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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PRO BASH
Thursday’s fixtures
6pm: Hyderabad Nawabs v Pakhtoon Warriors
10pm: Lahore Sikandars v Pakhtoon Blasters
Teams
Chennai Knights, Lahore Sikandars, Pakhtoon Blasters, Abu Dhabi Stars, Abu Dhabi Dragons, Pakhtoon Warriors and Hyderabad Nawabs.
Squad rules
All teams consist of 15-player squads that include those contracted in the diamond (3), platinum (2) and gold (2) categories, plus eight free to sign team members.
Tournament rules
The matches are of 25 over-a-side with an 8-over power play in which only two fielders allowed outside the 30-yard circle. Teams play in a single round robin league followed by the semi-finals and final. The league toppers will feature in the semi-final eliminator.
Directed by: Craig Gillespie
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4/5
The specs: Fenyr SuperSport
Price, base: Dh5.1 million
Engine: 3.8-litre twin-turbo flat-six
Transmission: Seven-speed automatic
Power: 800hp @ 7,100pm
Torque: 980Nm @ 4,000rpm
Fuel economy, combined: 13.5L / 100km
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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- Raed Mozafar Abu Al Saoud, Minister of Water and Irrigation
- Dr Bassam Samir Al Talhouni, Minister of Justice
- Majd Mohamed Shoueikeh, State Minister of Development of Foundation Performance
- Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
- Falah Abdalla Al Ammoush, Minister of Public Works and Housing
- Basma Moussa Ishakat, Minister of Social Development
- Dr Ghazi Monawar Al Zein, Minister of Health
- Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
- Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth
Out
- Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
- Hala Noaman “Basiso Lattouf”, Minister of Social Development
- Dr Mahmud Yassin Al Sheyab, Minister of Health
- Yahya Moussa Kasbi, Minister of Public Works and Housing
- Nayef Hamidi Al Fayez, Minister of Environment
- Majd Mohamed Shoueika, Minister of Public Sector Development
- Khalid Moussa Al Huneifat, Minister of Agriculture
- Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
- Mounir Moussa Ouwais, Minister of Water and Agriculture
- Dr Azmi Mahmud Mohafaza, Minister of Education
- Mokarram Mustafa Al Kaysi, Minister of Youth
- Basma Mohamed Al Nousour, Minister of Culture
GIANT REVIEW
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Rating: 4/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
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EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
