CAN YOU ‘UNBOSS’ YOURSELF WITHOUT RUINING YOUR CAREER?

Estithmar Holding marked a significant milestone by listing its first Sukuk in Qatari Riyals on the London Stock Exchange, held at the exchange’s headquarters. This event represents the first-ever listing in Qatari Riyals on the London Stock Exchange.

The market opening ceremony was attended by Eng. Mohammed bin Bader Al-Sada, Group CEO of Estithmar Holding, along with key company executives, Mr. Shrey Kohli, Head of Debt Capital Markets and Issuer Services at the London Stock Exchange, members of the LSE team, and a group of media representatives.

The ceremony was also attended by representatives of the joint lead managers of the issuance and Qatari financial institutions; Mr. Mohammed Ismail Al-Emadi, CEO of Lesha Bank, Mr. Ahmed Hashem, acting CEO of Dukhan Bank, Mr. Akber Khan, acting CEO of Al Rayan Investment and Mr. Haithem Katerji, CEO of The First Investor. The ceremony was attended also by Mr. Charbel Abou Charaf, Managing Partner, White and Case Qatar in addition to representatives of legal and consultancy firms.

Estithmar Holding recently announced its successful issuance of the first corporate Sukuk denominated in Qatari Riyals, worth QAR 500 million, with an annual profit rate of 8.75%. This issuance is the inaugural tranche of Estithmar Holding’s QAR 3.4 billion Sukuk program which earned great interest from investors and governmental and non-governmental institutions. The list of investors included banks, insurance companies, and asset management companies.

Commenting on the event, Eng. Mohammed bin Badr Al-Sada, CEO of Estihtmar Holding, highlighted the significance of the listing to the Qatari economy, “This issuance demonstrates confidence in Qatar’s robust economy and highlights the ability of the Qatari private sector to expand both domestically and internationally, with support from government initiatives that create a seamless environment where companies can develop and thrive.”.

Al-Sada also pointed out the importance of the issuance as a milestone for the company: “Today Estithmar Holding operates in 7 countries across four sectors and the Sukuk program we have listed on the London Stock Exchange is a key component of our growth strategy and will facilitate further expansion and value creation.”

Rabea Ataya is a visionary entrepreneur and the founder and CEO of Bayt.com, the Middle East’s leading job portal. With over two decades of experience in technology and entrepreneurship, Rabea has been instrumental in transforming the region’s job market, empowering millions of individuals and organizations.

We explore, in this interview, Rabea’s inspirations, including his belief in the region’s untapped potential and his vision for using technology to close opportunity gaps. We also examine the challenges he faced while launching Bayt.com during a period of limited internet access, as well as how digital platforms are shaping the future of employment in the Middle East. Through his leadership in ventures like InfoFort and Gonabit.com, and his involvement in supporting startups, Rabea continues to play a fundamental role in empowering the region’s youth and driving economic growth.

What inspired you to pursue a career in technology and entrepreneurship, particularly in the Middle East?

My inspiration to pursue a career in technology and entrepreneurship in the Middle East stems from a deep-seated belief in the region’s untapped potential and the immense talent of its youth. Growing up, I witnessed the challenges faced by young people in accessing opportunities despite their capabilities. I realized that technology could serve as a great equalizer, bridging informational gaps and creating platforms that empower individuals and organizations alike.

The idea of leveraging technology to make a meaningful social impact resonated with me. I was motivated by the prospect of building solutions that not only address pressing needs but also contribute to the economic and social development of the Middle East. The region was on the cusp of a digital revolution, and I wanted to be at the forefront of that transformation.

What motivated you to establish Bayt.com in 2000, and what were some of the biggest challenges you faced?

The motivation to establish Bayt.com came from a personal experience of witnessing an informational mismatch in the job market. While running my first venture, InfoFort, I struggled to find the right talent despite knowing that many qualified individuals were seeking employment. This disconnect highlighted a significant gap that needed bridging.

In early 2000, during a flight back to the Middle East, I read a brief article about an online job portal in the United States. The concept of connecting employers and job seekers directly through an online platform struck a chord with me. I realized that creating a similar platform tailored to the Middle East could have a profound social impact.

One of the biggest challenges we faced was launching an internet-based company when internet penetration in the region was less than one percent. Educating both employers and job seekers about the benefits of online recruitment was a monumental task. Additionally, we started Bayt.com during the global dot-com bubble burst, which meant that raising capital was incredibly difficult, and skepticism about internet businesses was high.

To overcome these challenges, we focused on building a strong, complementary founding team and committed to a self-sustaining business model. We became cash-flow positive within the first 12 months, which validated our approach and allowed us to grow without relying on continuous external funding.

As the founder of InfoFort, how did you identify the need for a records management company in the Middle East, and what were the key factors in its success?

InfoFort was born out of observing the rapid urbanization and business growth in the Middle East, which led to an explosion of data and records. Companies needed to store documents securely and cost-effectively due to legal and financial requirements but often lacked the infrastructure to do so.

Recognizing this gap, I saw an opportunity to offer specialized records management services that could help organizations focus on their core operations. The key factors in InfoFort’s success included offering the highest levels of safety, security, accessibility and cost-effectiveness to our customers.

We invested in state-of-the-art technology and adhered to international best practices, which helped build strong client relationships and trust. Additionally, our self-sustaining business model allowed us to expand across the region without relying on external funding.

Gonabit.com was a pioneering venture as the region’s first group purchasing site. What led you to explore this market, and what were the key lessons learned from this experience?

The concept of group purchasing intrigued me because of its potential to deliver value to both consumers and businesses. With Gonabit.com, we aimed to introduce a new e-commerce model to the Middle East that could stimulate local economies by driving customers to businesses through attractive deals.

One of the key lessons from this experience was the critical importance of localization. Understanding local consumer behavior, cultural nuances, and market dynamics was essential for success. We learned that while global business models can be adapted, they need to be tailored effectively to fit regional contexts.

Additionally, the experience reinforced the significance of agility and innovation in responding to market changes and customer feedback. It highlighted the need for resilience and a deep understanding of the market you’re operating in.

You’ve been very involved in providing employment opportunities for Middle Eastern youth and supporting SMEs. How do you see the role of digital platforms in shaping the future of employment in the region?

Digital platforms are transformative in shaping the future of employment in the Middle East. They democratize access to opportunities by bridging geographical and informational gaps between job seekers and employers. Platforms like Bayt.com empower youth by providing them with the tools, resources, and visibility they need to find meaningful employment.

For SMEs, digital platforms level the playing field by giving them access to a vast pool of talent, allowing them to compete with larger corporations for skilled professionals. As the region continues to embrace digital transformation, these platforms will play an increasingly significant role in driving economic growth, fostering innovation, and addressing unemployment challenges.

How does your role on the boards of several startups complement your work at Bayt.com, and how do they align with your mission to empower youth in the region?

Serving on the boards of various startups allows me to contribute to the broader entrepreneurial ecosystem in the Middle East. It provides an opportunity to mentor young entrepreneurs, share experiences, and foster innovation across different industries.

This involvement complements my work at Bayt.com by reinforcing our mission to empower individuals and organizations. By supporting startups, we help create more job opportunities, stimulate economic growth, and encourage a culture of innovation. These roles align with my commitment to empowering youth by providing them with the resources, guidance, and platforms they need to succeed in their entrepreneurial endeavors.

What advice would you give to young entrepreneurs in the Middle East who are looking to start their own businesses?

My advice to young entrepreneurs is to deeply understand the problem you’re trying to solve and remain committed to your vision. Surround yourself with a team that complements your skills and shares your values. The importance of finding co-founders or team members with complementary talents cannot be overstated.

Focus is crucial in the early stages; concentrate on building a strong foundation before diversifying into other opportunities. Be disciplined in your approach to funding—consider building a self-sustaining business model that doesn’t rely solely on external investment.

Embrace resilience and be prepared for challenges. Entrepreneurship is a marathon, not a sprint, and maintaining endurance is key. Lastly, leverage the unique aspects of the Middle Eastern market—cultural insights, local needs, and regional dynamics—to create solutions that truly resonate with your target audience.

As a leader, what do you believe are the most critical traits for effective leadership in today’s fast-paced business environment?

Effective leadership today requires vision, empathy, adaptability, and integrity. A leader must clearly articulate their vision to inspire and align their team. Empathy is essential to understand and address the needs of employees and customers, fostering a positive and inclusive organizational culture.

Adaptability is crucial in a rapidly changing environment. Being open to new ideas and willing to pivot when necessary can make the difference between success and failure. Integrity builds trust, which is foundational for any successful organization.

Additionally, investing in continual learning and encouraging innovation within the team are vital. A leader should find inspiration in various sources and bring fresh perspectives back to the business. Fostering a culture that values growth, collaboration, and shared success is essential.

What legacy do you hope to leave behind in the Middle Eastern business landscape, and what future initiatives are you most excited about?

I hope to leave a legacy of empowerment and positive impact, contributing to the economic and professional development of individuals across the Middle East. Through ventures like Bayt.com, I aspire to have helped build institutions that last, showcasing the region’s talent and potential on a global stage.

I’m excited about future initiatives that leverage emerging technologies such as artificial intelligence and machine learning to enhance our platforms further. These technologies have the potential to revolutionize how we connect talent with opportunities, making the process more personalized and efficient.

I’m also enthusiastic about continuing to support localization efforts and empowering the next generation of entrepreneurs and professionals in the region. By fostering a culture of innovation, resilience, and social responsibility, we can create sustainable businesses that not only succeed commercially but also contribute meaningfully to society.

KYIV, Ukraine—Beyond the bombs and gunfire of Russia’s war in Ukraine , a parallel economic war is raging.

Its front line is on occupied Ukrainian farmlands, from which Russia and its partners have sold almost $1 billion in stolen grain on a burgeoning black market.

Moscow’s forces in Ukraine since 2022 have occupied some of Europe’s most fertile farmland. The occupiers have either seized harvests or bought them cheaply, often forcibly.

The business involves a wide network of clients who benefit from Moscow’s wartime patronage system, including a Russian shipyard equipping the invasion, a company affiliated with Iran’s Revolutionary Guard and a Crimean businessman who trades with Syria and Israel. Another company sells through the United Arab Emirates.

Trading the looted Ukrainian agricultural products keeps Russia’s allies funded and loyal to Moscow even as it faces mounting economic pressure , offering a sort of off-balance-sheet vehicle financing Kremlin objectives.

The Kremlin didn’t return requests for comment on its exports of Ukrainian crops.

“It’s like the war is feeding itself,” said Pascal Turlan, legal director at rights organization Project Expedite Justice, which is helping Ukrainian prosecutors investigate grain theft. “The illicit trade brings revenue to a Kremlin-sponsored patronage system, which in turn helps the conflict and the occupation to continue.”

The exact commercial value of Russia’s pilferage is difficult to determine amid the war’s chaos and Moscow’s subterfuge, but it is large. Since 2022, the operation has directly shipped at least 4 million tons of grain and other produce from occupied Ukraine to international markets, generating revenue of $800 million, said Markiyan Dmytrasevych, Ukraine’s deputy agriculture minister.

Much more has been exported by land or small ships, according to Ukrainian nonprofit organization Texty, which estimates the total value of grain taken by Russia in occupied territories could be as high as $6.4 billion.

The patronage take many forms. Three bulk vessels that export large volumes of illicit grain are owned through a chain of corporate entities by Russia’s state-run United Shipbuilding Corp., which also produced warships used to shell Ukrainian cities, according to the U.S. government.

A Russian company that exclusively sold grain from the occupied region of Zaporizhzhia donated 10 million rubles, or $111,000, to a battalion fighting in the province, according to a document obtained by KibOrg News, a Ukrainian project that documents Russian economic-looting activities in the occupied territories.

Moscow is also attacking Ukraine’s own grain exports. Late Wednesday, a Russian missile struck at a ship that was carrying Ukrainian wheat just after it had left a Black Sea port for Egypt, Ukraine’s president Volodymyr Zelensky said on his Telegram channel.

From farm to sea
Russia’s illicit agricultural trade begins on Ukrainian farms. Moscow’s forces either compel farmers to sell their crops at below-market prices or steal them, sometimes at gunpoint.

Bohdan Katerenyak, the manager of a silo in Kherson, a southern Ukrainian province conquered by Russia at the beginning of the war, said he was at work in August 2022 when men with machine guns, clad in balaclavas, entered his office.

“We have an order to take over,” one told him in a Chechen accent, handing him an identification card from the FSB, Russia’s domestic security service, Katerenyak said. A few days later, another man, also claiming to be an FSB agent, arrived and impounded the facility’s grain.

“They are bandits,” Katerenyak said of the men. Fearful, he fled to Ukrainian-controlled territory and later learned the silos had been emptied.

From farms like Katerenyak’s, produce is shipped by truck and rail to ports along the Black Sea, some on occupied Ukrainian territory.

Russian authorities say that in the first half of this year they sent 15 ships carrying 81,000 tons of wheat to Turkey from Mariupol, another city conquered during the war.

Turkey bans ships from occupied Ukrainian terminals and cooperates with Kyiv to block illicit trade, the country’s foreign-affairs officials said.

Separately, Ukrainian prosecutor Ihor Ponochovniy in June started tracking a Turkish-owned ship, the Usko MFU, which he suspected had carried stolen grain last year from the Crimean port of Sevastopol . Russia seized Crimea from Ukraine in 2014 and in 2022 linked it with occupied Kherson.

Ukraine’s border force in June told Ponochovniy the Usko MFU had entered Ukrainian waters. He issued a search warrant and police boarded it. Onboard they found records showing it had left Sevastopol last November for Turkey carrying 2,100 tons of crushed sunflower seeds and brown wheat potentially worth half a million dollars.

Investigators said they found onboard a message from the ship’s managers to the captain instructing him to conceal the cargo’s Crimean origin. Ukraine’s border force in July seized the Usko MFU.

The ship’s owner, USKO Shipping Management, didn’t respond to a request for comment. A lawyer representing the vessel’s captain declined to comment.

Mikhail Ganaga, a former professional wrestler and the son of a district governor in Crimea, is among a select group of collaborators who have profited from the grain theft.

Ganaga controls Agro-Fregat LLC, which delivers grain harvested in occupied territories and has shipped grain to Israel and two of its foes, Syria and Iran, according to trade and shipping records and Ganaga himself. Ganaga and Agro-Fregat didn’t return requests for comment.

Pressure to halt shipments

Ukraine is applying diplomatic pressure on importing countries, with some success. In the past two years, Egypt, Israel and Lebanon either canceled loadings or stopped buying grain cargoes after Ukrainian diplomats told them they had departed from Russian-occupied parts of Ukraine , according to Ukrainian officials.

Foreign Ministry spokesman Heorhiy Tykhiy said that Lebanon shifted to Ukrainian grain. Egypt has refused some grain shipments that originated in Russian-occupied territories of Ukraine, according to Ukraine’s military intelligence agency.

Russian allies Iran and Syria have said they won’t abide by sanctions. Iran has supplied the Kremlin deadly weaponry that enhanced Russia’s ability to hit military and civilian targets. This month, Tehran started to supply ballistic missiles to the Kremlin. Iranian politicians said they were in exchange for Russian grain.

Tehran buys barley in Crimea for $140 a ton, a 34% discount from market prices, said Kateryna Yaresko, an analyst at SeaKrime, a nonprofit project in Kyiv that tracks illegal shipments from Crimea and provides information to the Ukrainian authorities.

Traders in Russian-occupied territories are building ties with Tehran’s hard-line circles. Igor Rudetsky, a manager at a grain terminal in occupied Crimea, last year posted on his social-media accounts pictures of himself meeting representatives of Islamic Republic of Iran Shipping Lines, which is sanctioned by the U.S. for shipping weapons on behalf of Iran’s military and nuclear technologies.

Rudetsky, according to his posts, also visited Pars Holding, an agricultural company that is part of a foundation controlled by Iranian Supreme Leader Ali Khamenei . Rudetsky said by text message that he spoke to the companies as part of an international marketing campaign that also included China, India and Africa, though he says he doesn’t sell produce himself.

Rudetsky said grain exports from Russia aren’t restricted by international sanctions and that he bought the port “for real money” in a deal that was “legally impeccable.”

Russia deems Crimea its territory but other countries don’t and consider any exports from it illegal.

Yemen is a new market for Crimean exports. In June, a Russian state-controlled vessel, the Zafar, delivered grains to al-Salif, a port held by the Iranian-backed Houthi faction in Yemen, according to shipping and corporate records.

As Kyiv cracks down, exporters are adopting increasingly complex evasion tactics such as transferring grain to Russia and mixing it with legitimate products before reselling it on international markets. Ukrainian authorities are struggling to keep up.

“We need more people,” said Ponochovniy, the prosecutor.

Ukrainian prosecutors in Kharkiv are probing a trader that it suspects stole grain and resold cargoes to an Emirati company. Helios Plus drew prosecutors’ attention after it removed all 700 tons of grain left at a bread factory flour mill in the nearby town of Kupyansk when Russia seized it in August 2022.

Helios Plus didn’t respond to a request for comment.

The company in 2015 started selling grain out of areas of eastern Ukraine that had come under control of Russian-backed separatists, according to Russian records viewed by The Wall Street Journal. The records were obtained in an investigation by Project Expedite Justice.

The documents indicate Helios Plus took a large volume of grain from other occupied territories in the past two years. It then sold the grain to buyers in Turkey, the U.A.E. and as far as Costa Rica, according to customs declarations.

Starbucks is making another major leadership change just one week after new CEO Brian Niccol started his job.

Michael Conway, the 58-year-old coffee chain’s head of North America, will be retiring at the end of November, according to a Monday filing with the Securities and Exchange Commission.

The decision came only six months after Conway took on the job. His position won’t be filled. Instead, the company plans to seek candidates for a new role in charge of Starbucks’ global branding.

The chief brand officer role will have responsibilities across product, marketing, digital, customer insights, creative and store concepts.

“Recognizing the unmatched capabilities of the Starbucks team and seeing the energy and enthusiasm for Brian’s early vision, I could not think of a better time to begin my transition towards retirement,” wrote Conway in a statement.

Conway has been at Starbucks for more than a decade, and was promoted to his current job—a newly created role—back in March, as part of the company’s structural leadership change under former CEO Laxman Narasimhan.

The coffee giant has been struggling with weaker sales in recent quarters, as it faces not only macroeconomic headwinds, but also operational, branding, and product development challenges.

Narasimhan was taking many moves to turn around the business, but faced increasing pressure from the board, shareholders, and activist investors.

One month ago, Starbucks ousted Narasimhan and appointed Brian Niccol, the former CEO at Chipotle, as its top executive. The stock has since jumped 20% in a show of faith for Niccol, who started at Starbucks last week.

When he was at Chipotle, Niccol made a few executive hires that were key to the company’s turnaround.

Pluto, UAE’s leading end-to-end expense and account payables management platform, today announced its strategic partnership with neoleap, a trailblazing Saudi fintech company, renowned for its innovative financial solution. This collaboration, announced at the 24 Fintech conference in Riyadh, marks a significant milestone in Pluto’s expansion into the Saudi market, enabling its global customer base to seamlessly extend their operations within the Kingdom.

With this partnership, Pluto will integrate its comprehensive corporate card and AI powered expense management platform with neoleap’s cutting-edge financial solutions, offering businesses in Saudi Arabia a streamlined approach to managing their finances. From instant issuance of unlimited corporate cards to end-to-end reimbursements, petty cash management, procurement, and accounts payable services, Pluto’s platform is designed to empower SMEs by simplifying and automating complex financial processes.

“We are thrilled to join forces with neoleap. This collaboration not only strengthens our presence in the Saudi market but also aligns with our mission to build the future of CFO finance tooling. Together with neoleap, we are poised to offer unparalleled financial solutions that will help businesses in Saudi Arabia manage their entire company spending within one collaborative and automated platform,” commented Mohammed Ridwan, Co-Founder and COO of Pluto.

“This partnership is another milestone in neoleap’s journey to empower businesses with our fintech solutions,” said Mr. Abdullah Al-Ibrahim, CEO of neoleap. “By joining forces with Pluto, we aim to enhance digital payments and provide innovative financial solutions that drive economic growth and efficiency for SMEs and large corporations.”

neoleap, recognized for its innovative approach to financial technology, provides a suite of services aimed at transforming the digital payments landscape in Saudi Arabia. By leveraging neoleap’s robust infrastructure, Pluto will be able to deliver enhanced financial management capabilities to a wide range of enterprises, from SMEs to multinational corporations.

This partnership is a significant step forward in Pluto’s growth strategy, following its recent achievements, including being ranked #1 in EMEA for Procure to Pay Solutions and recognized as a Top 10 provider globally in both Enterprise and SMB Expense Management by G2.

Several Gulf nations have reduced their interest rates for the first time since the onset of the COVID-19 pandemic, following the lead of the U.S. Federal Reserve. This shift provides some much-needed economic relief to the region, which continues to grapple with the financial impact of declining oil prices.

Key Central Banks in Action

On Wednesday, central banks in Saudi Arabia, the UAE, and Bahrain cut their rates by half a percentage point, in line with the U.S. decision.

Shortly after the Fed’s announcement, the UAE Central Bank (CBUAE) decided to cut the base rate applicable to the Overnight Deposit Facility (ODF) by 50 basis points – from 5.40% to 4.90%, effective from Thursday, September 19, 2024.

The Saudi Central Bank reduced the repo rate by 50 basis points to 5.50% and reduced the reverse repo rate by 50 basis points to 5%.

The Central Bank of Bahrain (CBB) also announced its cut the overnight deposit rate by 50 basis points from 6.00% to 5.50%, effective 19th September 2024.

Qatar Central Bank took a slightly more aggressive approach, lowering its rates by 55 basis points. Kuwait, which pegs its currency to a basket of currencies rather than strictly to the U.S. dollar, implemented a smaller reduction of 25 basis points.

Impact of Oil Prices

Despite the monetary relief, the more pressing concern for the Gulf remains falling oil prices, which continue to weigh heavily on their economies. For a region that still depends heavily on energy exports, this decline in oil revenue poses a greater challenge than the current monetary environment.

Saudi Arabia may benefit most from these lower rates. Borrowing costs in the kingdom, measured by the three-month Saudi Interbank Offered Rate (Saibor), dipped below 6% for the first time this year, anticipating the Fed’s rate cut. The reduction in borrowing costs is timely, as Saudi Arabia is in the midst of its Vision 2030 diversification plan. This ambitious initiative, led by Crown Prince Mohammed bin Salman, aims to reduce the country’s dependence on oil by attracting foreign investment and borrowing to fund major projects.

Bitget have announced along with Foresight Ventures, a $30 million strategic investment into The Open Network (TON Blockchain). This investment will be directed towards acquiring TON tokens, aimed at accelerating the adoption of Tap-to-Earn, GameFi, and emerging trends within the TON ecosystem.

TON-based projects are proving to be a strong asset for the Telegram ecosystem, which has seen notable growth as it expands its offerings for Web3 startups. According to a recent report by Bitget Research, the TON blockchain, fueled by Telegram’s 900 million users, has become one of 2024’s fastest-growing blockchains. It has experienced over a tenfold increase in on-chain transactions, ecosystem TVL, and DEX trading volume, with popular dApps such as Catizen, DOGS, and Tomarket attracting millions of users.

The commitment to the TON blockchain comes at a time when Bitget has witnessed remarkable growth in its user base. By focusing on ecosystem development and expanding its services, Bitget has grown its global user count to 45 million in Q3 2024, almost doubled in the past 12 months. This surge is partly attributed to the increasing demand for innovative projects, particularly those driven by platforms like TON.

In 2024, Bitget Wallet contributed to the TON ecosystem with TONNECT 2024, a major online event aimed at accelerating the growth of emerging dApps in the TON ecosystem. Thanks to TON’s growing user interest in Bitget’s decentralized wallet, Bitget Wallet continuously topped the charts amongst all apps in Nigeria taking over world-famous apps such as TikTok and WhatsApp on Apple’s App Store.

“As Bitget continues to BUIDL around The Open Network, our partnership with the TON blockchain provides a solid foundation for driving initiatives that align with our vision. By integrating our expertise in crypto infrastructure with TON’s decentralized architecture, we are well-positioned to strengthen the development of innovative products and solutions. Together, we are bringing the crypto industry closer to mass adoption than ever before.” commented Gracy Chen, CEO at Bitget.

“The surge of the TON ecosystem represents the biggest growth opportunity in the cryptocurrency market this year and in the next 3-5 years. Over the past six months, TON’s TVL has increased 18-fold, reaching $350 million.” Forest Bai, Co-Founder and CEO of Foresight Ventures, stated: “The ecosystem currently boasts over 1,000 dApps, with many applications having millions of users. We hope to continue supporting developers within the TON ecosystem by providing investment, incubation, marketing support.”

With the $30 million investment, Bitget and Foresight Ventures will engage more deeply in the governance and future development plans of the TON blockchain, supporting the emergence and go-to-market of more blockbuster dApps on TON.

The global surge in Artificial Intelligence (AI) investments propelled by the increased demand in rising digital industries, from digital health and future finance to cybersecurity and public services, has ignited a race among businesses to secure specialized talents, sustain the relentless pace of their tech innovations, and their position among the early adopters of AI. Goldman Sachs research has forecasted that global investment into AI could reach $200 billion by 2025, while Bloomberg reported that the generative AI alone could have a $1.3 trillion market value by 2032.

This growth is driven by a widespread acknowledgement amongst global leaders that AI solutions are an increasingly vital tool for driving enhanced productivity and higher growth. As Thomas Pramotedham, CEO of Abu Dhabi-based AI enterprise Presight, recently told the GITEX Tech Waves podcast: “Today you’ll see companies applying AI and AI evolving – in five, ten years’ time, it will get smarter, and when it gets smarter, you’ll get more efficiency and shorter routes to answers for difficult and complex questions. In return, that will be to the betterment of society and the world we live in.”

Such as Presight, over 3,500 of the world’s most prestigious brands investing in AI solutions will converge at the Dubai World Trade Centre, from 14-18 October, for the world’s largest tech and start-up event, GITEX GLOBAL 2024. The powerhouse exhibition and conference will bring together the biggest tech community in the world, from experts, founders, and investors to government leaders and senior executives, to showcase their breakthrough AI technologies, discuss mutual synergies, and forge key collaborations to catalyze future advancements in the industry.

The landmark event will spotlight the opportunities and challenges surrounding the AI global economy, including ethical development, quantum computing, large language models (LLM), policies and regulations, real implications of AI in edtech, health, and finance, and the future of work and employment. The rapid AI emergence still impacts the job market according to recent studies. In 2022, Deloitte estimated that there were only 22,000 AI specialists in the world while, last year, it was predicted that only half of all AI-related jobs could be filled.

UAE’s Bold Steps in Creating the World’s Future AI Economy

Leapfrogging several global markets, the response of the UAE, which has been increasingly successful as a global hub for the AI industry, consists of a robust long-term government agenda to harness the full potential of AI to empower individuals, communities, and organizations. Aligned with the UAE National Strategy for Artificial Intelligence and a clear vision to become the world leader in AI by 2031, the country has invested in integrating AI into public services, energy, tourism, and education.

In Dubai, the leadership has shown profound commitment to making the emirate the world’s fastest, most agile, and future-ready city by launching the Dubai Universal Blueprint for Artificial Intelligence. This highly strategic annual plan aims to accelerate the adoption of AI applications, looking at achieving the targets of the Dubai Economic Agenda D33 by adding AED 100 billion, 27.2 billion dollars, yearly to the emirate’s economy and boosting productivity by 50 per cent through the adoption of digital solutions.

GITEX GLOBAL 2024: A Powerful Platform for AI Experts and Leaders

As the world’s largest tech and start-up event, GITEX GLOBAL is firmly aligned with the widely recognized UAE AI-driven economy, with Dubai as the fastest-growing international hub for AI experts, leaders, academics, and top voices in the industry.

Headliners include the most powerful tech giants driving AI dynamics globally, such as Adobe, Alibaba Cloud, AWS, Builder AI, Dell, G42, Google, HPE, IBM, Meta, Microsoft, Nvidia, Open AI, and Oracle, among many others. Middle East’s premier companies and organizations advancing AI and projecting the region’s native tech to the world, such as Presight, e&, Technology Innovation Institute (TII), and Khazna, will also present their products and innovations at the show.

A premier lineup of international speakers will join the stage for thought-provoking discussions in AI, featuring names such as Isabell Gradert, VP of Central Research and Technology at Airbus (Germany), Michael Spranger, President of Sony AI (Japan), Axel Voss, Member of the European Parliament (Belgium), Stephen Ibaraki, Founder of the UN/ITU AI for Good (Canada), Jong-Soo Choi, CTO of Samsung (South Korea), and Dr Priya Singhal, EVP of Biogen (USA).

Anthony Agoshkov, founder of Marvel Capital, alongside co-founder Ilya Max, announces the launch of Alchemy Family, a private members-only club, exclusively designed for fund managers, HFT firms, hedge funds, and algorithmic traders. The club is redefining networking for the financial services elite by curating deeply immersive experiences that foster both personal and professional growth.

Alchemy Family is a ‘member-by-application-only’ club, offering its select 165 members unparalleled access to founders, C-level executives, and capital allocators through meticulously curated events. Each year, the club hosts its flagship retreat, bringing together 50 of the industry’s most prominent leaders in an extraordinary setting.

The inaugural retreat, Magnum Opus, will take place from November 2-6, 2024, in the Seychelles, offering members the chance to connect on a profound level with peers in a serene, luxurious environment. Anthony Agoshkov, co-founder of Alchemy Family, shared, “Our vision is to create a community where financial leaders can build lasting, meaningful relationships beyond the transactional. The retreats offer an opportunity to form connections that will drive innovation and growth.”

Co-founder Ilya Max said, “At Alchemy Family, we emphasize holistic growth. Our members walk away from these retreats with more than just business contacts – they gain life-changing experiences and connections that foster future success.”

The Alchemy Family experience offers several key highlights designed to elevate both personal and professional growth.

• Exclusive Access: Members enjoy direct access to influential industry figures, fostering opportunities for collaboration that would be challenging to achieve elsewhere.
• Personal and Professional Development: The club is dedicated to personal growth, with members sharing knowledge and experiences that help advance their professional objectives.
• Continuous Learning: Members benefit from an exclusive library of recorded sessions, podcasts, and other high-quality content, ensuring ongoing development regardless of location.

In an industry often dominated by virtual interactions, Alchemy Family stands apart by focusing on face-to-face connections and personal engagement. This year’s retreat will feature renowned figures like award-winning Dubai-based Contemporary and NFT artist Kristel Bechara and emotionally expressive artist Alyssa Adams, further enriching the experience and highlighting the intersection of art, personal growth, and the decentralized future.

Agoshkov’s extensive background in finance serves as the foundation for Alchemy Family’s vision. He began his career as a broker at ICAP and quickly advanced to senior trading roles at both quasi-sovereign and privately owned financial institutions. He co-founded IJSC Fianit, a fully licensed Trad-Fi brokerage in Moscow, which was successfully sold to a major institutional bank in Russia in 2018. Since then, Agoshkov has expanded his focus to multiple business ventures, with a strong emphasis on the emerging crypto asset class.

Alchemy Family’s mission of creating “a space for leaders, by leaders” comes to life through intimate roundtable discussions, mastermind sessions, and luxury experiences, providing a unique platform for connection and collaboration beyond traditional industry boundaries.

The latest ICAEW Economic Insight report for the Middle East, prepared by Oxford Economics, paints a cautiously optimistic outlook for the region. While economic growth in the Middle East is projected at 2.1% in 2024, a significant acceleration to 3.7% is expected in 2025, largely driven by the reversal of oil production cuts by OPEC+.

GCC growth to surge in 2025

The GCC region is poised for a significant rebound, with growth projected to more than double to 4.4% in 2025 as oil production cuts are gradually phased out. The report highlights the resilience of the GCC’s non-energy sectors, which are expected to expand by 4.4% in 2025. Strong domestic momentum, coupled with anticipated interest rate reductions, is expected to fuel consumption and private investment, boosting the region’s overall economic outlook.

2024 growth impacted by oil production cuts

The extension of oil production cuts by OPEC+ has led to a slight downward revision of the GCC’s 2024 growth forecast to 2.1% from 2.2% three months ago. While this reflects the temporary impact on the region’s energy sector, the outlook for 2025 remains optimistic as oil production increases, providing a strong boost to the region’s economies.

Non-energy sectors show resilience

The report underscores the resilience of GCC non-energy sectors, which are projected to grow by 4.2% this year and 4.4% in 2025. Recent PMI readings suggest strong domestic activity, and anticipated interest rate reductions is expected to further bolster consumption and private investment. These sectors, including tourism, trade, and finance, are becoming crucial growth drivers in the region’s economic diversification efforts.

Kuwait faces challenges amid oil cuts

Kuwait’s economy is forecast to grow by only 0.5% due to ongoing oil production cuts but is expected to rebound to 2.5% in 2025-26. The recent discovery of the Al-Nokhatha oil field, with estimated reserves of 3.2 billion barrels, promises higher future oil gains and supports Kuwait’s agenda to expand production output to 4 million barrels per day by 2035.

Oman’s public finances remain resilient

Oman’s economy is projected to achieve a growth rate of 1.5% in 2024, supported by a resilient non-energy sector. Growth is expected to gain further traction, reaching 2.3% in 2025, as oil production restrictions are eased. Oman’s public finances remain robust, with a budget surplus expected despite lower energy revenues. The country’s commitment to fiscal reforms and diversification efforts has been recognized by Moody’s, which recently upgraded Oman’s Ba1 credit rating to positive.

Geopolitical risks remain

The report highlights ongoing geopolitical risks, particularly regional conflicts, which could impact sectors linked to tourism and trade, and adds a layer of uncertainty to the forecast. However, a potential breakthrough in nuclear talks with Iran offers some upside potential for oil production and exports in the medium term.

Inflation outlook

The GCC inflation forecast for 2024 has been lowered to 1.7% but is expected to rise to 2.1% next year. Inflation remains below 2% in all GCC countries except Kuwait and the UAE, where slightly higher rates persist due to housing price pressures.

Hanadi Khalife, Head of Middle East, ICAEW, said: “The report underscores the importance of resilience in navigating global economic and regional geopolitical headwinds. We are confident that the Middle East’s business community, supported by the expertise of the accountancy profession, will continue to demonstrate its ability to innovate and thrive amid these challenges.”

Scott Livermore, ICAEW Economic Advisor, and Chief Economist and Managing Director, Oxford Economics Middle East, said: “The GCC’s proactive and strategic investment in non-oil sectors, alongside the gradual recovery of oil production, is paving the way for robust growth in 2025, projected to more than double to 4.4%. In a global environment of slowing economic growth, the resilience of the GCC stands out. The region’s strong performance across both energy and non-energy sectors—particularly in tourism, trade, and finance—positions it for sustained success in the coming year.”

Despite ongoing challenges, the latest ICAEW Economic Insight report paints a positive picture for the region’s economic prospects in 2025, driven by the reversal of oil production cuts and continued strength in non-energy sectors.

Saudi Arabia has emerged as a regional leader and ranked fourth globally in the UN Digital Services Index. The Kingdom saw a significant leap, climbing 25 positions in the 2024 UN E-Government Development Index (EGDI), placing it among the top countries worldwide. It also ranked second among G20 nations in the index and achieved the 7th spot in the e-participation index. Riyadh secured 3rd place among 193 cities globally.

The Minister of Communications and Information Technology and Chairman of the Board of Directors of the Digital Government Authority, Eng. Abdullah Alswaha, expressed gratitude to Custodian of the Two Holy Mosques King Salman and Crown Prince and Prime Minister Mohammad bin Salman for their unwavering support of the Kingdom’s digital and technical sectors. He credited this remarkable achievement to the Crown Prince’s leadership and emphasized that Saudi Arabia’s digital excellence is a direct result of the Kingdom’s Vision 2030. He added that the Kingdom remains committed to driving innovation and establishing itself as a leader in the global digital economy.

Eng. Ahmed Alsuwaiyan, governor of the Digital Government Authority (DGA), highlighted that Saudi Arabia’s continued advancement in the EGDI reflects the leadership’s dedication to providing top-tier digital government services. He acknowledged the critical role that Saudi Vision 2030 has played in boosting the Kingdom’s position, noting that reforms and investments have strengthened collaboration across government agencies, driven by emerging technologies and digital initiatives.

The DGA’s efforts, in partnership with various government agencies, have been instrumental in Saudi Arabia’s progress. The Kingdom has adopted advanced digital solutions to improve the maturity of its digital government services, launched a series of regulations and guidelines, and nurtured digital transformation talent and leaders.

The UN report recognized Saudi Arabia’s impressive achievements, ranking 6th globally in digital government development. Since the launch of Vision 2030, the Kingdom has made substantial strides, rising 53 places in the Telecommunications Infrastructure Index (TII) and 31 places in the Human Capital Index (HCI). Saudi Arabia also achieved a 67-place leap in the Online Service Index (OSI), securing 4th place globally. Moreover, the Kingdom reached 100 percent maturity in digital government regulations and 100 percent accessibility and data sharing for citizens and businesses. It also advanced 60 positions in e-participation, underscoring its commitment to engaging both individuals and businesses in the digital transformation process.

The E-Government Development Index has been a key international benchmark for over 20 years, published biennially to evaluate government performance. The report highlights the positive impact of structural reforms on productivity, efficiency, and the development of digital governments across UN member states.

As Microsoft Corp. and G42 continue to advance their collaboration, they are announcing two significant initiatives aimed at ensuring AI is used responsibly and benefits the world. This effort builds on the partnership the two organizations announced earlier this year and represents the start of several additional steps that will be revealed in the coming weeks and months.

They are unveiling the establishment of two new centers in Abu Dhabi, both of which will support their collective Responsible AI objectives. The first center co-founded and co-funded by G42 and Microsoft, with backing from the UAE’s Artificial Intelligence and Advanced Technology Council (AIATC), will focus on identifying, developing, and promoting best practices and industry standards for the responsible use of AI in the Middle East and the Global South. The second initiative involves the expansion of Microsoft’s AI for Good Research Lab into Abu Dhabi, designed to support AI projects addressing key societal challenges.

The first center will convene academic researchers and AI practitioners from across the private sector to develop, document, and share emerging Responsible AI best practices. Both G42 and Microsoft are committed to working closely with this centre to bring together individuals and organizations from the Middle East, the Global South, and beyond, fostering collaboration and ongoing progress in this vital field.

Simultaneously, Microsoft’s AI for Good Lab will open a center in Abu Dhabi, its first in the Middle East. This new lab will harness the power of AI to collaborate with nonprofit organizations and partners, addressing key economic and societal challenges across the Middle East and Africa. In close collaboration with the Lab’s existing team in Nairobi, this initiative will prioritize the development of large language models for underrepresented languages, helping bridge the global language divide. It will also focus on advancing food security and strengthening climate resilience by applying AI to high-resolution geospatial data, enhancing disaster preparedness and response capabilities.

The partnership will work alongside the AIATC, which was created in January to develop plans and research programs in collaboration with local and global partners to enhance Abu Dhabi’s status in the fields of artificial intelligence and advanced technology.

The two centers build on the work that Microsoft and G42 are taking together to implement Responsible AI standards and practices. This includes working to ensure that the two companies’ generative AI models and applications are developed, deployed and used safely — a commitment that is at the heart of the Responsible AI policies that Microsoft has developed and implemented, and that G42 is now adopting in connection with our partnership and the commitments made to the U.S. and UAE governments.

Among other things, these policies govern the design and use of AI applications, incorporate digital safety and cybersecurity plans for model training and deployment, and establish “red teaming” processes to harden AI systems against probing, testing and attacks. G42’s adoption of these policies will solidify the UAE’s position as a trusted global AI hub and ensure that Microsoft and G42 AI technologies running on Azure are responsibly shared with our growing joint customer base, globally.

“Today’s steps will add to the important progress Microsoft and G42 are making to broaden access to the responsible, safe, and secure use of artificial intelligence,” said Brad Smith, Vice Chair and President of Microsoft. “We are committed to additional steps with G42 that advance responsible AI use for customers and that strengthen the relationship not only between our two companies, but between our two countries.”

Peng Xiao, Group CEO of G42, said, “By advancing Responsible AI together with Microsoft, we are creating a framework for AI to serve all of humanity. These new centers reflect our shared vision for leveraging technology to solve real-world challenges, positioning Abu Dhabi as a global hub for AI innovation that prioritizes safety, trust and collaboration, especially across the global south.”

Since Microsoft and G42 launched their partnership in April, the two companies have been executing under the commitments of the Intergovernmental Assurance Agreement, with support and oversight by both the U.S. and UAE governments.

As a matter of corporate policy instituted earlier this year, G42 and its affiliates do not conduct business with any entity listed on the U.S. Government Consolidated Screening List. The Microsoft and G42 compliance committee meets quarterly, and the two teams maintain a weekly cadence for progress reviews. G42’s compliance program is designed to be “best in class,” ensuring the highest standards of business practices and security principles.

This partnership presents a strategic opportunity to bring world-class technology to underserved regions such as the global south. G42’s efforts in creating a regulated and monitored environment for deploying U.S.-developed advanced technology systems are essential for meeting international AI demands. Our collaboration aims to bridge the digital divide, address pressing social challenges, and promote democratic norms in cyberspace. We have already announced a $1 billion investment in Kenya leveraging geothermal energy, and are actively exploring other strategic markets.

In addition, the migration of G42’s legacy public cloud infrastructure to Microsoft Azure began in November 2023 and is continuing as planned. This migration is critical for ensuring secure and efficient operations.

Microsoft and G42 believe in the transformative power of AI and cloud technologies, and our partnership is built on a foundation of trust, security, shared values, and a commitment to the highest standards of regulatory compliance. Microsoft and G42 are dedicated to ensuring that our collaboration contributes positively to global technological advancement.

The Abu Dhabi Department of Energy (DoE) has introduced a series of Foresight Reports as part of its proactive strategy to efficiently address the fast-evolving energy landscape. These reports are aligned with the department’s institutional strategy, utilizing foresight practices to anticipate future trends, explore potential scenarios, and analyze their implications.

The primary goal of the reports is to systematically assess possible future scenarios, including technological advancements, policy changes, and market dynamics that could impact the energy sector.

By leveraging this foresight, the DoE aims to make informed decisions that promote innovation, enhance efficiency, and support sustainability. The reports also act as a strategic tool, guiding the department toward its long-term objectives, mitigating risks, and identifying new opportunities.

The department has issued four reports addressing significant and timely topics. The first report, titled The Ammonia Economy – Ammonia-based Fuel and the Use of Ammonia for Energy Storage and Delivery, explores the future potential of the ammonia economy, focusing on its role in hydrogen energy production, global trade, and the transition to sustainable ammonia technologies. The report also identifies future trends for developing the ammonia economy and outlines the goals and steps needed to achieve them.

The second report, titled The Future of Water Sustainability through the Graphene Revolution, explores the future potential of graphene-based technologies in various water-related applications, including desalination, purification, and treatment, while improving the efficiency of these processes. This report provides a framework for identifying future trends to enhance water sustainability and outlines related impacts and potential actions.

The third report, titled The Race to Harness Space Solar Power – New Horizons for Energy, assesses the strategic feasibility of space solar power technology and its alignment with the UAE’s renewable energy goals, alongside its promising vision of achieving a sustainable future free from carbon emissions. The report also serves as a valuable tool for identifying future trends in the development of space solar power technology and outlines the objectives and steps necessary to achieve them.

The fourth report highlights The Future of Enhancing Renewable Energy through Smart Grids and Artificial Intelligence, focusing on the advancement of smart grid technologies in the UAE, their connection to the artificial intelligence revolution, and their applications in energy management. The report identifies future trends for the development of these grids and outlines the goals and steps needed to achieve them.

Dr. Shamma Al Malik, Director of Strategy Development at the DoE, emphasized, “The Foresight Reports aim to inspire the forward-looking visions of our wise leadership and the ambitious aspirations of the UAE government while addressing the challenges facing energy transition, sustainability, water security, and the development of energy efficiency technologies. Through these reports, we strive to build a deep knowledge base and extract precise information that enables us to ensure full readiness to face future challenges.”

She added, “The issuance of these four reports reaffirms the Department of Energy’s commitment to achieving an effective transformation in the energy sector by promoting the use of clean and renewable energy and anticipating the future needs of the industry. These reports will undoubtedly form a fundamental basis for decision-making, further enhancing Abu Dhabi’s leadership position in the global energy transition journey and driving sustainable growth toward a prosperous future.”

She also highlighted the importance of the DoE continuing to collaborate with all partners and stakeholders, leveraging all its capabilities, and delivering advanced solutions and innovations in the field of clean and renewable energy. Furthermore, the department is continuing to develop future plans to accelerate national efforts aimed at realizing the UAE’s strategic initiative for net-zero emissions by 2050.

Saudi Crown Prince Mohammed bin Salman announced a $5bn investment in Egypt by the Public Investment Fund (PIF) during a meeting with Egyptian Prime Minister Mostafa Madbouly in Riyadh on Tuesday.

This announcement forms part of a wider effort to strengthen economic ties between the two nations. Madbouly conveyed greetings from Egyptian President Abdel Fattah Al-Sisi to King Salman bin Abdulaziz and the Crown Prince, praising the strong bond between Cairo and Riyadh.

“We are currently working on finalizing the agreement on the protection of joint investments, which will contribute to increasing investments between the two countries,” Madbouly said. “A significant number of Egyptian investment companies operate in Saudi Arabia, in addition to Saudi investments in Egypt.”

He commended the remarkable progress under Vision 2030 in Saudi Arabia, describing the country’s transformation as unprecedented and highlighting the Crown Prince’s key role in this development, which serves the interests of the Arab nation.

Madbouly also emphasized the importance of leveraging the African Continental Free Trade Area to open up African markets for both Egyptian and Saudi products. He pointed out the potential for cooperation in the automotive sector, noting Saudi Arabia’s substantial progress in the field and Egypt’s incentives for the industry.

“Egyptian products have already established a successful presence in African markets,” Madbouly said. “We believe that through collaboration and understanding between Egypt and Saudi Arabia, and with the support of the Egyptian-Saudi Business Council, a strategic objective can be achieved: establishing a significant presence in the African market within the next three years across specific sectors, with a clear focus on priorities.”

During his visit to Saudi Arabia, Madbouly also met with several key officials, including Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef, to discuss joint cooperation initiatives. The meeting was attended by Egyptian Minister of Finance Ahmed Kojak, Minister of Investment and Foreign Trade Hassan El-Khatib, Egyptian Ambassador to Riyadh Ahmed Farouk, and Saudi Ambassador to Cairo Saleh bin Eid Al-Hussaini.

Alkhorayef emphasized the need to foster industrial integration and expand the trade exchange base between the two countries, noting that Egypt is one of the most significant countries engaged with Saudi Arabia since the launch of its industrial strategy in 2023.

“We are currently identifying areas for collaboration to achieve partnerships between investors from both sides,” Alkhorayef said. “We believe that industrial integration between Egypt and Saudi Arabia will serve as a catalyst for sustainable cooperation between the two nations.”

The visit also explored investment opportunities and addressed challenges faced by Saudi investors in Egypt. Madbouly assured investors that any remaining issues would be resolved within the next two to three months, highlighting efforts made in 2024 to address these concerns.

The Crown Prince further highlighted Saudi Arabia’s implementation of Vision 2030, praising the role of Egyptian workers in the country’s progress. He expressed his desire to visit Egypt soon and meet with President el-Sisi. Additionally, he underscored the importance of the power grid connection between Egypt and Saudi Arabia, expressing his support for renewable energy companies in Egypt.

The Crown Prince announced the PIF’s planned $5bn investment in Egypt as a first step, expressing hope for the first meeting of the joint coordinating council to take place in October after coordination between both sides. He praised the efforts to address Saudi investors’ concerns and stressed the importance of resolving remaining trade disputes, encouraging further Saudi investment in Egypt.

He also spoke about collaborative efforts with Egypt in managing regional crises, including the war in Gaza, the situation in Yemen, and Red Sea security, affirming a shared vision on these issues. The Crown Prince expressed support for Egypt’s efforts to secure a ceasefire in Gaza, emphasizing the roles both countries play in advancing Arab causes.

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has secured a Provisional (Non-Operational) Approval for a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This license allows Bybit to offer virtual asset exchange services to retail, qualified investors, and institutional clients in Dubai, further strengthening its presence in the city, where its global headquarters are located.

This milestone showcases Bybit’s ongoing efforts to achieve full operational approval in Dubai, reflecting its strong commitment to compliance with VARA’s rigorous standards. The licensing process has been thorough and collaborative, showcasing VARA’s dedication to fostering a secure and innovative virtual asset ecosystem. Bybit has engaged in productive dialogue with the regulator to successfully meet the requirements for provisional approval.

Bybit established its international headquarters in Dubai in 2022, and the company recently renewed its partnership with the Dubai Multi Commodities Crypto Centre (DMCC). Bybit transited from changed from a key ecosystem partner to an advisory role with DMCC Crypto Hub, solidifying its position as a leading contributor in Dubai’s thriving crypto and Web3 industry.

Bybit also launched its key sponsorship of the Blockchain for Good Alliance (BGA) at Blockchain Life in April in Dubai, a non-profit organization that collaborates with a network of organizations, projects, and individuals dedicated to leveraging blockchain technology to address global social, environmental, and economic challenges. Besides, Bybit is initiating various industry projects, such as the Crypto Content Creator Campus for KOLs in the crypto industry, set to launch in Dubai this November.

“Dubai’s strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector,” said Helen Liu, Chief Operating Officer of Bybit. “With its robust regulatory framework and commitment to becoming a blockchain capital, Dubai is the ideal place to advance digital currencies and foster growth in this exciting industry.”