Emirates Integrated Telecommunications Company, the Dubai telecom operator known as du, is open to adding cryptocurrency and investment tools to its recently launched financial technology platform, the chief executive of the new unit has said.
The potential additions, which would significantly help investors manage their investment portfolios, would be made through partnerships in the future and in accordance with UAE regulations, Nicolas Levi told The National on Monday at the launch of the du Pay FinTech service.
"Cryptocurrencies are being used as an investment. Will we have an investment product one day potentially? I'm not saying no to that. Will we use crypto for our own transactions? There are some plans with the [UAE] central bank to work on that," he said in an interview.
The UAE Central Bank does not recognise cryptocurrencies as legal tender. However, the apex financial regulator in March 2023 began implementing Digital Dirham, its own central bank digital currency.
A CBDC is a digital form of a government-issued currency. They are similar to cryptocurrencies, except that their value is fixed by the monetary authority and equal to the country's fiat currency.
Digital Dirham is one of the nine initiatives under the central bank's Financial Infrastructure Transformation Programme, which is meant to prepare the country for the future of finance.
Furthermore, the UAE Central Bank has allowed legitimate crypto businesses to open bank accounts, as the Emirates is working with decentralised financial businesses to find solutions to real-world use cases.
"[Having investment tools and crypto would be] through partnerships. We do not close the door to that," Mr Levi said, though he did not give a timetable for such a move.
"It could also be part of the international money transfer journey, because then you rely on the trust and you don't need to have a bank account in [your] home country."
Du Pay is the company's first foray into the fast-growing FinTech space. It was soft-launched earlier this month after the telecom operator in March received clearance from the UAE Central Bank to offer FinTech services.
It offers a range of financial services, including domestic and international transfers, bill payments and recharging, cash-in and cash-out services, and receiving salary through a unique IBAN number, among others.
The increasing use of mobile platforms to gain access to financial services is also growing in the UAE, with the use of digital wallets and online payments consistently rising.
Globally, the total transaction value in the digital payments market is projected to hit nearly $16.7 trillion by 2028, from an estimated $11.53 trillion in 2024, growing at a compound annual rate of more than 9.5 per cent, data from Statista shows.
Abu Dhabi's e&, the global technology company formerly known as Etisalat Group, already has its e& pay platform, which is being positioned as a "super app", or an application that serves as a one-stop shop for all essential services.
Du's entry into the FinTech space, on the other hand, comes amid "very healthy" competition in the market, Fahad Al Hassawi, chief executive of du, told The National.
Any plans for a super app would be announced separately; for now, du does not want to "overcomplicate" its strategy and is confident about a service that consumers can "start using immediately", he said.
Du Pay is also being positioned to help bridge the gap in the financial market's underserved demographic, as FinTech services are more convenient and can be easily accessed through a mobile phone.
"The market has always been, remains ... and will always be very healthy from a FinTech point of view ... we had many things we were working on, so it was a matter of finding or putting this on the list of priorities that we have to do," Mr Al Hassawi said.
"We remain ... a relatively smaller company than other groups, so it's a matter of selecting our priority and finding the right resources ... because we are venturing into an area where we also understand it's not the natural comfort zone for telco."
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
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5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
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The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
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Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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- Mastery of audio-visual content creation.
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Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
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