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Abu Dhabi's Hub71 has welcomed 27 global tech startups in its latest cohort, raising over $145 million in funding. Selected from over 1,300 applications, these startups span key sectors, with 63% based in leading tech markets like the USA, UK, and Germany. Notable additions include Vivan Therapeutics and Theion, highlighting the UAE's growing status as a global entrepreneurship hub.
HashKey Group, a Hong Kong-based crypto exchange, has secured a provisional license from Dubai's Virtual Assets Regulatory Authority to provide crypto brokerage services in the city. This In-Principle Approval allows HashKey MENA FZE to offer Virtual Asset Exchange and Broker-Dealer services to retail and institutional investors, marking a significant step in the firm's global expansion strategy. The company is also pursuing additional licenses in Europe to further enhance its international presence.
Klickl International has partnered with Zand Bank, the UAE’s first AI-powered digital bank, to enhance digital asset innovation. This collaboration will leverage Zand’s banking products and digital asset custody services, aiming to streamline operations and drive advancements in the Web3 ecosystem. Both companies are committed to integrating technology with financial services to support the evolving digital economy.
UBS aims to double its growth in the Middle East, focusing on economic fundamentals rather than optimistic scenarios, according to CEO Sergio Ermotti. The bank is integrating its operations post-Credit Suisse merger and anticipates significant growth driven by wealth creation and an influx of affluent individuals to the region. With a strong presence in Dubai and Abu Dhabi, UBS is poised to leverage opportunities in the evolving financial landscape of the Gulf.
UBS's CEO, Sergio Ermotti, emphasizes the bank's commitment to growth in the Middle East, driven by strong economic fundamentals rather than optimistic projections. Following its merger with Credit Suisse, UBS aims to double its growth trajectory in the region, capitalizing on the influx of wealthy individuals and ongoing economic diversification efforts in Gulf countries. The bank is focused on optimizing its operations and expanding its wealth management services, particularly in Saudi Arabia and the UAE, while integrating Credit Suisse's client base.
The UAE is emerging as a global blockchain hub, driven by trends in Shariah-compliant services, dirham-pegged stablecoins, and an influx of international talent. Industry leaders emphasize the region's regulatory clarity and potential for rapid growth, particularly in decentralized finance. Recent developments include a stablecoin initiative approved by the central bank, highlighting the focus on local payment methods.
Aptos is gaining traction in the crypto market with significant developments, including Anchorage's integration of tokenized Treasuries, Binance's support for native USDT, and a new office in Abu Dhabi aimed at fostering global partnerships. These initiatives enhance institutional appeal and drive adoption of decentralized finance solutions, positioning Aptos as a competitive player in the blockchain ecosystem.
Crypto.com has launched an AED Fiat Wallet for users in the UAE, allowing fee-free deposits and withdrawals in UAE dirhams. This feature, supported by Standard Chartered, enhances the ease of funding accounts for cryptocurrency transactions, marking a significant milestone in the region. Users can set up the wallet easily through the Crypto.com App, ensuring a seamless experience in managing their funds.
Most Gulf stock markets rose in early trading as investors anticipated U.S. inflation data. Economists predict the Federal Reserve will cut interest rates by 25 basis points at its December 18 meeting, with a pause expected in late January due to inflation concerns. Oil prices increased amid expectations of rising demand from China following its announcement of looser monetary policies. Additionally, the UAE will implement a 15% minimum top-up tax on large multinationals starting in January to enhance non-oil revenue.
Aptos Foundation is set to open a new office in Abu Dhabi's ADGM, marking a significant step in its mission to enhance the global blockchain ecosystem. This strategic move aims to foster partnerships and support innovative projects in a region recognized for its leadership in Web3 adoption. The foundation's presence in the UAE will facilitate collaboration with local developers, institutions, and investors, further accelerating blockchain adoption.
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