Neoply, a South Korean blockchain technology company, will set up its global headquarters in Abu Dhabi with support from the Abu Dhabi Investment Office, as the emirate continues efforts to enhance its status as a global innovation hub.
Located in Abu Dhabi Global Market, Neoply's headquarters will be called H-Lab and “benefit from the international financial centre’s advanced regulatory framework and thought leadership in the virtual assets space”, Adio said on Monday.
Neoply is joining Adio’s innovation programme, which supports the growth of technology industries in the UAE capital.
“Abu Dhabi’s enabling environment, coupled with the availability of world-class infrastructure and skilled talent, has positioned the UAE capital as a leading destination for investment in the Middle East,” Abdulla AlShamsi, director general of Adio, said.
“Neoply joins a wave of other innovative South Korean companies choosing Abu Dhabi as the catalyst for their next growth phase. They are joining a thriving innovation ecosystem and bringing new ideas and solutions to life in the UAE capital.”
Abu Dhabi is seeking to diversify non-oil sectors – as part of wider plans to reduce the economy's reliance on oil – with a focus on growing industries such as manufacturing, tourism, advanced technology and logistics.
Adio, which is responsible for attracting and promoting investment in Abu Dhabi, launched its Dh2 billion ($545 million) innovation programme in 2020 to support the emirate's diversification efforts.
It backs businesses in sectors such as agriculture technology, financial services, health services and biopharma, ICT, industry and tourism.
More than 50 companies have benefitted from the programme, Haitham Al Subaihi, acting executive director of business development and promotions at Adio, told The National in May.
Some of them include local cycling shop Wolfi's, technology companies Fairwater Capital, Frontera Capital and Cofe App, and Israel’s Liquidity Group.
Working with Adio, private sector companies can gain access to Abu Dhabi’s land bank, large-scale government infrastructure projects and growth-enabling support.
Currently, Adio has offices in Seoul, Beijing, Frankfurt, London, New York, Paris, San Francisco and Tel Aviv, with plans to open more, Mr Al Subaihi said at the time.
It opened its Seoul office in 2021 and has worked with companies including Bespin Global, H2O and K-BTS Consortium to establish or expand their Abu Dhabi operations.
Neoply, founded in 2018, is the blockchain arm of Neowiz Holdings, a South Korean gaming venture.
The company provides a decentralised finance (DeFi) platform and other services based on blockchain technology.
Neoply's expansion in Abu Dhabi will create specialised jobs and further add to the development of the blockchain sector in the UAE capital, Adio said.
H-Lab will also work with Abu Dhabi universities to develop programmes and scholarships related to blockchain, Web3 and DeFi.
It will also work with ADGM to support its development of a regulatory framework for DeFi, with the aim of becoming one of the first regulated DeFi providers in the world, Adio said.
The Korean blockchain company will participate in the ADGM’s Digital Lab and collaborate with the centre's Financial Services Regulatory Authority “to build a framework for the DeFi industry that both mitigates risks to consumers and the financial industry and lets new business models develop that can improve consumers’ experiences and outcomes”, it said.
In 2018, ADGM became the first jurisdiction globally to introduce a regulatory framework for virtual assets.
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Favourite book: You Are the Placebo – Making your mind matter, by Dr Joe Dispenza
Hobby: Running and watching Welsh rugby
Travel destination: Cyprus in the summer
Life goals: To be an aspirational and passionate University educator, enjoy life, be healthy and be the best dad possible.
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FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
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Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
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Charley Hoffman*, Phil Mickelson*
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Adam Scott, Louis Oosthuizen
Marc Leishman, Charl Schwartzel
Branden Grace, Si Woo Kim
Jhonattan Vegas, Adam Hadwin
Emiliano Grillo*, Anirban Lahiri*
* denotes captain's picks
Takreem Awards winners 2021
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Cultural Excellence: Hoor Al Qasimi (UAE)
Environmental Development and Sustainability: Bkerzay (Lebanon)
Environmental Development and Sustainability: Raya Ani (Iraq)
Humanitarian and Civic Services: Women’s Programs Association (Lebanon)
Humanitarian and Civic Services: Osamah Al Thini (Libya)
Excellence in Education: World Innovation Summit for Education (WISE) (Qatar)
Outstanding Arab Woman: Balghis Badri (Sudan)
Scientific and Technological Achievement: Mohamed Slim Alouini (KSA)
Young Entrepreneur: Omar Itani (Lebanon)
Lifetime Achievement: Suad Al Amiry (Palestine)
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs
Engine: Four electric motors, one at each wheel
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Torque: 859Nm
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Company%20profile
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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UAE currency: the story behind the money in your pockets
