Dubai SME has partnered with AI fintech CXDA to enhance support for small businesses

Operating under the Dubai Department of Economy and Tourism (DET), the Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME) has collaborated with Chi-X Digital Assets (CXDA), a leading AI-based fintech platform. CXDA specializes in providing short-term debt products that enhance liquidity, facilitate investment, maximize economic growth, and enable SMEs to become more bankable.

With backing from the $7 billion private equity firm JC Flowers Co, CXDA offers market solutions that allow investors, originators, and borrowers to transact in a compliant and transparent marketplace.

Dubai SME-CXDA Business Boost

This strategic partnership outlines a comprehensive roadmap that focuses on crucial elements such as financial awareness, building business capacity, and attracting global investment into the emirate through Dubai’s SME industry.

Marking a significant milestone in the region, this collaboration introduces the use of AI to provide innovative financial solutions to SMEs, showcasing the government’s commitment to embracing new fintech solutions and positioning Dubai as a major innovation hub.

Abdul Baset Al Janahi, CEO of Dubai SME, expressed the organization’s commitment to enhancing SMEs within the emirate, acknowledging their vital role in society and economic growth. He highlighted that the partnership with CXDA could contribute to growth on a larger scale by emphasizing market solutions, improving liquidity in the SME sector, and streamlining the industry.

Thierry Porte, Chairman and CEO of CXDA, commended Dubai SME’s leadership in elevating the SME sector in Dubai, expressing confidence that the partnership would bring about a new era of liquidity and growth in the sector.

Dubai’s focus on pivotal sectors, attracting investment, and fostering a conducive business atmosphere aligns with the collaboration’s goal of reshaping and revolutionizing the city’s economy and the SME finance landscape. The partnership aims to standardize key information for SMEs, facilitate easy loan applications, provide instant credit assessment, offer financial analysis tools, and provide a suite of business support tools.

Publish 9 Jan 2024

Source: https://www.arabianbusiness.com/industries/banking-finance/dubai-sme-and-joins-forces-with-ai-fintech-cxda-to-boost-business

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Indian Crypto Firms Move to Dubai Over Stringent Laws

Seeking refuge from stringent regulations at home, an increasing number of Indian crypto companies are making the move to Dubai, enticed by the welcoming regulatory landscape of the United Arab Emirates (UAE). This migration is a direct reaction to India’s rigid tax policies and the uncertain legal framework surrounding digital currencies.

The 2021 RBI Remittance Survey disclosed that India’s expatriate community in the UAE contributes a substantial 18% to the nation’s $110 billion global remittance inflow.

UAE Embraces Relocating Indian Crypto Entities

This connection extends to the blockchain and web3 sectors, indicating a strong financial tie between the two nations. Trade between India and the UAE reached $85 billion last year, underscoring the increasing importance of their economic relationship.

A significant factor driving Indian crypto companies towards Dubai is the marked disparity in regulatory environments. Sumit Gupta, CEO of CoinDCX, voiced his concerns, stating,

“Many Web3 founders prefer Dubai or Singapore as their hub because of the clarity and certainty around regulations and greater community support.”

Recently, the Indian government imposed a 30% tax on profits from cryptocurrency trading, coupled with a 1% tax deducted at source on transactions exceeding 10,000 rupees. These updated regulations have led to a sharp decline in the local crypto market.

Gupta added,

“India remains at the forefront of grassroots cryptocurrency adoption, but a significant portion of this activity is shifting to alternative channels due to high tax rates.”

Dubai Emerging as a Flourishing Crypto Hub

On the contrary, Dubai offers low taxes, streamlined business setup processes, and a dedicated regulatory framework for digital assets, making it an appealing destination for crypto firms. The Dubai Multi Commodities Centre (DMCC), a major commercial hub, hosts over 23,000 companies, with a substantial portion originating from India.

Belal Jassoma, head of business development at DMCC, highlighted Dubai’s role as a global hub, attracting diverse international businesses.

This shift aligns with the broader crypto trend, where regions like the Middle East and North Africa (MENA) are emerging as significant players. The MENA region recorded a substantial $400 billion in cryptocurrency transactions, underscoring its growing importance in the digital currency realm.

Indian cryptocurrency firms will continue to grapple with regulatory challenges, while Dubai’s progressive stance and strategic global positioning provide a viable alternative. The emirate also nurtures a conducive environment for the growth and innovation of the crypto industry.

Publish 8 Jan 2024

Source: https://beincrypto.com/indian-crypto-companies-dubai-laws-home/

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PMFAI’s International Crop-Science Exhibition (ICSE) 2024 in Dubai – Smart Zones® UAE – Business Setup in Dubai

PMFAI has announced the schedule for its International Crop-Science Exhibition (ICSE), which stands as India’s largest agri-inputs trade show featuring a simultaneous plenary session. The event is set to take place on 8-9 February 2024 at JW Marriott Marquis, Dubai.

PMFAIICSE is the most extensive and exclusive agri-input event encompassing various sectors such as agrochemicals, bioproducts, and fertilizers, among others.

The ICSCE has been a knowledge-sharing and B2B platform for agribusinesses since 1997. Serving as a unified stage for all, the forum will exhibit opportunities for the growth of agrochemical and allied chemical industries, bringing together domestic and international players and other associated companies for interactions. This creates significant potential for business startup and knowledge exchange, fostering collaborations in contract manufacturing or research and development in a mutually beneficial manner.

India ranks as the fourth-largest global producer of AgChem chemicals, witnessing a 6% CAGR share growth in AgChem exports from 2014 to 2021. With an abundance of technically skilled labor, state-of-the-art infrastructure, a flourishing scientific community, easy access to raw materials, favorable cost dynamics, and available resources in the ecosystem and manpower, the export share is anticipated to see a 55% increase across all markets.

The sector has experienced a substantial surge in exports of generic and contract manufacturing in recent years, leading to high valuations of AgChem players due to expansion plans and forthcoming stock listings. Additionally, Indian companies offer biological products in their portfolio, providing a one-stop sourcing solution for importers and buyers.

ICSE remains the most extensive and exclusive agri-input event catering to various industries, including agrochemicals, bioproducts, fertilizers, intermediates, precision farming, and related technologies. The show offers a significant opportunity for over 500 delegates to showcase their businesses, network, and gain extensive industry knowledge.

Source: https://fareasternagriculture.com/events/event-news/pmfai-to-organise-international-crop-science-exhibition-in-dubai-next-year , https://pmfaiicsce.org/

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UAE leads in global crypto adoption with real-world use cases

Unveiled: The UAE is at the forefront of driving cryptocurrency adoption across various industries, showcasing a range of real-world applications.

This surge has led to a significant increase in crypto ownership within the country, estimated at 27% of the UAE’s population. The broad acceptance of cryptocurrencies in the UAE can be attributed to strategic decisions at the state level and the nation’s dedication to embracing innovation and technology.

The UAE is taking a global lead in expanding cryptocurrency adoption beyond the financial sector. Government regulatory policies, known for their industry-friendly approach, are now structured, resulting in real-world use cases spreading rapidly across diverse sectors such as telecom and gaming, as per industry experts.

Companies are intensifying their efforts to fuel further growth, offering an expanding array of use cases. This aims to make digital currency adoption more inclusive and accessible across more industries without disrupting traditional systems, riding on the current upward trend in crypto ownership, estimated at 27 percent of the country’s population.

Embracing the crypto evolution: Institutional adaptation and the future of tokenized assets

“With regulations taking a structured shape, cryptocurrencies are finally finding value in several real-world use cases in diverse industries in the UAE,” shared Sergey Sheleg, Chief Product Officer at eSIM Plus, a global virtual SIM provider, with Arabian Business.

“One such example is as a payment option for basic telecom access, something we are seeing among a significant section of consumers in countries like the UAE,” he added.

Sheleg emphasized that the widespread ownership of cryptocurrencies in major economies validates growing investor trust in the UAE’s current regulatory environment.

However, he also noted that while this increase is positive, all stakeholders must ensure that crypto adoption is more inclusive, covering the entire spectrum of traditional and emerging sectors.

Sergey Sheleg, Chief Product Officer at eSIM Plus

UAE population actively involved in crypto industry

Dr. Sameer Al Ansari, CEO of RAK Digital Assets Oasis (RAK DAO), the world’s only common law free zone exclusively dedicated to non-regulated digital and virtual asset companies, stated that the UAE population is actively involved in the crypto industry.

“RAK DAO is excited to see 27.67 percent of the UAE population actively involved in cryptocurrencies,” Al Ansari shared with Arabian Business.

He highlighted that this statistic signifies a transformative shift towards digital assets and investments, positioning them as a significant force shaping the dynamic landscape of the UAE.

Dr. Sameer Al Ansari, CEO of RAK Digital Assets Oasis (RAK DAO)

Phillip Lord, President of Oobit, a crypto payments app, and co-founder of Pimlico Partners Middle East, emphasized that the increase in crypto owners underscores the immense potential of digital currencies.

“Companies are adopting an approach that integrates the benefits of cryptocurrency and Web3 without disrupting the traditional system. This cultivates a more inclusive and accessible financial landscape, expediting cryptocurrency’s widespread adoption and further growth,” Lord shared with Arabian Business.

“The key insight is to empower individuals to seamlessly use their crypto holdings for everyday transactions without altering the familiar system,” he added.

“For instance, at Oobit, we optimize the existing contactless payment infrastructure with additional advantages,” Lord explained.

Bill Qian, Chairman of Cypher Capital, a venture capital firm based in the UAE focused on crypto, blockchain, and digital asset-related projects worldwide, mentioned that besides the UAE, the GCC region is also experiencing a remarkable uptick in crypto investment.

“This is buoyed by the exceptionally friendly regulatory landscape towards digital assets,” Qian noted with Arabian Business.

Bill Qian, Chairman of Cypher Capital

Gaming industry sees surge in digital currency adoption

Industry experts pointed out that the gaming industry in the UAE – and the wider region – is one of the major beneficiaries of the surging and widespread adoption of digital currencies.

Mohsin Waqar, CEO of Senet System, a ‘skill to earn’ Web3 gaming platform with significant influence in the Middle East, said the surge in crypto adoption, signaling a transformation beyond finance, is rapidly permeating into diverse industries, notably gaming.

“The launch of the ‘Dubai Program for Gaming 2033’ by Sheikh Hamdan bin Mohammed Al Maktoum last month is a clear testament to the visionary convergence of technology and innovation – an initiative that may ultimately position Dubai as a premier crypto hub and global gaming powerhouse,” Waqar stated with Arabian Business.

He mentioned that the existing prevalence of regulatory bodies in the region, such as the Securities and Commodities Authority (SCA), is playing a crucial role in establishing and implementing regulation, along with the GCC’s geo-locations as a thriving business hub with a keen interest in shifting towards smart city schematics.

“The recent data that suggests over 27 percent of the UAE population is actively involved in the crypto industry reflects a profound shift in how individuals perceive and engage with digital and financial assets,” Waqar concluded.

Mohsin Waqar, CEO of Senet System

Bundeep Rangar, CEO of Fineqia, a publicly listed Canadian company giving investors exposure to a diversified portfolio of crypto-related investment opportunities, told Arabian Business the widespread adoption of cryptocurrency in the UAE can be attributed to the strategic decisions made at the state level.

“Reflecting a progressive and forward-looking approach, the UAE government has articulated its ambition to position the nation a decade ahead of the rest of the world’ in terms of innovation and technology adoption,” Rangar stated.

“This commitment to staying at the forefront of technological advancements aligns with the UAE’s economic openness and favorable tax policies, creating an environment conducive to the seamless integration of cryptocurrencies into the financial ecosystem,” he added.

Publish 2 Jan 2024

Source: https://www.arabianbusiness.com/money/wealth/alternative-assets/revealed-uae-leads-the-world-in-spreading-cryptocurrency-adoption-across-industries-with-range-of-real-world-use-cases

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The Big 5 Global 2023 Opens in Dubai, with a focus on highlighting sustainability and the reduction of carbon emissions.

This year, the 44th edition of Big 5 Global opened at the Dubai World Trade Centre, featuring over 2,200 exhibitors from 60+ countries, making it the largest and most influential construction industry event in the Middle East, Africa, and South Asia.

The event emphasizes strong local and international support, with exhibitors showcasing products and services aimed at transforming the construction landscape of the MEASA region towards a more sustainable future.

“Big 5 Global is committed to aligning with the discussions at COP28, echoing global sustainability goals,” said Josine Heijmans, VP of the construction division at Big 5 Global.

Running for four days, the event embodies this commitment by fostering innovation and collaboration towards a more sustainable future for the construction industry, echoing the conversations around climate action at the United Nations Climate Change Conference in Dubai.

An epicenter of sustainable products and green solutions

The construction industry’s significant energy consumption and carbon emissions make it a crucial sector in the race towards net-zero goals.

This week, Big 5 Global is introducing an array of innovative solutions to address these challenges. Companies present new products, technologies, and practices geared towards energy efficiency and decarbonizing the construction sector.

One such company is US-based Milwaukee Tool, introducing zero-emission technology for equipment and showcasing a comprehensive range of solutions. Milwaukee Tool aims to reduce CO2 emissions by 60% by 2030 as part of its global strategy.

Another company, LINQ Modular, a subsidiary of Dubai-based contracting heavyweight ALEC, is showcasing a finished and electrically powered prefabricated modular hotel room that reduces energy consumption and lowers carbon emissions compared to traditional on-site construction.

Big 5’s Impact Trail

As Big 5 Global advances its efforts to make a positive impact, it introduces the Big 5 Impact Trail, a green path across the exhibition leading visitors to explore products helping to create a sustainable future for the industry.

One of the companies joining the Impact Trail is the UAE’s homegrown Emirates Steel Arkan, presenting construction materials and products produced efficiently and sustainably, setting new standards in the construction and infrastructure sectors.

Saudi Arabia-based Green Building Solutions (GBS) is another company promoting sustainable practices through its participation in the Impact Trail. The company presents Phomi MCM products manufactured from natural materials and environmentally friendly.

Dialogues around decarbonizing the industry

Throughout the four days of the event, Big 5 Global hosts thought leadership discussions across various summits and talks to actively shape initiatives aimed at decarbonizing the industry.

As the UAE marks the Year of Sustainability, HE Dr. Abdullah Belhaif Al Nuaimi outlines key strategies for a sustainable construction future.

Cristina Gamboa, CEO of the World Green Building Council, shares insights on why the built environment is imperative for Agenda 2030, emphasizing the need to halve emissions and reduce embodied carbon by at least 40%.

Other sessions explore the role of architects in building a net-zero world, planning for sustainability and decarbonization in the built environment, and Dr. Michael L. Tholen’s session on the new Center of Excellence for Carbon Neutral Concrete by ACI: Middle East & North Africa.

“As Big 5 Global continues to be at the heart of building connections and supporting businesses to grow, we look forward to creating a remarkable four days of diverse activities and product launches driving sustainability and decarbonization,” concluded Heijmans.

Source: https://www.big5global.com/

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Wemade Collaboration Boosts Dubai’s Web3 Gaming Sector

Part of Crown Prince Hamdan bin Mohammed bin Rashid Al Maktoum’s initiative to make Dubai a global web3 gaming hub, South Korean gaming giant Wemade collaborates with Dubai Chambers to enhance blockchain gaming ecosystems in Dubai and the UAE region, as per a Nov. 28 press release.

The deal was formalized through a meeting between Wemade CEO Henry Chang and Dubai Chambers President and CEO H.E. Mohammad Ali Rashed Lootah.

Dubai Chambers, a non-profit public entity championing the interests of the Dubai business community, plays a crucial role in connecting businesses with the government and fostering a conducive environment for business growth.

Comprising the Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy, Dubai Chambers, restructured in 2021, is a key player in Dubai’s business landscape.

Wemade partnership

As the first major South Korean game developer engaging with Dubai Chambers, Wemade sets a precedent for international cooperation in the gaming industry. The collaboration aligns with Wemade’s commitment to fostering blockchain gaming ecosystems. Under the deal, Wemade will contribute its gaming development expertise to key initiatives, including the Dubai Program for Gaming 2033.

Chang expresses enthusiasm about contributing to Dubai’s dynamic gaming sector and nurturing the next generation of gaming industry talent. For Dubai Chambers, the alliance is a strategic move to innovate and advance Dubai’s digital ecosystem.

Dubai’s Digital Economy Ambitions

Dubai, with a comprehensive regulatory framework for the crypto industry, attracts major players like Binance. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, unveiled The Dubai Program for Gaming 2033 in November, exemplifying the Emirate’s vision to establish a thriving new industry. Dubai aims to become one of the top 10 cities in the gaming industry, focusing on the Web3 gaming sector.

Dubai believes a robust gaming industry can contribute an additional $1 billion to its GDP by 2033, creating 30,000 new gaming-related jobs within the next decade.

Publish Date: 28 Nov 2023

Source: https://cryptoslate.com/dubais-web3-gaming-sector-gets-a-boost-with-wemade-collaboration

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Dubai Tops the Global List for Preferred Expat Destinations

Dubai stands as the world’s most sought-after city for international relocation.

A recent analysis by financial services provider Remitly reveals that Dubai holds the top position as the city people worldwide aspire to move to.

This ranking, compiled from 12 months of Google search data, unmistakably places Dubai in the lead, with Miami, Paris, and New York following closely behind.

Dubai: The Ultimate Dream Destination

Global immigration is on the rise, with individuals seeking overseas travel for a myriad of motives.

As of 2020, an estimated 281 million people lived in a country other than their place of birth, marking a substantial increase of 128 million since 1990. This accounts for approximately 3.6% of the world’s population.

The study conducted by Remitly involved an analysis of Google search volumes for the phrase “move to [city]” across 164 countries globally. The outcome is a comprehensive ranking based entirely on how many countries favor relocating to a specific city over all others.

Dubai emerges as the clear favorite, topping the wish lists of a remarkable 60 countries.

Searches for relocating to Dubai were more prevalent than any other city in 60 countries, including India, Pakistan, the UK, Italy, Canada, the USA, Australia, and Sri Lanka.

Top Choices for Dream Immigration

Dubai, 60 (the number of countries desiring it the most)
Miami, 12
Paris, 10
New York City, 8
Madrid, 8
Singapore, 8
London, 6
Brussels, 6
Toronto, 3
Washington DC, Buenos Aires, Christchurch, Quebec City, Bogota, Portland, Vienna, Phoenix, Chicago, 2

Remitly states: “Renowned for its ultramodern architecture, vibrant nightlife, year-round sunshine, and abundant job opportunities, Dubai is globally regarded as an immensely attractive place to live. Its population increased by almost 100,000 during the 12-month period from 2022 to 2023.”

“For those seeking a fresh start in a city where making friends from all corners of the world is easy, Dubai emerges as the perfect relocation destination.”

However, UAE residents express interest in relocating to Singapore, another city featured in the top ten list, known for its diverse expat community and ample job prospects.

In Canada and the US, “move to Dubai” was by far the most popular search term.

Out of 50 US states, 37 selected Dubai as the most searched-for international relocation destination, and seven out of 10 Canadian provinces favored the UAE city.

In Europe, 14 countries placed Dubai at the top of their list, while residents of seven Asian countries preferred Dubai over any other location.

Similarly, African and Oceanic regions designated the UAE city as the prime choice for international relocation.

Jago McKenzie, Business Management Director at Remitly, explains: “People are increasingly considering the idea of relocating to another country at least once in their lifetime, whether for better job prospects, improved quality of life, or higher income to support their families back home.”

“With this in mind, it’s no surprise that people worldwide are searching for information about the city that could become their next home.”

“Dubai is the undisputed winner in our study, with its abundant job prospects, appealing lifestyle, and fantastic weather. It’s easy to see why it’s the top choice.”

Publish Date: Mon 6 Nov 2023

Source:

https://www.arabianbusiness.com/culture-society/dubai-ranked-most-popular-city-in-world-for-expat-immigration

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What prompts crypto-friendly Dubai to issue 25,000 business licenses, marking a substantial 60% increase compared to the preceding year?

In the past year, Dubai and the UAE have embraced cryptocurrencies proactively and strategically. Notably, SBID now offers a quick and seamless service for the sale of Bitcoin in Dubai, making it an instant option for clients.

Furthermore, the UAE has been diligently working towards establishing a regulatory framework to attract global investors. Initiatives like the Dubai Metaverse Strategy have given Dubai the reputation of being a crypto-friendly tourist destination.

A significant indicator of this cryptocurrency boom is the substantial increase in the issuance of new business licenses in Dubai during the first quarter of 2022. The number nearly reached 25,000, marking a substantial 60% increase compared to the previous year. The Dubai Department of Economy and Tourism attributes this growth to Dubai’s robust economic fundamentals, resilience, and sustainability.

The State of Bitcoin in Dubai

Dubai has emerged as a thriving hub for cryptocurrency and blockchain technology in the Gulf region. The city’s government actively promotes the adoption of these technologies and has introduced various initiatives to support their growth.

These efforts have attracted numerous cryptocurrency and blockchain companies to Dubai, solidifying its position in the global cryptocurrency market. SBID, in particular, plays a vital role by providing cryptocurrency solutions and facilitating the sale of Bitcoin in Dubai.

The process of selling Bitcoin in Dubai through SBID is straightforward, and it’s important to note that buying and selling Bitcoin and other cryptocurrencies is entirely legal in Dubai. SBID further simplifies the process, allowing visitors to their office to exchange Bitcoin for cash within minutes.

Moreover, SBID extends this convenience to tourists, enabling them to sell Bitcoin in their offices. Tourists can exchange their BTC for cash in various fiat currencies, including AED (dirham), US dollars, EURO, and more.

SBID’s mission is to eliminate unnecessary hurdles associated with selling BTC in Dubai, enhancing the cryptocurrency experience for everyone. In their Dubai office, they offer access to over 1,000 cryptocurrencies, including popular options like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and stablecoins like USDT (Tether).

Key Reasons for Dubai’s Crypto-Friendly Environment

Dubai’s crypto-friendly stance can be attributed to several key factors:

1. Government Support: The Dubai government actively promotes blockchain and cryptocurrency technology. It has initiated projects exploring the applications of blockchain in various sectors such as finance, real estate, and transportation. Regulations have been established in the Dubai International Financial Center (DIFC) to create a secure environment for cryptocurrency and blockchain.

2. Tax Benefits: Dubai operates as a tax-free zone, meaning there are no personal or corporate income taxes. This tax advantage is highly appealing to cryptocurrency businesses, allowing them to thrive in a tax-free environment.

3. Cutting-Edge Infrastructure: Dubai has made substantial investments in advanced infrastructure, including blockchain, AI, and IoT technologies. This tech-savvy environment allows cryptocurrency companies to leverage the latest innovations for their products and services.

4. Strategic Location: Dubai’s strategic location between Europe, Asia, and Africa positions it as an ideal global expansion hub. This advantageous location simplifies operations for cryptocurrency businesses, facilitating market access and expanding their customer base.

Dubai’s government support, tax-free status, advanced infrastructure, and strategic location collectively make it an attractive destination for cryptocurrency ventures.

How to Buy Bitcoin in the UAE: A Step-by-Step Guide

Purchasing Bitcoin in Dubai and across the UAE is a straightforward process. It begins by selecting a cryptocurrency exchange, signing up and creating an account, and depositing the funds required to acquire the desired cryptocurrency.

Bitcoin is available on virtually every exchange, and other popular cryptocurrencies are typically accessible on major exchanges. For those looking to hold Bitcoin long-term, transferring it from the exchange to a Bitcoin wallet or a more secure storage method, such as a hardware wallet, is advisable to ensure the security of your cryptocurrency holdings.

1. Sign Up or Log In to Your Account:

– Start by registering for an account on your chosen exchange, providing the necessary details.

– Upon completing the registration process, log in to your account.

– During the login, you will receive an email confirming your login details.

– For added security, enable Two-Factor Authentication and choose a strong password.

– Treat your account as you would a bank account holding your funds.

– After logging in, you will arrive at the Wallet Dashboard or simply Wallet, depending on your exchange.

2. Transfer Funds from Your Bank:

– To fund your spot trading account, connect to your online banking account and initiate the financial transfer.

– Ensure that the transferred amount matches the specified amount.

– Verify the following details:

– Your account information.

– Your bank details in your exchange app.

– The exchange’s bank details in your online bank account.

– Alternatively, you can use P2P for deposits and withdrawals. Once confirmed, the exchange app may notify you that your order is in progress. Your orders will appear in the pending orders table, and you will receive an email regarding the pending fund transfer. Funds should be transferred from your bank account within minutes to a day, and you will receive a confirmation email.

3. Begin Trading:

With your account established, it’s time to purchase your chosen cryptocurrency, such as Bitcoin. Trading and buying cryptocurrency in the UAE is straightforward, but it’s crucial to understand the risks associated with cryptocurrency trading.

Crypto Exchanges in Dubai and the UAE

Dubai and the UAE offer a plethora of crypto exchanges to choose from, catering to investors of various backgrounds. Some of the notable options include:

Binance: Your Comprehensive Crypto Trading Platform in the UAE

Binance stands strong in the dynamic crypto landscape of the UAE, offering a user-friendly interface while also providing advanced features. It covers an extensive array of cryptocurrencies, including popular options like Bitcoin, Ethereum, Binance Coin, and emerging tokens.

Key Features:

– Versatile Trading Tools: Binance offers a range of trading tools, including Futures and Margin trading, suitable for both beginners and experienced traders.

– Real-Time Analytics: Stay informed with real-time market analytics to make well-informed trading decisions.

– Risk Management: Binance provides advanced risk management settings such as Stop Loss and OCO (One Cancels the Other) orders to safeguard your investments.

– Staking and Savings: Explore Binance’s staking and savings programs if you’re interested in generating passive income.

– Fees: Binance offers competitive trading fees starting at 0.1%.

– Supported Cryptocurrencies: You can trade over 350 cryptocurrencies on the platform, providing numerous investment options.

– Regulation & Licensing: Binance adheres to local regulations within the UAE, ensuring compliance with local laws.

– AED Deposit Methods: You can deposit AED through various methods, including bank transfers, credit/debit cards, and more.

Whether you’re a novice or an experienced trader, Binance offers a comprehensive and user-friendly platform tailored to the needs of UAE investors.

eToro: Your Premier Crypto Trading Platform in the UAE

eToro is a top-notch cryptocurrency trading platform in the United Arab Emirates, catering to beginners and experienced investors with its powerful yet user-friendly interface. It specializes in a wide range of assets, including popular cryptocurrencies like Bitcoin, Ethereum, and Cardano.

Key Features:

– Social Trading: eToro is renowned for its award-winning social trading features, including Copy Trading, which allows you to follow

and emulate the strategies of successful traders.

– Virtual Account: New traders can sharpen their skills using the Virtual Account, which provides AED 100K demo funds for practice.

– Market Insights: Stay informed with real-time market insights and access custom risk management tools like Stop Loss and Take Profit settings.

– Asset Variety: eToro offers diverse assets, including 70+ cryptocurrencies, 3000+ stocks, ETFs, commodities, and more.

– Regulation: The platform is fully licensed by reputable authorities like the Financial Conduct Authority (FCA), ASIC, CySEC, and other Tier-1 regulators, ensuring a secure trading environment.

– AED Deposits: Funding your account with Dirhams (AED) is seamless, with multiple payment options such as local bank transfers, debit cards, and more. Plus, eToro charges zero deposit fees for USD and offers competitive spreads.

– Fees:

– Zero trading commissions

– A fee added to the spread of 1%

Whether you’re a cryptocurrency enthusiast or a diversified investor, eToro provides a comprehensive and reliable platform for your trading needs in the UAE.

OKX: Your Comprehensive Crypto Exchange in the UAE

In the United Arab Emirates, OKX has built a strong reputation as a versatile cryptocurrency exchange that goes beyond basic trading. It’s a one-stop platform that offers spot, margin, futures, and options trading. What sets OKX apart are its unique features, including an NFT marketplace and tools to manage your DeFi portfolio. It has also garnered support from renowned personalities like Pep Guardiola.

Key Features:

– All-in-One Platform: OKX provides a full suite of trading options, making it a versatile choice for crypto enthusiasts. You can trade spots, margins, futures, and options all together.

– NFT Marketplace: OKX stands out with its NFT marketplace, allowing users to explore the exciting world of non-fungible tokens.

– DeFi Portfolio Management: Manage your decentralized finance (DeFi) investments efficiently within the platform.

– Low Fees: OKX prides itself on low fees, including no deposit or withdrawal fees, 0% maker fees, and competitive 0.2% taker fees.

– Supported Cryptos: With over 300 supported cryptocurrencies, including Bitcoin, Ethereum, Solana, and various tokens, you have many investment options.

– Regulation: OKX operates under the Dubai Virtual Assets Regulatory Authority (VARA) governance, ensuring compliance with local regulations.

– Payment Options: The platform offers diverse payment options, including local bank transfers, debit and credit cards, and digital payment methods like Skrill, Wise, and FasterPay.

Whether you’re a seasoned trader or new to the crypto world, OKX provides a comprehensive and user-friendly platform tailored to the needs of UAE investors.

Uphold: Your Trusted Crypto Platform for Transparency and Security

Uphold is a global leader worth considering for UAE residents who prioritize transparency and security in cryptocurrency trading. This versatile multi-asset trading platform operates in more than 150 countries, including the UAE, and sets itself apart with its audited proof of reserves, ensuring high transparency.

Key Features:

– Transparency: Uphold is recognized for its transparency, thanks to audited proof of reserves, making it one of the most trustworthy crypto exchanges worldwide.

– Versatile Usage: Uphold offers a range of features for easy and secure crypto trading. You can stake cryptocurrencies, use a dedicated crypto card, and explore hundreds of tokens for various purposes.

– Convenient Trading Tools: The platform provides trading tools that allow you to schedule regular transactions and place limit orders without locking up your funds, enhancing convenience and flexibility.

– Fees:

– Withdrawals and deposits are typically free.

– Card deposits incur a 2.49% fee.

– Trading fees range from 0.8% to 1.2%.

– Supported Cryptocurrencies: Uphold supports over 250 cryptocurrencies, including both mainstream and unique tokens.

– Regulation & Licensing: Uphold operates under the regulation of FinCEN and holds licenses to operate in the UAE, ensuring compliance with regulatory standards.

– AED Deposit Methods: You can deposit AED using various methods, including credit/debit cards, Google Pay, and Apple Pay.

Whether you’re a seasoned trader or new to crypto, Uphold offers a secure and transparent platform tailored to the needs of UAE investors.

Is Peer-to-Peer (P2P) Bitcoin Trading Common in Dubai?

Peer-to-peer (P2P) cryptocurrency exchanges enable direct Bitcoin trading between users, bypassing centralized or decentralized exchanges. On P2P platforms, you can view a seller’s list of available assets and make your selection. Buyers and sellers agree on the cryptocurrency’s price before completing the transaction.

While P2P exchanges are prevalent in countries with strict cryptocurrency exchange regulations, Dubai follows a different trend. Major Dubai exchanges often offer both P2P and standard trading options, providing users with flexibility. Some exchanges supporting P2P trading in Dubai include Binance, Paxful, OKX, Bybit, and KuCoin.

Crypto-Friendly Banks in the UAE

Understanding how banks in Dubai and the UAE view cryptocurrencies and crypto users is essential. Fortunately, the UAE welcomes crypto entrepreneurs, and several crypto-friendly banks permit crypto businesses to open and use fiat accounts.

For instance, First Abu Dhabi Bank (FAB) doesn’t have policies restricting customers from buying and selling crypto. While it doesn’t offer crypto trading, you can link an FAB account to a crypto exchange to facilitate Bitcoin purchases. Additionally, FAB has plans to explore Web3 and digital assets for its users in the future.

Conclusion

The United Arab Emirates, with a focus on Dubai, has emerged as a progressive and crypto-friendly environment. The government’s support for blockchain technology and cryptocurrencies, well-regulated exchanges, and the availability of peer-to-peer trading options make it a conducive space for crypto enthusiasts and investors.

The straightforward process of buying Bitcoin through exchanges or peer-to-peer platforms provides accessibility to a wide range of users. Furthermore, crypto-friendly banks like First Abu Dhabi Bank (FAB) demonstrate the growing acceptance of cryptocurrencies within the UAE’s financial landscape.

Dubai’s strategic location, robust infrastructure, and innovative initiatives position it as a global cryptocurrency and blockchain technology hub. As the crypto industry continues to evolve, the UAE remains at the forefront, welcoming businesses and individuals into this dynamic and promising sector.

Frequently Asked Questions

Are cryptocurrencies legal in the UAE?

Yes, cryptocurrencies are legal in the UAE, with the government actively supporting their adoption and use.

What are peer-to-peer (P2P) exchanges?

P2P exchanges facilitate direct cryptocurrency trading between users, allowing them to buy and sell assets directly from each other, often at agreed-upon prices.

Which crypto-friendly banks operate in the UAE?

Banks like First Abu Dhabi Bank (FAB) in the UAE are crypto-friendly and permit customers to link their accounts to crypto exchanges for Bitcoin purchases.

Publish Date: October 21, 2023

Source:

https://www.cryptopolitan.com/why-crypto-friendly-dubai-gains-25000/

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Gitex 2023: Abu Dhabi Introduces New Centers for Metaverse Advancement and Start-up Support

The MBZUAI Metaverse Center and MBZUAI Incubation and Entrepreneurship Center aim to foster emerging technology potential.

The Mohamed bin Zayed University of Artificial Intelligence has revealed two novel establishments geared towards propelling metaverse exploration and encouraging entrepreneurship within the start-up community.

The MMC is positioned to innovate solutions that enhance user experiences and make the creation of sustainable digital environments more accessible. Researchers will exhibit progress in generating AI-powered 3D avatar content.

The MIEC is designed to empower start-ups to innovate and embrace AI within various industries. It will offer courses in entrepreneurship, acquaint startups with the local market, and provide funding prospects.

Timothy Baldwin, acting provost of the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), expressed, “The launch of these centers underscores our university’s commitment to lead in AI research and national priorities.”

“Our commitment is to cultivate a thriving AI ecosystem that strengthens industry partnerships and sets the stage for pioneering start-ups fueled by our university’s research foundations.”

The metaverse, founded on Web3, represents a virtual realm where avatars interact, potentially revolutionizing work and business operations.

By 2035, metaverse technologies have the potential to contribute $16.7 billion to the UAE’s economy, according to a recent study by Meta Platforms, the parent company of Facebook.

Sectors expected to benefit significantly from metaverse adoption include tourism, retail, property, and gaming.

Concurrently, the start-up ecosystem is expanding as companies tackle the challenges of devising solutions in an increasingly digital world, particularly in sectors such as retail, services, and commerce.

Start-ups play a pivotal role in the digital economy, and the UAE government has launched numerous initiatives to nurture their growth, recognizing technology as a catalyst for economic expansion and inclusivity.

Abu Dhabi’s tech push has drawn support from global giants like Google, Meta Platforms, and Microsoft, who operate accelerators in the region.

Start-ups globally generate a value of approximately $3 trillion, nearly matching the GDP of a G7 economy, as per Startup Genome, an advisory firm.

These launches of the MMC and MIEC follow the establishment of two new departments and four graduate programs at MBZUAI, aimed at meeting the growing global demand for robotics and computer science.

These programs aspire to further enhance the UAE’s broader AI ecosystem and solidify its position as an international hub for AI research and innovation.

Publish Date: Oct 17, 2023

Source:

https://www.thenationalnews.com/business/technology/2023/10/17/gitex-new-abu-dhabi-centres-to-support-metaverse-and-start-up-development/

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Gitex Global 2023: World’s Largest Tech Expo, 6,000+ Innovators

Gitex Global, the world’s largest tech and startup exhibition, is set to be even bigger in 2023. With over 6,000 companies participating from around the world, it marks a 40% expansion compared to the previous edition. This year’s Gitex Global, themed “The Year to Imagine AI in Everything,” will take place from October 16 to 20 at the Dubai World Trade Centre, along with Expand North Star at Dubai Harbour, featuring more than 1,800 companies showcasing their latest innovations.

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Application, highlighted Gitex’s significance as a global event where leading minds gather to shape the future of technology. He emphasized that in the age of rapid technological advancement, secure and open borders between countries are essential, and Gitex plays a pivotal role in facilitating this collaboration.

Gitex is not just about showcasing technology; it’s about enabling technology for the benefit of all. Over 50 countries will present their innovations, with the potential to become tech “decacorns” valued at $10 billion or more. The event will also address important topics, emphasizing that technology should benefit not only developed nations but also developing countries.

Trixie LohMirmand, Executive Vice President of Dubai World Trade Centre, noted that the show’s 40% growth was made possible by adding tents at DWTC and Dubai Harbour. With participation from over 250 governments in the region, Gitex will focus on Web 3.0 gaming, digital cities, AI, and cybersecurity. It will feature more than 6,000 companies and over 180,000 attendees from 80+ countries. The event boasts 1,500 speakers from over 100 countries, offering a wealth of content.

Publish Date: 10 Oct 2023, 2:35 PM

Source:

https://www.khaleejtimes.com/business/tech/gitex-global-worlds-largest-technology-startup-exhibition-gets-bigger-in-2023

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