PWC MENA report features Fils carbon credit tokenization use cases

PWC MENA report features Fils carbon credit tokenization use cases

 UAE based Fils, an enterprise-grade digital infrastructure provider enabling companies to embed sustainability and climate action into their business models, has featured in a new PWC Middle East report on Carbon credit tokenization: Pioneering a sustainable future. 

It has been estimated that the carbon credits market will expand to US$100 billion by 2030, by Morgan Stanley, a global leader in financial services. The PwC Middle East report examines the tokenization of carbon credits and how financial institutions can become game-changing players in leveraging this process to combat climate change.  

The report emphasizes the practical deployment of carbon credit tokenization- as demonstrated by Fils – showcasing how the fintech’s technology is being used by several of its banking clientele.

Since its launch ahead of COP28 last year, Fils has embedded digital tools to businesses across various sectors, enabling them to integrate climate initiatives into their workflows.

A case study featuring in the report reveals that their innovative software has enabled major fintechs, such as Magnati in the UAE and Geidea in the KSA, and banks such as Mashreq, to process payments that automatically offset carbon emissions, simplifying eco-friendly transactions and ensuring business transparency. Fils also uses advanced analytics for carbon emission calculations in corporate spending, offering a clear view of environmental impact. This approach exemplifies Fils’ efficient method to incorporate climate action into business models, contributing to a sustainable future in finance and positioning Fils as a foundational force in building a global community of sustainability-minded businesses.

“We are incredibly proud that Fils’ efforts and achievements in integrating climate action into business models have been recognized and used as a case study in this report.” said Nameer Khan, CEO of Fils. “Since our inception, we have been instrumental in assisting financial institutions to effectively incorporate climate action into their operations. This report not only showcases our technology through our real world case studies but also amplifies our reach, giving us a larger platform to inform others about what we do and expand into new regions. It’s a testament to our continued commitment to sustainability and the growing impact of our solutions on a global scale,” he added.

PwC Middle East’s report talks about the emergence of tokenization, its role in enhancing financial services, how tokenized carbon credits are creating game changing opportunities by building a more transparent, efficient and accessible market for carbon credits, in turn driving growth and therefore supporting the goals of the Paris Agreement to drop emissions by 45% by 2030.

Commenting on the report, Serena Sebastiani, Virtual Assets Consulting Leader at PwC Middle East said, “This report underscores the critical role of informed partnerships in advancing climate action.”

She added, “By merging insights from Fils’ application of technology with our strategic overview, the report aims to educate financial institutions about the benefits of tokenisation applied to carbon credits, driving a shift towards how the world of finance can play a big role in saving our planet, one token at a time. “

Fils has established strategic partnerships with significant financial institutions in the region, including Magnati in the UAE, Geidea in KSA, and Mashreq Bank, enabling millions of merchants worldwide to reduce their environmental impact. 

crypto companies to have streamlined regulatory process in UAE

crypto companies to have streamlined regulatory process in UAE

Nucleus AI (https://besocial.ai), offering advanced artificial intelligence solutions, has partnered with the Dubai Blockchain Center (https://blockchaincenter.ae) to revolutionize how blockchain and crypto companies establish operations in Dubai by streamlining the regulatory processes.

“We are at the cusp of a transformative era where blockchain and artificial intelligence converge to create unprecedented opportunities,” said Dr. Marwan Alzarouni, CEO of Dubai Blockchain Center. “This collaboration marks a significant milestone in harnessing the synergies of these revolutionary technologies to foster an ecosystem that empowers businesses and drives innovation within Area 2071, Dubai, the UAE and beyond.”

At the core of this initiative lies Nucleus AI’s advanced AI platform, which enables enterprises, SMEs, and government entities to transform their existing knowledge bases into intelligent systems capable of understanding and acting upon complex data relationships.

“Our platform allows enterprises to deploy sophisticated AI-driven processes that operate across multiple tiers, drastically improving efficiency and effectiveness,” stated Raakin Iqbal, CEO and Co-founder of Nucleus AI. “We’re fundamentally enhancing how organizations manage and utilize their knowledge assets.”

“Our Pre-AGI technology doesn’t just automate – it innovates, making each regulatory interaction smarter and more effective,” Iqbal explained. “We’re pushing the boundaries of what AI can achieve in streamlining operational landscapes.”

The partnership will enable an AI-driven proof-of-concept that guides blockchain and crypto companies through the entire regulatory journey – from initial inquiry to final licensing – with unprecedented efficiency. Key capabilities include:

– Intelligent Reasoning: Applying complex logic to understand nuanced regulations and processes.

– Dynamic Knowledge Bases: Continuously updated to ensure adherence to the latest policies.

– Autonomous Action Models: Leveraging datasets and reasoning to autonomously navigate processes while ensuring compliance.

– Multilingual Support: Facilitating global adoption with AI-powered support across 25+ languages.

At the core of this initiative is an AI-powered interface that combines conversational AI with action-driven modeling to shepherd companies through every step, from initial inquiry to final licensing. “Nucleus AI’s platform ingests complex knowledge bases and autonomously executes actions based on logical inferencing – making it ideal for streamlining this intricate regulatory journey,” stated Kiran Ali, Co-founder.

“Our partnership with the Dubai Blockchain Center showcases how advanced AI can revolutionize regulatory frameworks through reasoning and autonomous execution,” Iqbal said. “We’re developing systems that deeply understand operational nuances to radically simplify business establishment.”

The Dubai Blockchain Center’s visionary leadership echoes this innovative spirit: “In our pursuit to position Dubai as a beacon for the blockchain sector, we aim to create an environment conducive to growth,” Dr. Alzarouni stated. “Our initiatives make it seamless for blockchain and crypto companies to operate here, fostering an ecosystem where innovation thrives.”

Dyna AI tech company joins Dubai Fintech Summit

Dyna AI tech company joins Dubai Fintech Summit

Dyna.Ai, an artificial intelligence technology service company headquartered in Singapore, has joined the Dubai FinTech Summit, organised by Dubai International Financial Centre (DIFC), the leading global Financial Centre in the MEASA region, as a Powered By sponsor.

Dyna.Ai focuses on leveraging cutting-edge AI techniques to foster business digitalisation and ‘intelligentisation’. The company serves a wide range of institutions including traditional banks, digital banks, FinTech companies, insurance firms, and various other types of organisations. Dyna.Ai will be making its global debut at the Dubai FinTech Summit, and showcasing its innovative AI solutions, especially those designed for the Arabian market.

Tomas Skoumal, Chairman and Co-President of Dyna.Ai, said, “Dyna.Ai is thrilled to be part of the Dubai FinTech Summit, a platform that embodies the fusion of innovation and finance. As an artificial intelligence technology service company, we are committed to improving the efficiency and effectiveness of marketing, customer acquisition, decision making, and risk management for businesses worldwide. With our presence extending across pivotal regions including the Middle East and beyond, we are eager to join forces, innovate, and enact significant transformations in the FinTech arena at this esteemed event.”

In line with the D33 Agenda to position Dubai as the top four global financial hub by 2033, the 2nd edition of the Dubai FinTech Summit is designed to encourage cross-border collaboration and innovation, pivotal to transforming the global FinTech sector. It presents a unique opportunity to explore emerging FinTech trends and their potential to drive financial progress in the MEASA region.

The Dubai FinTech Summit, scheduled for 6-7 May 2024, at Madinat Jumeirah, Dubai, will see an unprecedented gathering of over 8,000 decision-makers, over 300 thought leaders and over 200 exhibitors showcasing cutting-edge technologies.

Pravica launches S3 testnet for CBDCs and stablecoins on sui blockchain

Pravica launches S3 testnet for CBDCs and stablecoins on sui blockchain

Money Tokenization built on blockchain just got an enormous boost with the launch of UAE and Egyptian based Pravica’s S3 (Stablecoin Studio on Sui) testnet during the CV Summit Africa 2024.

Less than two months after publicizing the launch of S3.Money on the Sui Blockchain, The S3 testnet is now up and running, welcoming developers and financial community to start building tokenized money whether CBDCs (Central Bank Digital Currencies) or stablecoins.

According to Pravica blog post, the S3 platform is set to revolutionize the global payment processing landscape by allowing money to be tokenized in a versatile and user-friendly way swiftly and securely. The premise is financial empowerment with blockchain based money tokenization, because the future of money is all about innovation and accessibility.
Mohamed Abdou Founder and CEO of Pravica, explaining the concept states, “With S3, issuing and managing CBDC or stablecoins are a matter of clicks!”


S3 Money is a solution that caters not only to up and coming stablecoin issuers such as central banks, retail banks, and DeFi (Decentralized Finance) projects, but also to existing stablecoin issuers including the creators of Tether (USDT), Circle (USDC) by offering them the ability to simplify, quickly issue, manage and create different treasury layers for their respective stablecoins.

As per Pravica, gone are the days of building and auditing smart contracts, S3’s innovation solution on Sui, bring stablecoins to life through a streamlined process of stablecoin issuance just by defining the parameters.


S3 also helps to maintain the stablecoin ecosystem through S3’s intuitive management dashboard. The dashboard monitors supply and demand in real-time, tracking transactions easily and allowing for adjustments along the way.


Pravica has introduced a feature in S3, called ‘Relations’, which allows clients to establish a secure, multi-layered hierarchy for sub-wallets within a client’s stablecoin ecosystem. Imagine creating permissioned access structures for different user groups, or designating sub-wallets for specific departments within your organization.
The platform enhances treasury command with built-in proof-of-reserve functionality and seamless integration with on-chain oracles. Integrated KYC/AML features prioritize compliance, strengthening due diligence with qualified identity verification services.
All this has been enabled because S3 leverages the secure and blazing-fast Sui blockchain for unparalleled stability and transaction speed.
The one-stop streamlined experience is unparalleled because of the intuitive capable administration with role-based controls, that allow the effortless configuration and management of tokenized money.


As Abdou explains, “Based on the adoption we are already seeing and our deep experience with international payment systems, we are convinced that stablecoins will revolutionize the global payments industry.”

This comes as Pravica has rebranded, revamped and restructured their offering into a more comprehensive blockchain infrastructure solution provider. Pravica is offering solutions for a trustworthy and transformative digital landscape utilizing secure, efficient, and innovative blockchain solutions.

Oman Sovereign fund launches $180 million tech fund with UAE ADQ

Oman Sovereign fund launches $180 million tech fund with UAE ADQ

Oman Investment Authority represented by ITHCA Group which invests in IT sectors such as cybersecurity, blockchain and data analytics has launched a $180 million technology fund, the Jasoor tech Fund, with Abu Dhabi’s ADQ an Abu Dhabi investment and holding company.

The Jasoor tech fund is focused on small to medium sized startups in sectors such as fintech, edtech, healthtech, cleantech, food agriculture and logistics.

This commitment is part of broader framework agreement signed between both parties in 2022.  The Fund aims to bolster the digital economy in the Sultanate as well as the wider MENA region by supporting high-growth technology companies. Its core focus will be on innovative technology companies established in the Sultanate, in addition to technology startups in other countries in the region. It will undertake investments high-growth technology companies at various stages of development that have established business models. 

In 2022, ADQ and OIA identified investment opportunities worth over USD 8 billion in key sectors of Oman’s economy. The partnership aims to contribute to increased economic cooperation and trade between both nations. ADQ has also made investments in blockchain startups.

His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ:stated, “Building on ADQ’s strategic partnership with OIA established in 2022, the launch of Jasoor Fund reinforces our commitment to make investments that unlock the potential of key sectors of the economy, while creating lasting value for stakeholders. Together, we will continue to advance trade and promote investments that will contribute to the growth of both economies.”

His Excellency Abdulsalam Al Murshidi, President of the Oman Investment Authority added, “The establishment of a technology-focused fund with ADQ marks a pivotal moment for Oman’s technology sector. Through this strategic partnership and the significant commitment by ADQ which underpins it, we are setting the stage for a new era of innovation and growth that will propel both nations into a future powered by digital transformation and technological advancement.”

Said Abdullah Al Mandhari, Chief Executive Officer of ITHCA Group also noted, “The establishment of the Jasoor Fund aligns with our venture capital investment strategy, focusing on funding contemporary, emerging and cutting-edge technological projects, while also providing Omani youth with opportunities to develop their ventures and expand globally.

GCEX crypto broker in UK reports lower revenues in 2023

GCEX crypto broker in UK reports lower revenues in 2023

GC Exchange GCEX a licensed crypto broker in Dubai UAE announced that its GCEX’s UK entity a crypto broker has submitted its accounts for y/e 31 December 2023, reporting a turnover of £2.30 million equivalent to $2.8 million. This is a decline in volume from £4.46m ($5.58 million) the previous year.

As per the press release, this is largely attributed to the crypto winter and follows an exceptional growth year for GCEX y/e 2022. However, despite the drop in turnover for y/e 2023, the company has steadily increased revenue on a monthly basis since the beginning of 2023, a trend that has continued into the current year.

The UK entity reported a loss before tax of £387,429 but remained committed to its growth objectives, as evidenced by its ongoing development of technology solutions and the distribution of £1.80m during the year to its parent company, GCEX Holding Limited, aimed at supporting the international expansion of the GCEX Group.

Lars Holst, Founder and CEO, GCEX added, “The crypto winter had a huge impact across the industry, and GCEX was no exception. However, in response to the decline in revenue, we have been resilient and adaptive, navigating our costs effectively and diversifying revenue streams such as introducing staking services for institutional and professional clients.

“We don’t run risk and don’t do lending or borrowing and we continue to have significant excess Tier 1 capital in our UK entity. Following a successful Q1 2024, We are now back to profitability and continue to execute on our long-term plans, investing and expanding in our global business.”

Over the last financial year, GCEX Group, with headquarters in London, has broadened its product offering, enhanced its technology and strengthened partnerships with Tier 1, trusted Liquidity Providers as well as digital asset custody solutions. The Group secured two additional regulatory licenses: an investment firm in Denmark regulated by the Danish Financial Supervisory Authority and a Virtual Asset Service Provider (VASP) license in Dubai, UAE regulated by VARA.

GCEX Group enables institutional and professional clients to access deep liquidity in FX and CFDs on digital assets, as well as digital assets spot trading and conversion, and offers a broad range of Forex brokerage and crypto-native technology solutions – XplorDigital.

Dubai Fintech summit offers a platform for Fintech startups and investors

Dubai Fintech summit offers a platform for Fintech startups and investors

For the second consecutive year, Dubai will remain in the spotlight as it hosts the second edition of Dubai FinTech Summit, under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime
Minister, and Minister of Finance of the UAE and President of DIFC, which is set to take place on 6-7 May at Madinat Jumeirah.


Organized by Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, the Summit will bring together 8,000 decision-makers, over 300 thought leaders and more than 200 exhibitors to discuss the latest innovations and challenges and showcase cutting-edge technologies.


The global FinTech sector is rapidly growing and is predicted to be valued at USD 608bn globally by 2029, according to Mordor Intelligence, a market intelligence and advisory firm. Bucking the downward global market trend, the MENA FinTech market is expected to register a CAGR of over eight per cent during the period 2024 to 2029.


Dubai FinTech Summit will offer a platform for start-ups, investors and industry leaders to connect and capitalize on the growing FinTech market in the region and beyond. The MENA region’s FinTech start-up and venture capital landscape is booming, with over 800 FinTech start- ups worth USD15.5 bn, according to data by dealroom.co. Reflecting the ongoing transformation in the financial sector driven by Innovation, Inclusion, and Impact, the key themes this year will be Finance Renaissance, Ecofinance and Impact, Investment Vanguard, Regulatory Frameworks, Global Financial Dynamics and FinTech 2.0.


Mohammad Alblooshi, CEO at DIFC Innovation Hub, said: “Nearly 60 per cent of all FinTech companies in the GCC are currently based in Dubai. With the industry growing at an unprecedented rate, it is crucial for stakeholders to gather and discuss the challenges and
opportunities that lie ahead. The Dubai FinTech Summit will bring together the most prominent figures in the industry, with an agenda that is aimed at driving innovation, inclusivity, and growth for all.”

With an impressive line-up of distinguished local and international speakers, the Dubai FinTech Summit will host a series of panel discussions and fireside chats. More than 20 governors of financial institutions will attend the summit this year, amongst them, H.E. Essa
Kazim, Governor, DIFC, UAE; H.E. Dr. Philmnisi, Governor, Central Bank of Eswatini; H.E. Cheaserey, Governor National Bank of Cambodia; H.E. Martin Galstyan, Governor, Central Bank of Armenia; H.E. John Rwangombwa, Governor, National Bank of Rwanda; H.E. Prof. Edward Scicluna, Governor, Central Bank of Malta will participate in discussions during the two-day event. Adena T. Friedman, Chair & CEO of Nasdaq Inc; Nic Dreckman, CEO of Bank Julius Baer & Co.; Yie-Hsin Hung, President & CEO of State Street global advisors and Jim Demare,


President global markets at Bank of America, along with many other global industry leaders will also be participating in the various sessions planned for the Summit. Notable local speakers include H.E. Abdullah bin Touq Al Marri, Cabinet Member & UAE Minister of Economy; H.E. Helal Saeed Al Marri, Director General, Department of Economy and Tourism, Dubai; H.E. Salem Humaid Al Marri, Director General, Mohammed Bin Rashid Space Centre, UAE; and H.E. Faisal Belhoul, Vice Chairman of the Dubai Chamber, Chairman of J&F Holding.

A key highlight of the Dubai FinTech Summit will be the Grand Finale of the FinTech World Cup (FWC). The champions of the FinTech World Cup will be announced on Day 2 of the summit with the winners securing an investment of up to USD 1 million. The competition is a growth-enabling initiative by DFS designed to encourage cross-border collaboration and stellar innovation, pivotal to transforming the global FinTech sector.
In line with the D33 Agenda to position Dubai as the top four global financial hub by 2033, the 2nd edition of the Dubai FinTech Summit is designed to encourage cross-border collaboration and innovation, pivotal to transforming the global FinTech sector. It presents a unique opportunity to explore emerging FinTech trends and their potential to drive financial progress in the MEASA
region.
The inaugural Dubai FinTech Summit attracted over 5,000 C-suite leaders from over 90 countries including north of 1,000 investors and more than 150 speakers. Over 20 Memorandum of Understandings were signed with global financial leaders during the Summit.

Hacken signs MOU with UAE ADGM to set new benchmarks for blockchain security

Hacken signs MOU with UAE ADGM to set new benchmarks for blockchain security

Hacken, a blockchain security auditing entity, has signed a Memorandum of Agreement with UAE’s Abu Dhabi Global Market (ADGM), to set new benchmarks for blockchain security and compliance.

As per the press release, this strategic partnership reflects a unique synergy between a regulatory body and a security auditor aimed at establishing a world-leading security assessment standard in the blockchain industry.

Under the MoU, ADGM’s Registration Authority (RA) will collaborate with Hacken on developing security standards and on-chain monitoring solutions in relation to ADGM’s DLT Foundations framework, positioning both organisations at the forefront of fostering a secure blockchain ecosystem. This collaboration not only highlights ADGM’s role in innovating regulatory frameworks but also Hacken’s commitment to advancing blockchain security globally.

Highlights of the MoU include collaboration in the following areas:

  • Security and Compliance Standards Development.
  • Advanced DLT Foundation Monitoring Arrangements
  • Development of AI-Enhanced Monitoring Solutions

“At ADGM, we are committed to setting unprecedented global standards in regulatory compliance and security by harnessing the transformative power of blockchain and AI. Our partnership with Hacken exemplifies our innovative drive and dedication to excellence. By integrating AI-driven technologies, we are pioneering a model of regulatory excellence that enhances transparency, security, and trust across the digital landscape. This represents the next frontier in SupTech, and take pride in spearheading this evolution,” said Hamad Sayah Al Mazrouei, CEO of ADGM RA.

Dyma Budorin, Co-Founder and CEO of Hacken emphasized the significance of the collaboration stating, “We are incredibly grateful for the opportunity to support ADGM in this pioneering venture. Our experience in working with public sectors, such as our audits for the European Blockchain Services Infrastructure and our cooperation with government entities, provides a solid foundation for this partnership. Together, we are setting a new global standard for blockchain security and compliance.”

Lebanese DigiWeb introduces AI and Blockchain in real-state sector

Lebanese DigiWeb introduces AI and Blockchain in real-state sector

The real estate industry globally and in the region is undergoing a transformation. Once known for its intense paper trails and reliance on human interactions, real estate sector transforming with the use of AI and Blockchain technology.


Beirut based DigiWeb, a tech marketing firm, which had previously worked with multinational leading real estate developers and agents is implementing an innovative solution that utilizes both AI and Blockchain.


Built on the Polygon Blockchain, the solution will replace outdated real-estate sale processes that not only take a lot of time, effort, and information queries with a more streamlined and transparent process.


Previously DigiWeb using a CRM (Customer Relationship Management) system was able to connect credit solvable buyers with real estate developers in minutes.


Yet DigiWeb founder noticed that although digital marketing entities such as their own, could carry out large scale data mining campaigns for their clients, and analyze them, the data at one time or another becomes obsolete as new cities arise, client taste change and technology evolves.


Fady El Sayah, Founder and CEO of DigiWeb explained, “Years ago we developed a solution for a real estate developer utilized at one of their sales events. Potential buyers registered their pre interest, the information was then shared with credit entities who either considered them as solvable or not.


These buyers would then talk to a sales team, once the buyer committed, they had to pay a down payment of booking fee”
He adds “At the event there were stands for banks, the bank would then process the booking fee, and the information would then be sent to the legal department of the real estate developer where a contract was set up.”


While this process managed through a CRM allowed the real estate developer sell 90 apartments and 100 offices in just four hours, DigiWeb is now ready to take this a step further utilizing Blockchain and AI.


At present instead of a real estate sales event, there will be a virtual room. A potential buyer from anywhere in the world can access the digital meeting room, interact with EDA an AI AVR and visit each floor and each apartment in a complex checking out the interior and exterior as they move along using their joystick.


Al Sayah explains, “If a potential buyer would like to change the internal set up of an apartment, the AI can do so. In addition, the AI can place an order and the buyer can use their crypto or digital assets wallet to pay.”
AVR Chatbots powered by AI can answer basic questions 24/7, freeing up human agents for more complex interactions. The entire sales process from viewing up to purchasing will be done utilizing blockchain.


Al Sayah notes that this doesn’t just fall into the real-estate sector. He has already prepared a demo for the biggest distributor of home appliances in Ghana. As such DigiWeb wants to incorporate AI and Blockchain not only in real-estate but also shopping
malls and retail sector.
In conclusion while some believe that Blockchain for the real-estate sector is centered on tokenization of assets, it can also be utilized in the manual processes by streamlining it with automation.


Today it is data that helps realtors assess potential clients as well as help clients to make more informed decisions note solely based on gut feeling. The future is in AI algorithms that can analyze user preferences and suggest properties that perfectly match their needs.

Companies like DigiWeb are continuing to evolve. In the past DigiWeb has designed and developed virtual tours, created automated sales solutions for multimillion-dollar real estate projects, and executed multi-million real estate marketing campaigns.

As Al Sayah notes, “Our approach has always been holistic, integrating technology with marketing strategies to deliver exceptional results. Today utilizing AI and Blockchain we can ensure better services such as dynamic pricing, and better customer interfaces.”

UAE Blockchain Phoenix Group to boost liquidity with BHM Capital

UAE Blockchain Phoenix Group to boost liquidity with BHM Capital

UAE Phoenix Group PLC, the GCC region’s first listed blockchain and tech conglomerate has partnered with BHM Capital, a liquidity provider tol boost liquidity for Phoenix shares on the Abu Dhabi Securities Exchange (ADX). As per the press release this will enhance trading volumes and bolstering investor trust.

Phoenix Group’s partnership with BHM Capital which serves as liquidity provider to Phoenix Group’s shares (PHX) reinforces its commitment to optimizing share trading on the ADX. This strategic alliance not only aims to increase trading volumes and stabilize prices but also enhances investor value. 

As a liquidity provider, BHM Capital plays a crucial dual role, strengthening market stability and improving the order book. The commitment to providing liquidity for Phoenix Group’s shares is designed to ensure more consistent pricing and increase overall trading liquidity on the ADX, making transactions smoother across various price levels.

Seyed Mohammad Alizadehfard, Co-Founder and Group CEO of Phoenix Group, commented, “Our partnership with BHM Capital represents a crucial step in strengthening the liquidity and stability of our shares on the ADX. It does not only enhance our market position but also provides our investors with more robust trading options. We are fully committed to leveraging this collaboration to deliver substantial value to our shareholders.” 

Abdel Hadi Al Sa’di, the CEO of BHM Capital, added “This move will enhance the company’s position in the Abu Dhabi Securities Exchange, stabilize the price movements of its traded shares, and enable investors to diversify their investment portfolios, taking advantage of opportunities in financial markets.”

Phoenix Group expects that the partnership with BHM Capital will significantly drive up trading activity and elevate demand for its shares on the ADX, fostering a more vibrant market presence. With a specific focus on boosting trading volume and the value of PHX shares, Phoenix Group is confident that this engagement will have a positive impact on the company’s performance in the coming months. 

Recently Phoenix Group paid $2.5 million for a 12.5% stake in Rekt Web3 gaming company, among other investments the group has made in the past few months.