Circle of Games has launched in MENA out of UAE

Circle of Games has launched in MENA out of UAE

Circle of Games (COG), the blockchain enabled Web3 global multi-gaming platform backed by Nazara, has launched in the MENA region at the renowned Global Game Show held at the Grand Hyatt Exhibition Centre in Dubai.

The launch event drew an audience of industry pioneers, gamers, and Web3 enthusiasts, with Yat Siu, Chairman of Animoca Brands, as the distinguished chief guest. His keynote address celebrated COG’s innovative integration of casual gaming with blockchain technology, positioning it as a leader in the Web3 gaming ecosystem.

The event highlighted COG’s robust portfolio of games, including globally popular titles like Ludo, Fruit Slash, Bubble Shooter, Chess, and 8-Ball Pool. With six games already live and an ambitious roadmap to surpass ten titles by Q1 2025, COG is set to become the preferred destination for casual gamers worldwide.

The launch underscored COG’s strategic collaborations with key global corporations and leading strategic partners. These alliances offer access to over 500 million users across 50+ countries, strengthening the company’s competitive edge. By drawing users from an established ecosystem, COG is accelerating its growth and establishing a foundation for long-term success.

Attendees witnessed live demonstrations of COG’s state-of-the-art features, including seamless user experiences, multi-chain integrations, and engaging game mechanics. With over 500,000 registered users so far and ambitious goals to reach 25 million users by the end of 2025 and 100 million users by the end of 2027 worldwide, COG is reshaping the future of casual gaming in the Web3 era.

“Today marks a significant milestone for Circle of Games as we expand into the MENA region. With our robust ecosystem, strategic partnerships, and an experienced team, we are committed to delivering an unparalleled gaming experience for users worldwide,” said Rabilal Thapa, CEO/Co-Founder of Circle of Games, during the event.

Circle of Games, funded by Nazara, has outlined an ambitious regional expansion strategy, with launches slated for the UAE in Q4 2024, followed by Saudi Arabia, Kuwait, and Bahrain in Q1 2025, and Turkey, Egypt, and Morocco in Q2 2025. With projections to achieve 7.5 million users by 2025, 18 million by 2026, and 25 million by 2027, COG is poised to dominate the Web3 gaming landscape in the region.

Circle of Games receives investments from THA and Nazara

In April of 2024, Circle of Games (COG), raised $1 million in equity funding from strategic investors Nazara Technologies FZ LLC, (a wholly-owned subsidiary of the Nazara Technologies Limited) and The Hashgraph Association, the Swiss-based organization at the forefront of global digital enablement for Hedera.

At the time, COG noted that it intended to use this funding to fast-track its go-to-market strategy, improve platform capabilities, and widen its international presence in the US, EU, Middle East, Africa, and Asia in 2024.

COG has implemented multi-chain technology, with Hedera being the primary mainnet where the majority of on-chain transactions occur, and is empowering players with full ownership and control over their in-game assets and tokens.

Gaming in MENA region

Gaming in the MENA region and especially in the UAE has become a big market. According to recent reports, the gaming market value in the MENA region is expected to reach $10 billion by 2027. This surge is driven by the growing number of gamers and the rising popularity of mobile games.

Saudi Arabia is more than just participating in the global gaming arena. As the 19th largest gaming market in the world, with 89% of its population engaged in gaming, including 42% women and 45% aged 21-35—the kingdom is redefining what it means to be a player in this dominating entertainment frontier.

Aligned with Vision 2030, Saudi Arabia aims to develop 30 competitive games and establish itself as a global gaming hub by 2030. The kingdom is backing this ambition with a bold $38 billion investment from the Public Investment Fund (PIF)’s Savvy Games Group, which is focused on acquiring publishers and nurturing local talent.

UAE is also becoming a fast mover by embracing the developing blockchain gaming sector. After a brief period of decline due to innovative and regulatory challenges, Web3 gaming has seen a revival in user engagement this year. In the third quarter, the sector reached 4.4 million daily active wallets. In the same period, blockchain games attracted more than $110 million in funding.

The UAE has positioned itself as a global leader in driving the blockchain gaming sector. Proactive policies and strategic investments are transforming the country into a central hub for Web3 gaming projects. The sector is expected to hit $1 billion in the UAE alone by 2025.

Recently The Beam Foundation launched Beam Ventures in Abu Dhabi, the first venture fund focused exclusively on Web3 gaming from ADGM. The $150 million gaming fund aims to accelerate promising founders and contribute to Abu Dhabi’s transformation into a global gaming hub.

Global Blockchain show is covering Web3, Crypto mining, and AI in UAE

Global Blockchain show is covering Web3, Crypto mining, and AI in UAE

Join the Global Blockchain Show: The Ultimate Blockchain Season Finale!

Welcome to the Global Blockchain Show, the Web3 Founders’ Festival set to unite industry leaders, developers, and blockchain enthusiasts from around the world. Taking place in the vibrant city of Dubai on 12-13 December 2024, this event will immerse you in the future of blockchain with 16 hours of unplugged networking, discussions, and collaboration with Web3’s top 1%.

This year’s show is more than just a conference – it’s a festival including the best minds in Web3. With 3000+ Web3 Founders, 75+ industry icons, 200+ startups, and 100+ of the most sought-after investors, you’ll be part of something truly exceptional.

Our agenda covers a wide range of trending topics across various verticals, including:

  • Web3 Gaming: Explore the future of gaming in the decentralized web.
  • Digital Currency: Understand the evolving landscape of digital financial systems.
  • Blockchain Regulations: Gain insights into the regulatory frameworks shaping the blockchain industry.
  • Crypto Mining & Trading: Learn from experts about the latest strategies and technologies in cryptocurrency mining and trading.
  • Web3 Security: Discover cutting-edge security measures to protect decentralized applications and platforms.
  • Integration of AI & Blockchain: Examine how artificial intelligence and blockchain are converging to create innovative solutions.
  • Crypto Collectibles: Dive into the world of NFTs and other digital collectibles.

The Global Blockchain Show provides an unparalleled opportunity to network in an unhinged, informal setting with top professionals from sectors such as startups, corporations, solution providers, and investors.

Event Highlights:

  • Meet the top 1% in Web3 during a 16-hour mixer
  • 200+ of the top 1% Web3 Startups showcasing their innovations
  • 100+ of the most influential Web3 investors ready to connect, and with buying intent

Top Speakers Include:

  • Yat Siu: Co-Founder and Chairman, Animoca Brands
  • Rachel Conlan: Global Chief Marketing Officer, Binance
  • H.E. Justin Sun: Founder of TRON, Member of the HTX Global Advisory Board
  • Marcello Mari: CEO & Founder of SingularityDAO
  • Alicia Kao: Managing Director, Kucoin
  • David Palmer: Chief Product Officer, Co-founder, Vodafone
  • Vivien Lin: Head of BingX Labs, BingX
  • Jason Allegrante: Chief Legal & Compliance Officer, Fireblocks
  • Dr. Sameer Al Ansari: CEO, RAK DAO
  • Pierre Samaties: Chief Business Officer, DFINITY
  • Alex Fazel: Chief Partnership Officer, Swissborg

To View the Full List of Speakers – Click Here

Who Should Attend? 

Whether you’re an entrepreneur, investor, developer, researcher, or simply passionate about Web3, this event is for you. If you’re looking to explore opportunities, gain cutting-edge insights, or connect with like-minded individuals shaping the future of blockchain, the Global Blockchain Show in Dubai is the place to be.

Don’t miss the chance to be part of this revolutionary event.

For more information and to secure your ticket, visit: https://www.globalblockchainshow.com/tickets/

ABO Digital invests $5 million in UAE Blockchain enabled Binary Holdings

ABO Digital invests $5 million in UAE Blockchain enabled Binary Holdings

ABO Digital, a digital asset investment firm has invested $5 million in UAE based The Binary Holdings, a UAE-based technology powerhouse valued at $16.9 billion.

As per the release, this investment will power The Binary Holdings to accelerate its mission of transforming the global digital economy. With a robust user base of 169 million across multiple verticals, The Binary Holdings is reshaping how businesses, consumers, and investors interact in the digital landscape, and is targeting one billion users by 2025.

The company seeks with this investment to drive the expansion of a decentralized open network that seamlessly integrates with Web2 infrastructure while unlocking the full potential of Web3, empowering businesses and users to benefit from digital services such as cross border payments, gaming, digital social and other compelling services.

The Binary Holdings has contracts with seven leading telcos and a growing network of non-telco partners. At the center of the Decentralized Open Network for Distribution and Commerce is The Binary Network, where users, businesses, and service providers can seamlessly connect and transact across borders.

By using BNRY, the network’s single digital currency, The Binary Network is redefining the way value flows between participants, ensuring that payments are frictionless and accessible to users worldwide. This bold vision of using a single digital currency across its vast ecosystem enables true interoperability and cross-pollination amongst its diverse range of partners in both the telco and non-telco sectors, allowing for commerce to flow in a way that was previously unimaginable, eliminating the barriers between platforms and national borders.

The platform’s ability to facilitate seamless transactions and interactions across multiple industries has already garnered attention from some of the world’s largest companies. With contracts signed with seven major telcos, The Binary Holdings is on track to reach 1 billion users by December 2025, becoming a true global player in the decentralized economy.

In Q2 2025, The Binary Holdings will launch Millenia, a digital bank aimed at simplifying cross-border payments and remittances for users within The Binary Network. Designed to empower seamless transactions for individuals and businesses, Millenia will offer a low-cost, fast, and transparent service powered by the secure decentralised and interoperable infrastructure of The Binary Network, with BNRY as the primary transaction digital currency.

The Binary Holdings’ blockchain infrastructure is gaining strong traction among dApp developers. Through partnerships with over seven Layer 1 and Layer 2 blockchain networks, The Binary Holdings has created unique bridges which provide dApps immediate access to Binary’s expanding user base of 169 million, projected to reach one billion by 2025, creating unmatched engagement and utility.

“The Binary Holdings is at the forefront of creating a new global standard for digital distribution and commerce,” said Siddharth Sahi, CBO, The Binary Holdings. “With the launch of the Binary Digital Bank, support from ABO Digital, and an expanding network of partners, we’re excited to continue pushing boundaries and bringing innovative solutions to our global community.

A Tech Powerhouse in Southeast Asia and the Middle East and a Global Leader in the Digital Economy through Mass Adoption

The Binary Holdings is rapidly establishing itself as one of the region’s most valuable and innovative tech companies, with a valuation of $16.9 billion. With strong partnerships, an expanding user base, and a commitment to essential infrastructure, The Binary Holdings is on track to become a global digital economy leader. Its blockchain technology drives innovation in decentralized finance (DeFi), NFTs, gaming, and digital commerce at scale, building a robust ecosystem that redefines business, payments, and global interactions.

“We are excited to collaborate with The Binary Holdings at such a pivotal time in the evolution of the digital economy” said Talal Samy, Investment Associate at ABO Digital. “The company’s ability to innovate, scale, and bring real-world solutions to a global audience is unmatched. Their groundbreaking work in creating seamless global interoperability and fostering mass adoption of decentralised technologies aligns perfectly with our mission, and we are proud to support them as they continue to shape the future of Web3.”

UAE Shorooq offers $8 million to startups at 1 Billion Followers Summit

UAE Shorooq offers $8 million to startups at 1 Billion Followers Summit

The 1 Billion Followers Summit, the world’s first and largest content-focused event, has partnered with UAE Shorooq a venture capitalist firm to contributed 30 million AED ($8 million) to the AED 50 million equivalent to $13.6 million in funding for the groundbreaking 1 Billion Pitches competition.

This unique competition offers startups and individuals with innovative content-focused ideas the opportunity to pitch to a panel of leading investors and companies, securing potential funding and support.

Shorooq, a leading alternative investment firm based in Abu Dhabi and regulated by the FSRA, will contribute AED 30 million ($8 million) in funding and direct investments, while the 1 Billion Followers Summit will contribute AED 20 million.

Twenty-five startups and individuals have been shortlisted for the competition’s pre-final round. Ten finalists will then compete for first and second place, receiving funding and support for their winning ideas.

The winners will be announced on the closing day of the 1 Billion Followers Summit’s third edition, hosted by the New Media Academy in Dubai from 11th to 13th January, under the theme “Content for Good.”

A jury of experts, prominent investors, and companies selected the top 25 applications based on criteria including feasibility, pitch quality, market potential, creativity, scalability, potential social and economic impact, and leadership capabilities.

Shorooq’s contribution will support participating startups and individuals who made it to the finals of the 1 Billion Pitches competition. This contribution comprises two components: direct investment and funding through in-kind services. The majority of this contribution will be allocated as direct investment in one or more finalists, depending on Shorooq’s due diligence.

In-kind services will cover essential technical resources that will add value to the winning projects, such as cloud credits.

Mahmoud Adi, Founding Partner, Shorooq, said, “We are honoured to partner with the 1 Billion Followers Summit, the world’s largest event of its kind, known for its contribution to fostering a supportive ecosystem for creative industries. We are confident this partnership will deliver funding and investment solutions that empower content creators and enhance their capabilities.”

He added, “Our collaboration with the 1 Billion Pitches competition demonstrates our commitment to driving innovation in the technology, digital, and entertainment content industries. By providing financial support to startups and individuals, we aim to foster the creation of impactful content that benefits communities.”

Alia AlHammadi, CEO of the New Media Academy, said, “The third edition of the 1 Billion Followers Summit will attract numerous creatives seeking funding and investment to transform their ideas into businesses. Our partnership with Shorooq underscores our commitment to fostering knowledge and advancing the Summit’s goals. We aim to promote the role of digital content and new media, transforming impactful content creation and the use of social media tools.”

“The 1 Billion Pitches competition aims to support creatives, startups, and content creators, motivating them to develop innovative ideas that will transform the content industry and drive the knowledge-based economy,” she added.

With a focus on fintech, software, deep tech and platforms, Shorooq’s portfolio boasts over 80 companies across 11 countries, generating over US $500 million in revenue. Some notable examples include Pure Harvest, a sustainable agriculture company growing fresh produce year-round in the Middle East; Tamara, a Buy-Now-Pay-Later platform operating in Saudi Arabia; TruKKer, a tech-driven logistics solutions provider in the Middle East; Lendo, a P2P SME lending platform for SME companies in Saudi Arabia; Mozn, an AI-powered financial solutions provider; NymCard, a digital issuer processor in the payment solutions space; Sarwa, a wealth management and trading platform; Breadfast, an online grocery platform and Prypco, a real estate ecosystem simplifying property transactions.

Projects submitted to the 1 Billion Pitches competition primarily focused on education, advanced technology and innovation, women’s empowerment, creativity, community development, literature, entrepreneurship, healthcare, social media, and creative content.

Shortlisted applicants include Bump (USA), a fintech platform empowering creators to build wealth through enterprise partnerships and creator collaboration; Atlaseek (UAE), a platform connecting travel creators, unique destinations, and travelers; Trugetherness (Singapore), a tech platform leveraging creative content to empower social causes and drive sustainable impact through collaboration between individuals, creators, and brands; Ad-Shield (South Korea), a next-generation solution helping publishers recover revenue lost to ad blockers; and SoSquared (UK): A data-driven marketplace streamlining influencer and content marketing campaigns for businesses, maximising ROI.

The list of top projects selected for the next round includes the Arabic Archive Project (Egypt), aiming to digitise millions of historical press clippings to expand access to Arabic content on local and international issues; Hubee (Brazil), a design subscription platform providing growing brands and content creators with on-demand access to personalized design services and talent; PenSell (UAE), a platform revolutionizing content creation through AI-driven talent matching, blockchain-secured intellectual property, and streamlined collaboration tools and Division (UAE), which connects brands with gamers and streamers through targeted branding streams, in-game advertising, and immersive experiences.

Other shortlisted projects include HelloCreator (USA), an AI-powered SaaS platform providing creators with personalized insights and practical guidance; Eugenius (South Korea), which aims to produce TV shows including a documentary, a variety show, TV series remakes, and K-Pop music academy; Halo AI (UAE), a platform leveraging AI to connect brands with ideal creators for collaborations, streamlining the influencer marketing process; and EPL World (UAE), a platform connecting Arab fans with English Premier League content and marketing opportunities

The list also includes Shooty (UAE), an e-commerce and creative SaaS platform streamlining product cataloging, social media content creation, and delivery through cloud-based software; Ta Marboota (UAE), podcast and media platform aiming to create a safe and supporting network for Arab women; Unreel Network (UK), a collaborative collective of social media channels and creators promoting positive change through action sports and adventure travel; Voral Media (UAE), a platform empowering creators to produce authentic video reviews, fostering trust between brands and audiences; Lobster Money (UK), a fintech platform providing financial tools and credit solutions for the creator economy; Livelogue (UK), a platform accelerating the creator economy in the MEA region by offering streamlined monetization, instant cart and payment solutions; Verix (India), a blockchain and AI-powered platform for authentication and verification in the age of AI and ReadCoin (UAE), platform tokenizing literary content via blockchain, empowering readers, authors and creators of written content.

Other startups that made it to the next round include The Middle Frame (Jordan), building the first Arab image generator; Majarah (UAE), which is a dynamic startup in the media industry, specializing in content creation, production, and social media management; Stashem (USA), a trading app designed for influencers who can convert their influence into tradable shares and Tubelator (Pakistan), a Chrome extension designed specifically for YouTube, allowing users various features including converting videos to text, adding dubs and AI-created summaries.

DMCC and Bybit announce 5 blockchain startup winners for Web3 hackathon

DMCC and Bybit announce 5 blockchain startup winners for Web3 hackathon

DMCC, the Dubai Multi Commodities Center and the global crypto exchange Bybit, concluded their second edition of the Middle East’s largest Web3 hackathon focused on pioneering the latest innovations in Web3 with five winning blockchain startups.

With an increased prize pool of USD 160,000, the event saw 15 of the world’s most innovative Web3 startups compete to develop creative technical solutions to a range of challenges at the cutting edge of the sector including tokenisation, AI, Web3 infrastructure, zero-knowledge protocols, digital identity and DePIN (decentralised physical infrastructure networks).

The 15 projects were carefully curated to promote real-world industry solutions, encouraging tangible, practical applications that create meaningful impact. Judges evaluated each project based on creativity, technical implementation, practicality, business potential and impact, focusing on how effectively each project addressed genuine challenges.

The five startup winners included, KelpMe, Trepa, Mavryk Network, Hive and Poppin.

  1. KelpMe – KELP (Key-Loss Protection) is a blockchain-based solution designed to address the loss of private keys and misdirected transactions, which can lead to permanent asset loss. It offers a fully reactive recovery mechanism, allowing users to reclaim assets even after key loss, without needing preemptive backup measures. (USA, UAE, Greece)
  2. Trepa – Trepa is a Telegram-based app that lets users predict majority opinions on any topic through easy prediction pools. Stake tokens, align with the consensus, and earn rewards. Powered by TON blockchain for secure, transparent, and low-cost participation. (South Korea, Singapore)
  3. Mavryk Network – Mavryk Network is the Layer 1 blockchain designed to revolutionize asset ownership and nurture the RWA community building the tokenization of assets for tomorrow. By leveraging RWA tokenization, DeFi applications, and robust infrastructure, Mavryk aims to transform how individuals interact with and leverage tokenized assets. (Dubai, Gibraltar, Singapore, Paris, Kiev, Tel Aviv)
  4. Hive – Hive is building a solution that is leading the compute sharing economy with every home’s GPU. By empowering individuals to share their computing resources, Hive can democratize access to technology. This shift challenges the dominance of big tech and puts the power back into the hands of everyday people. (Abu Dhabi, Belgium)
  5. Poppin – Poppin is a browser extension that turns any webpage into a social hub, allowing users to connect and interact with others on the same webpage through comments, real-time chats, and voice streams. (Turkey)

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, stated, ““By pioneering new solutions in tokenization, AI, and zero-knowledge protocols, the DMCC-Bybit hackathon continues to show why Dubai remains at the forefront of Web3 innovation. With an expanded competition of 15 global start-ups and an increased prize pool of USD 160,000, we are attracting the world’s best talent to Dubai to encourage practical applications and create meaningful impact. This is another great example of the innovation being carried out from within DMCC Crypto Centre, with the support of Bybit and our other dedicated ecosystem partners, as we showcase Dubai’s vast Web3 potential for the benefit of the entire industry.”

Ben Zhou, Co-founder and CEO of Bybit added, “It is safe to say there is such an abundance of Web3 talent here in Dubai. The fierce competition displayed a clear ethos of innovation, so we are proud to work with DMCC to advance Web3 globally. We look forward to seeing all of today’s competitors make their mark on the world of Web3.”

In addition to co-organiser Bybit, the hackathon was held in partnership with DWF Labs, Meezan Ventures, Injective, 1inch, CVVC, Blockchain for Good Alliance and Hacken, each providing key contributions to the programme. Cointelegraph sponsored the event as the media partner, with Superteam UAE, Web3 TV, College DAO, Hackquest, BeWater, Bloc Soc IITD and KEY Difference joining as community partners. 

In November 2023, three Web3 startups were chosen including Pravica, Evai and TimesSwap.

UAE Phoenix Group now on FTSE ADX 15 Islamic Index

UAE Phoenix Group now on FTSE ADX 15 Islamic Index

UAE Phoenix Group PLC, listed on the Abu Dhabi Securities Exchange (ADX: PHX) has announced its inclusion in the newly-launched FTSE ADX 15 Islamic Index (FADXI 15). 

As per the press release, live on ADX, the FADXI 15 marks a significant step forward in diversifying Shariah-compliant investment opportunities. Being included in the ADX FADXI highlights Phoenix’s stability and market leadership, and will enhance investor confidence, attracting investment opportunities for those seeking Sharia-compliant products.

“The inclusion of Phoenix Group in the FTSE ADX 15 Islamic Index is an honor and a testament to our dedication to aligning with global standards in ethical and Shariah-compliant investments,” said Mr. Seyed Mohammad Alizadehfard (Bijan), CEO and Co-Founder of Phoenix Group. “To be part of this exclusive index offers investors the opportunity to engage with high-growth, Shariah-compliant companies that are reshaping the future of the UAE’s technology sector.”

Munaf Ali, Co-Founder and Group Managing Director of Phoenix Group said “Phoenix Group remains focused on advancing innovation and economic growth in the UAE and throughout MENA, providing investors a structured entry point into the region’s dynamic tech sector, aligned with their ethical and financial aspirations. This index is a key channel for accessing exciting, Shariah-compliant growth opportunities.”

A week previously Phoenix announced its Q3 results.

UAE Phoenix Group reports $35.9 million in revenues from crypto mining, a 7% quarter decline

UAE Phoenix Group reports $35.9 million in revenues from crypto mining, a 7% quarter decline

UAE’s multi-billion dollar tech conglomerate, Phoenix Group PLC, listed on the Abu Dhabi Securities Exchange (ADX: PHX) has announced its Q3 2024 results, reporting core revenue of $35.9M and investment income of $68.5M. Core revenue is primarily generated from self-mining, with additional contributions from trading and hosting services. The investment income, drawn from digital assets and other diversified Web3 investments, reflects the company’s active capital deployment strategy.

As per the press release, total assets saw a 148% year-over-year increase in the first nine months of 2024, rising to $977.6 million from $394.1 million, with a 6% quarter over quarter increase.

The self-mining segment achieved significant growth, surging 285% year-over-year to $26.6 million in Q3 2024, up from $6.9 million in Q3 2023. Earnings per share for Q3 2024 were reported at $0.008.

Q3 2024 revenue came in at $35.9M, with a decline in trading and hosting revenue due to the company’s strategic shift towards deploying more inventory into self-mining. Self-mining revenue has shown resilience, with only a 7% quarter-over-quarter decrease despite the full impact of the halving, increased mining difficulty, and lower BTC prices. Phoenix Group anticipates improvements in mining economics as early indicators of a new bull market begin to emerge.

The company achieved robust returns from investments, marking a 16% quarter-over-quarter growth driven primarily by gains from new digital asset investments.

As per the release, Phoenix Group demonstrated a strong ability to generate value across diverse Web3 investments, with some assets, such as Solana tokens, achieving over 4x returns. The company is actively pursuing a strategy to increase capital deployment into foundational deals and incubation projects. Despite a challenging quarter for the industry, Phoenix Group has shown notable resilience and a strong bottom line, outperforming many peer mining companies.

“Our Q3 results reflect the effectiveness of our adaptive investment strategy, particularly within the self-mining sector and across digital assets. Phoenix Group remains committed to capitalizing on emerging opportunities within Web3 and digital assets, ensuring we continue to lead with innovation and resilience. As we expand into foundational projects and incubation deals, we are well-positioned to provide significant value to our shareholders and support growth in the region’s tech landscape.” said Seyed Mohammad Alizadehfard (Bijan), Co-Founder and Group CEO of Phoenix Group.

“Our Q3 achievements underscore Phoenix Group’s dedication to proactive and sustainable growth, especially within the self-mining and digital asset sectors. By leveraging market dynamics and focusing on foundational investments, we continue to unlock new value streams that fortify our resilience and enhance our market leadership. We remain committed to aligning our strategies with shareholder interests, building a robust platform that stands resilient against market volatility while advancing the UAE’s tech landscape.” said Munaf Ali, Co-Founder and Group Managing Director of Phoenix Group.

In May 2024, Phoenix Group announced its Q1 results, showcasing a net income of $66.2 million which it noted was representing a growth of 166% year-on-year. As per the press release, total assets surged by 237% year-over-year, soaring to $879.3 million from $261 million. ⁠

At the time Phoenix Group noted that quarter-over-quarter growth in total assets stood at 5%, while revenue experienced an 18% quarter-on-quarter increase, reaching $68.9 million. In addition gross profit saw a robust 82.8% quarter-on-quarter rise, amounting to $23.28 million, while total comprehensive income expanded by 312% year-on-year to $102.28 million and by 33.7% quarter-on-quarter. As such the earnings per share for Q1 2024 amounted to $0.011.

It would seem that earnings per share has decreased in Q3 to $0.008 from $0.011 in Q1.

UAE based Klumi Ventures for Web3 partners with DWF Labs

UAE based Klumi Ventures for Web3 partners with DWF Labs

Klumi Ventures and DWF Labs, an investor and market maker have partnered to offer comprehensive strategic advisory, investments, and market-making expertise for companies entering the UAE market.

As per the press release, the collaboration provides essential support in go-to-market strategies, regulatory compliance, fundraising, and business development. Additionally, DWF Labs will facilitate OTC deals and launch a new options platform, offering Klumi Ventures’ clients access to crucial liquidity, tailored trading solutions, and varied yield opportunities.

Kristiina Lumeste, SEO and Founder of Klumi Ventures, commented, “DWF Labs is one of the leaders in the Web3 space and has seen notable success in Asia. The team is now expanding its footprint to the UAE and we are excited to support DWF’s top portfolio companies and contribute to the growth of their Web3 ecosystem in the UAE.”

Klumi Ventures and DWF Labs will collaborate to offer comprehensive strategic advisory services to companies looking to expand into the UAE market. This includes guidance on go-to-market strategies, regulatory compliance, fundraising, and business development to ensure successful expansion.
Leveraging DWF Labs’ expertise in investments and market making, the partnership aims to provide Klumi Ventures’ portfolio companies with access to crucial liquidity and capital resources, enabling them to scale effectively in the UAE’s growing digital asset market.
OTC Deals and Options:

DWF Labs will facilitate OTC deals, providing tailored solutions for clients seeking to trade large volumes of digital assets securely and efficiently. In addition, DWF Labs is soon launching its own full scale options platform where Klumi Ventures clients can access various levels of yields.
The partnership will launch a series of educational initiatives in the UAE, including workshops, aimed at sharing critical knowledge and tools needed to thrive in the UAE Web3 ecosystem. These initiatives will focus on strategies, networking, regulatory and legal requirements, and the complexities of operating within the UAE market.

“This partnership with Klumi Ventures represents a significant step forward in our shared vision to build a robust Web3 ecosystem that supports innovation and sustainable growth across the UAE region. Together, we are strategically positioned to drive the digital transformation in the UAE, empowering both new entrants and established institutions to thrive in this dynamic landscape,” said Andrei Grachev, Managing Partner at DWF Labs.

The collaboration between Klumi Ventures and DWF Labs stands as a testament to the UAE’s ambition to become a leading global blockchain hub. By combining their expertise and resources, Klumi Ventures and DWF Labs are set to foster innovation and accelerate Web3 adoption across the MENA region, delivering significant benefits to startups and established institutions alike.

Last month Klumi Ventures partnered with Fuze, the Middle East’s regulated digital assets and blockchain infrastructure provider to harness Klumi Ventures’ investment acumen and Web3 expertise alongside Fuze’s digital assets infrastructure to accelerate the adoption of Web3 technologies throughout the region.

Web3 Holon green data storage provider sets up in UAE

Web3 Holon green data storage provider sets up in UAE

Australian Web3 Holon, a pioneer in Web 3.0 and AI-driven data storage and compute, has set up a base in the UAE.

Based in Australia, Holon has been building their innovative technology since 2018, with the aim of becoming the world’s greenest Web 3.0 infrastructure company. Holon is working to establish a 100% verifiably green global data network and empower data ownership.

“Holon recognized early that Web 2.0’s legacy infrastructure would struggle with cybersecurity, data privacy, and resource consumption. Web 3.0, with its decentralized, open-source framework, offers solutions for creating secure, transparent, and efficient digital ecosystems,” said Heath Behncke, Managing Director. “The UAE, particularly Dubai, have emerged as global leaders in fostering technological innovation. The country’s comprehensive approach to regulation, policy, and infrastructure development makes it an ideal hub for Web 3.0 and AI advancements. Holon’s commitment to Web 3.0 aligns with its vision to drive innovation for a sustainable and equitable digital future.”

Holon’s approach to sustainable data innovation involves modular micro-data centers equipped with immersion cooling technology. These small, efficient units can be integrated into existing properties, reducing the need for large, energy-intensive data centers. By leveraging Web 3.0’s distributed and decentralized technologies, Holon can bring data storage and computing closer to the user, improving latency, security, and energy efficiency. Additionally, Holon’s solutions can be powered by green energy, with the added benefit of repurposing waste heat to offset property energy costs, making it a win-win for businesses and the environment.

The company noted that the growth of data is staggering, from 1 Zetabyte (ZiB) in 2010 to over 100 ZiB in 2020. With AI driving significant data consumption, it is forecasted that 75,000 ZiB of machine-generated data will be generated annually by 2040. This surge will require around 1,000 ZiB of enterprise storage, a 250-fold increase. However, this expansion comes with a rising carbon footprint, with data centers projected to consume 8% of global electricity by 2030.

Heath said, “The blend of AI and Web 3.0 is transforming data management, offering secure, verifiable, and efficient handling of large data sets. Web 3.0’s decentralized infrastructure meets AI’s demands for accuracy and security, fostering a global ecosystem essential for AI deployment. Holon is committed to leading the way in sustainable data innovation, ensuring a secure and prosperous digital future.”

The company is exploring new opportunities to support commercial real estate firms in repurposing their infrastructure to tap into the booming data market. By merging property and data infrastructure, Holon is set to create a new future for both industries, ensuring they are well-positioned to thrive in economic challenges.

Adaverse invests half a million dollars in Saudi Web3 loyalty platform

Adaverse invests half a million dollars in Saudi Web3 loyalty platform

Adaverse, a Web3 venture builder, has invested half a million dollars ($500,000) as a pre-seed investment in Saudi loyalty platform, Mithu, a platform aggregator for restaurants and cafes in Saudi Arabia. 

Mithu aims to solve a critical problem in the loyalty program market, where customers struggle to manage multiple loyalty programs and billions of dollars worth of points expire annually. 

In Saudi Arabia, only 2.5% of restaurants currently offer loyalty programs, leaving a vast untapped market, while globally, about $100 billion worth of loyalty points expire annually. Customers hold an average of 17 loyalty programs, with 68% churning within the first year.

By aggregating loyalty programs into a single, gamified app, Mithu seeks to increase customer engagement and help businesses, particularly SMEs in the food and beverage industry, retain customers more effectively. Founded earlier this year, Mithu has already signed agreements with approximately 200 restaurants in Riyadh. 

“We’re thrilled to have Adaverse on board,” said Mohsin Qureshi, Founder of Mithu. “Their expertise in Web3 and gamification is invaluable as we develop a tokenised version of our app. This investment accelerates our time to market, allowing us to better serve our clients and users.” 

Vincent Li, Founding Partner of Adaverse, said, “We are thrilled to invest in Mithu, whose founding team brings decades of deep experience in the restaurant and retail sectors. The opportunity to disrupt this vertical in Saudi Arabia is enormous, and we’re excited to be part of it. As Adaverse, we bring global expertise in technology, coupled with Web3 knowledge, to support Mithu in developing their cutting-edge solutions. This unique combination of industry insight, technological prowess, and market opportunity positions Mithu for significant success and growth. We look forward to witnessing their impact on the Saudi Arabian market and beyond.” 

Mithu’s founding team offers a depth of expertise that positions the company at the forefront of Web3, AI, and customer loyalty innovation. CEO Mohsin Qureshi boasts over 15 years in foodtech, q-commerce, and technology startups, having held key leadership positions at Foodics, Cheetay, and Delivery Hero. CTO Asif Ali brings experience from leadership roles at Careem, Swvl, and foodpanda, and is currently pursuing a Ph.D. in AI.