State University, Florida A&M University, West Virginia University, Southwestern Oregon Community College, California State University, Alabama A&M University and University of Maryland Global Campus will be able to use the technology to attend courses synchronously from anywhere.

In addition the University of Tokyo also announced it will be launching a wide range of educational programs in the metaverse in 2022. The international Space University, also entered the metaverse with Metavisionaries in the Metaship for an onsite lecture. 

As for Qatar University, Dr. Omar Al Ansari Vice-President for Academic Affairs at Qatar University, was sent to the International Space Station through Metavisonaries’ partners, ICE Cubes and Malleth II Program in which he stated, “I am proud to be inspiring our next generation with Metavisionaries by bringing space curricula to the masses and providing them with immersive learning experiences to prepare them to create sustainable future and a better world for all.”

During her keynote speech that took place in the metaverse spaceship, Dean Sobh said: “As the National leading university in Qatar and top ranked in the region, we should take the lead in pushing boundaries and keep reinventing our purpose, curricula and pedagogies to remain relevant and prepare our graduate for success in an increasingly turbulent, uncertain and challenging environment. Web 3.0 will play an ever-increasing role in education in the next few decades. When the history of the educational metaverse is written, we would like to be cited as one of the ground-breaking universities.”

She added that the College of Business and Economics is partnering with Metavisionaries, Ice cubes, Space applications and other global partners to launch a Global Space Sustainability challenge that would bring together students from different disciplines and universities around the globe in the aim to come up with innovative solutions that tackle pressing issues related to one or more areas of Sustainable Development Goals.

“We need to reimagine business and should no longer make trade-offs between profit and advancing sustainability. We can achieve synergies between the two and leverage space to help achieve that,” said Dean Sobh.

Wasim Ahmed, CEO for Metavisionaries, said: “The pandemic accelerated the rate of technology adoption in the education sector. Web 3.0 and the Metaverse are paving the way for education to be reimagined. In that sense, the partnership with Qatar University showcases the university’s determination to play a leading role in shaping and enabling the transformation to prepare future generations for the future of work.”

Lebanese media figure embraces crypto, blockchain and the metaverse

Lebanese media figure embraces crypto, blockchain and the metaverse

Well know Lebanese media figure Wissam Breidy embraces crypto and partners with UAE’s Crypto Oasis ecosystem to help educate the region on Blockchain and Web3 which will increase adoption and engagement.

Breidy will use his credibility as a popular and accomplished celebrity to help publicize the inherent potential of these disruptive products. As an Arab cultural icon, Breidy is the new ambassador for blockchain and Web3 for Crypto Oasis, the fastest-growing blockchain ecosystem in the world. As one of the most entertaining Arab TV show hosts in the recent era, Wissam Breidy will bring relevance and relatability as Crypto Oasis looks to scale blockchain and Web3 adoption in the region.

Wissam is very passionate about decentralized technology and is committed to creating awareness within the Arab World. “The Future of the Internet has arrived. Web3, NFTs, and Metaverse are our tools for Universal State Layers with Open Gates. Embrace it –don’t be late!,” Breidy says.

“We are delighted to welcome Wissam Breidy on board as our new strategic partner,” commented Ralf Glabischnig, founder of Crypto Oasis. “With Wissam’s strong industry knowledge and outreach, we expect this partnership to help educate the wider Arab Community on Web3 and blockchain technology and tap into something that hasn’t been explored before. We are also looking forward to working with him as an initiator for arte, and to build meaningful connections, educate and inform the market about the ever-growing and evolving ecosystem.”

As a strategic advisor to Crypto Oasis, Wissam will promote the adoption of blockchain and ease out the complexities of the metaverse to make people more familiar with these seemingly tangled digital landscapes for the Arabic speaking population.

For arte, the Web3 Meta-Community by Crypto Oasis, Wissam will help bring together Web3 communities and individuals worldwide to create an environment that enables individuals in the art, NFT and Metaverse area to engage and interact continuously and effortlessly. arte is a global platform focused on creativity, community-building and entrepreneurship in the Web3 space. It aims to bring changemakers in art and technology to discuss the future of digital assets and the metaverse. arte intends to work on educating the wider public on blockchain technologies and Wissam will be a major contributor in the success of the initiative.

Dhabi Coin now licensed in UAE under DMCC

Dhabi Coin now licensed in UAE under DMCC

DhabiCoin (DBC) has received a license from DMCC ( Dubai Multi Commodities Centre). 

Felipe Leclerc, co-founder, DhabiCoin, said: “DhabiCoin is already launched, people can trade on various exchanges today. However, we are following a launch schedule, where we first release the DhabiCoin Wallet in the coming weeks, then the collections in NFTs with Dubai utilities and soon a marketplace of products and services by the end of the year. With the DMCC license DhabiCoin shows the serious commitment it has to generate security and people to be able to use DhabiCoin on a daily basis.”

Leclerc further added: “With the wave of Web3.0, DhabiCoin is studying to enable the construction of an easy environment for companies to be able to connect in the metaverse, using DhabiCoin as a gateway of payment.” 

Dhabi Coin is a utility token on Binance BEP20 which seeks to create a real utility ecosystem among UAE’s biggest businesses including hotels, dealerships, tourism businesses and others. 

Saudi Aramco invests millions into Blockchain smart contract provider

Saudi Aramco invests millions into Blockchain smart contract provider

For the fourth time since 2019, Saudi Aramco Energy Ventures, a subsidiary of Saudi Aramco has participated in an investment round in Data Gumbo, the blockchain enabled smart contract provider. This time Data Gumbo raised 4 million USD in its Series C round led by Saudi Aramco Ventures and Equinor, Norway’s energy operator.

In 2019, Data Gumbo the Houston based blockchain Technology Company which had developed a Blockchain-as-a-Service (BaaS) platform to streamline smart contracts management for industrial customers, completed a 6 million USD Series A equity funding round co-led by Saudi Aramco Energy Ventures, and Equinor.

Then in 2020, Data Gumbo, closed its Series B funding round of 4 million USD led by new investor L37, a Bay Area and Houston-based venture capital company, with Saudi Aramco Energy Ventures as a participant in the round.

In 2021 once more Data Gumbo closed a Series B funding round totaling 7.7 million USD with follow-on investments led by Equinor Ventures, and Saudi Aramco Energy Ventures.

So far, Saudi Aramco Energy Ventures has been one of the consistent investors in Data Gumbo. So it was no surprise to once again see Saudi Aramco invest in Data Gumbo’s Series C round, and be a lead investor as well. Saudi Aramco given the amount of investments raised to date by Data Gumbo, has definitely invested millions into the startup.

This funding round follows a year of impressive growth for Data Gumbo, which has introduced the first ever Smart Contract Marketplace with forty smart contract templates ready to be deployed for immediate reduction in transactional friction and grown to over 180 enterprises participating in Data Gumbo’s smart contract network.

Data Gumbo also opened its offices in KSA in 2022. At the time Data Gumbo stated that it was establishing a local presence to take advantage of the regional business opportunities ripe for smart contract network adoption.

Commenting on the recent fund raising, William Fox, CEO of Data Gumbo stated, “We have continued to lead the way in the adoption of smart contracts for industrial use. The partnership with Equinor and Saudi Aramco, and their associated supply chains and partnerships, will continue the momentum for the Data Gumbo’s smart contract network.”

By tapping into existing IIoT data sources to trigger confirmation and payment automation of contractual commercial terms, organizations are able to eliminate the time-consuming process of validating invoices and transactions and fully automating the procure-to-pay and order-to-cash processes. 

Data Gumbo plans to expand its reach, helping any organization who captures field data today to streamline their back office processes and realize time and cost savings.

“While we started in energy, we already have value for bulk commodity haulage, trucking and shipping, with plans to parlay our momentum into other global industries,” commented Andrew Bruce, Founder of Data Gumbo. “Wherever two or more organizations share a contractual relationship that can be verified with a digital source of data, opportunities abound to realize efficiencies and cost savings utilizing our blockchain network.”

Frank Andrasco, Senior Investment Director, Saudi Aramco Energy Ventures stated, “Distributed ledger technologies bring win-win efficiencies between industrial companies and their suppliers, and Data Gumbo is at the forefront of introducing this innovation. While they have started in the energy sector, Data Gumbo’s platform has broad industrial applicability.”

To date Saudi Aramco’s Venture arm has participated in all the investment rounds of Data Gumbo, which  has raised a total of close to 21 million USD. One thing known for sure is that Saudi Aramco is backing the Blockchain smart contract service provider, and much more will be seen in the future.

Blockchain entity Belfrics sets up operations in UAE and seeks to trade digital assets

Blockchain provider Belfrics, part of Life Clips Group has set up its operation in the UAE after being admitted to DIFC (Dubai International Financial Centre) under Innovation business category. It is seeking a license for digital assets trading

As per the news, this is part of Belfrics expansion plans into the MENA region especially given that the UAE is at the forefront of blockchain and crypto adoption in the region.

Belfric’s will implement its proprietary blockchain Belrium identity and document management solution. Belfrics will be focusing on deploying decentralized applications for the government and non-government sectors in the health, education and human resource sectors.

Belfrics office is located in the Central Park Towers, one of the most prestigious business towers in the UAE. Belfrics will further proceed to apply for the newly launched ITL (innovation testing license) for digital assets trading by DIFC.

Through this new expansion, Belfrics Technologies Limited will be able to harness opportunities in the Middle East, Africa, and South Asia (MEASA), which comprise 72 countries with an approximate population of 3 billion and a nominal GDP of US$7.7 trillion.

Life Clips CEO, Robert Grinberg, said, “Belfrics’ objective is to support creators and innovators in the crypto and blockchain space, which is in line with Dubai’s recently announced blockchain strategy. The global financial services industry and wider business community’s confidence in the DIFC consistently enable it to facilitate substantial foreign direct investment into Dubai. This has supported Dubai’s top ranking globally in attracting FDI projects in the financial services sector in 2021, and DIFC ranking as the best performing free zone for the last five years. Designating the DIFC as regional hub for Belfrics’ Middle East Operations is a tremendous opportunity for our company.”

Belfrics CEO and Founder, Praveen Kumar, said, “Extending Belfrics Technologies Limited’s operations in the DIFC provides Belfrics an opportunity to set a new standard in the region. Our digital-first, forward-thinking approach has enabled us to implement the dynamic blockchain solutions Belfrics has been developing rapidly over the past decade. Since DIFC is the region’s leading global financial centre, it was a natural choice for us. As the opportunities in the region grow, with DIFC’s support, we look forward to growing with them, while catering to the technological needs of both local and international entities.”

UAE Etihad Airways NFT Collection now on sale

UAE Etihad Airways NFT Collection now on sale

UAE Etihad Airlines has officially announced the release of its first NFT collection for sale under the name “EY-ZERO1”. On the Etihad website the airline announced that its collection is now on sale.

As per the website announcement, “Aviation enthusiasts now have the chance to own digital 3D aircraft models showcasing our ten special liveries across our Dreamliner fleet. Each NFT comes with immediate Etihad Guest Silver status as well as other benefits.”

The announcement goes on to list all the reasons for purchasing Etihad’s NFT collection. First is that the NFTs are a  unique piece of art in limited numbers, purchases will also have immediate Etihad Guest Silver status benefits as well as additional prizes for first time owners.

The EY-ZERO1 sale has started with a limited number of to 2003 collectibles, each NFT is priced at US$349 (+ local sales tax). The sale will close on 18 August 2022 at 2pm UTC with all remaining unsold NFTs eliminated from the collection.

The number 2003 symbolizes the year Etihad airlines was established. The collection features ten highly detailed 3D aircraft models, each one showcasing a unique Etihad Boeing 787 Dreamliner livery, including the Greenliner and the iconic Manchester City-themed aircraft.

By purchasing EY-ZERO1 collectibles, owners will also be directly helping Etihad in its journey to increase its uptake of sustainable aviation fuel. All profits from this collection will go directly to fund the purchase of sustainable aviation fuel in 2022.

The NFT collection has been designed to be as efficient as possible. EY-ZERO1 is set to be minted on the energy-efficient Polygon blockchain. Etihad also partnered with blockchain firm Aerial.is to track the CO2 emissions of the NFTs, and offsetting the entire carbon footprint of the project through Aerial.is.

Dubai Virtual Assets regulator licenses digital asset fund of 1 billion USD

Dubai Virtual Assets regulator licenses digital asset fund of 1 billion USD

VARA has made public all the entities that are currently licensed under its authority. The entities fall under various categories including crypto exchanges, DeFi custodians, DeFi asset managers, DeFi service providers, and DLT platforms.

 As per VARA website in terms of native crypto exchanges, 13 crypto asset exchanges hold licenses. They include both international and regional players such as Binance, BitOasis, ByBit, CoinMENA, CoinMetro, Crypto.com, FTX (fully regulated with MVP license), GCEX Huobi, Midchains, Rain and OKx.

In terms of DeFi custodians, VARA has registered Hex Trust, Komainu, Monstera and ZampFi Labs . Hex Trust as one example is a fully-licensed and insured provider of bank-grade custody for digital assets. Through their proprietary platform Hex Safe™, they deliver custody, DeFi, brokerage, and financing solutions for financial institutions, digital asset organizations, corporate and private clients.

While ZampFi, is founded by: Amit Jain who was previously the Managing Director at Sequoia Capital. ZampFi is a digital banking entity.

VARA is also offering regulated licenses for DeFi asset managers. Names on the roster include Brevan Howard, Fintonia, Galaxy Digital, Nine Blocks and Noia Capital.

Bravan Howard asset management firm on Dubai VARA’s list has recently pulled off the largest crypto hedge fund launch as per the Block media. The firm’s flagship digital assets focused vehicle raised more than $1 billion from institutional investors, according to four sources with knowledge of the matter.

Brevan Howard Digital Asset Multi-Strategy Fund lost a scant 4% to 5% from inception through the end of June 2022, according to the source, even as the one-two punch of the implosion of Terra stablecoin UST and the insolvency of crypto lenders, such as Celsius and Voyager, locked price action and liquidity into respective death spirals.  “Their returns, relative to the market, are unbelievable,” another source adds.

Their strategies, including quantitative trades and relative-value plays, are implemented by teams of portfolio managers structured in so-called “pods” that feature supporting analysts and engineers. The division, additionally, now has more than 20 external blockchain engineers working under full-time retainers.

The global-macro-focused Brevan runs about $23 billion overall across a wide range of asset classes.

Brevan Howard Digital Asset Multi-Strategy Fund remains open to external capital, pursuant to a minimum check of $5 million. Its limited partners include a number of the world’s largest and most sophisticated hedge fund investors, including entities that have historically exclusively backed traditional financiers.

As for Fintonia, its Group founder Adrian Chng stated, “Dubai is making significant strides towards establishing itself as a virtual assets hub and creating a conducive environment for the industry’s growth. The virtual asset licence marks an important milestone in our aspiration to have a presence in every region where there are inn

As for Fintonia, its Group founder Adrian Chng stated, “Dubai is making significant strides towards establishing itself as a virtual assets hub and creating a conducive environment for the industry’s growth. The virtual asset licence marks an important milestone in our aspiration to have a presence in every region where there are innovative Web3 and crypto companies, enabling us to connect and collaborate with members of the crypto native ecosystem and the traditional financial services industry.”

Recently added is Nine Blocks Capital Management which was launched by PwC’s former global crypto head Henri Arslanian. Nine Capital has launched a $75m crypto hedge fund focused on institutional investors with the aim of becoming the world’s leading institutional grade crypto asset management firm as per a statement from the fund on launch.

The new fund is backed by $75m from Hong Kong-based hedge fund Nine Masts Capital Management, with additional investments from other partners.

Noia Capital has also joined the roster and is a Luxembourg based actively managed alternative asset manager pursuing excellence in digital assets and blockchain technology investments. As per the website the company is registered with CSSF and FSMA.

In terms of DeFi service providers the list includes Amber Group, Equiti, ScallopX, and TPS Capital.

VARA has also offered licenses to DLT platforms that include names such as Calvin Cheng Web3.0 Holdings, Mcontent, Polygon, and Woonkly Labs.

Finally in terms of DeFi services VARA has the following registered entities, BRE Holdings, Eros Investments, Hike, and Prypto.

VARA has yet to license NFT marketplace entities, crypto mining entities, and security token platforms.