Abu Dhabi-listed Phoenix Group enters Africa with Ethiopian Bitcoin mining deal

Phoenix Group, an Abu Dhabi-listed blockchain and crypto solutions company, has signed an 80-megawatt power purchase agreement in Ethiopia, marking its strategic entry into the African market.

The deal, finalised in partnership with Abu Dhabi-based cyber security firm Data7, will secure sustainable energy for Phoenix’s growing Bitcoin mining operations, with supplies set to start in the second quarter of this year.

The company did not disclose the location of the centre or the size of the deal.

The Ethiopian project is part of Phoenix’s broader growth plans, which includes continuing discussions for a dual listing on Nasdaq and planned operations in South America. Founded in 2017, the company is backed by significant shareholders, including Abu Dhabi’s International Holding Company.

Munaf Ali, the company’s chief executive, described the expansion as a move to strengthen its position as one of the world’s largest Bitcoin miners.

The expansion in Ethiopia “on the heels of our North Dakota site announcement, is a powerful testament to Phoenix Group's accelerating global momentum”, said Mr Ali.

“We are aggressively building out our mining capabilities … we are not just expanding our operations … we are strategically positioning ourselves at the forefront of a financial revolution where cryptocurrencies will play a central role in creating a more inclusive and dynamic global economy.”

Crypto-mining farms are large-scale centres designed to mine cryptocurrencies such as Bitcoin and Ethereum using a complex network of software and computers.

The mining process involves solving intricate mathematical calculations and algorithms to authenticate transactions and produce new digital currencies. These calculations harness a lot of computer resources, which results in extremely high energy use.

Phoenix offers a range of services, such as cloud mining, data centre hosting, crypto trading, and Web3 game publishing and distribution.

With a total installed capacity of more than 765MW, it develops, operates and manages crypto mining data centres across the UAE, US, Canada and Commonwealth of Independent States countries.

In August 2023, it announced a collaboration with Muscat-based Green Data City to develop a $300 million crypto-mining farm in Oman.

The company’s expansion into Ethiopia emphasises its focus on using regional energy potential to increase operations, with further plans to explore more African and South American markets.

“Our ambitions extend beyond Africa,” said Reza Nejatian, chief executive of global mining operations at Phoenix Group. "We are actively preparing to launch operations in South America in 2025, further diversifying our global footprint. This is how we execute on a global scale, and this is how we build the future of decentralised finance."

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What is Folia?

Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.

Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."

Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.

In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".

There are also plans to take Folia to several more locations throughout the Middle East and Europe.

While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."

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