Two months ago, in a survey, five in 10 UAE citizens said they plan to use cryptocurrencies within the next year. And 63 per cent admitted they are more open to using them now than they were a year ago. This came as no surprise. The Middle East has established itself as a global hub for innovation in financial technology, due in large part to the policies framed by regulators in the UAE who understand that the world is increasingly adopting cryptocurrencies and blockchain technology.
This progressive approach for fostering innovation has been a major influence for blockchain startups setting up in Abu Dhabi. Regarding it as the “Fourth Industrial Revolution”, the UAE government is a leading advocate of blockchain technology. In 2018, in order to advance this adoption, the UAE launched the Emirate’s Blockchain Strategy 2021, essentially creating a deadline for migrating at least 50 per cent of all government transactions onto decentralised technology.
In 2018, the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) introduced a framework for operating crypto asset businesses that, with continuous engagement and refinement, represents an attractive and permissive regulatory apparatus. This has allowed Abu Dhabi to become an attractive jurisdiction for blockchain, fintech, and crypto companies, both large and small. For example, the FSRA is one of the first regulators in the world to recognise stablecoins and define fiat tokens, with the Digital Asset Exchange receiving the green light for operations under that formulation.
The substantial government resources that have been brought to bear on financial technology innovation have created tremendous opportunities to develop businesses and have encouraged a vibrant entrepreneurial spirit. This is evident throughout the community of the ADGM.
Home to world-renowned universities, the education system of Abu Dhabi includes the NYU Abu Dhabi campus as well as Khalifa University, recognised as the top university in the UAE. Many graduates of these institutions have gone on to contribute to cutting-edge technological developments such as blockchain and artificial intelligence, helping to make Abu Dhabi a leader in global innovation.
Supported by Abu Dhabi’s Ghadan 21 stimulus programme, the Hub71 accelerator community in ADGM has succeeded in attracting 102 startups to Abu Dhabi. Additionally, data from a startup platform showed that the UAE led the Middle East region in investment growth by number of deals and funding in the first half of this year, and that fintech startups closed the most number of deals.
Abu Dhabi Catalyst Partners Limited is another advocate for distributed ledger technology – a digital decentralised infrastructure – that drives innovation. Additionally, Fintech Abu Dhabi, Mena’s leading fintech festival, is an event that attracts investors and entrepreneurs to the region. Clearly, the regulatory landscape in the ADGM is a driving force behind the Middle East’s growth as a crypto and blockchain innovation hub.
For citizens, the level of digital transformation in payments has had tangible effects, leading to changes in consumer behaviour. Recent research from the online portal Fintech News Middle East showed that 2020 saw an increase in digital payments and a rise in fintech companies based in the UAE; 134 fintechs have their headquarters in the country. The majority of these are companies focused on payment/e-wallet, blockchain and cryptocurrency.
It is apparent that there is a strong appetite for crypto and financial innovation in the region. In the UAE alone, over the past two years, the total value of digital payment transactions has more than doubled and reached $18.5 billion in 2020.
In addition to a positive regulatory approach, the pandemic resulted in people's openness to digital payments. The survey that found half of UAE citizens amenable to using cryptocurrencies next year also showed that two-thirds of UAE respondents had, over the course of the pandemic, tried a new payment method they would not have used under normal circumstances. So the role of how the pandemic changed behaviour cannot be understated.
There are other factors too – such as regulatory pragmatism, investor protection and tax incentives – that have helped enormously to create ADGM’s optimal framework for investment and blockchain and crypto innovation. Abu Dhabi’s ecosystem has played a critical part in digital transformation so far, and clearly, it shows no signs of slowing down.
John Hensel is co-founder and chief operating officer of Securrency, a technology firm, and is based in Abu Dhabi
PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
RESULTS
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Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
Company%C2%A0profile
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
South Africa v India schedule
Tests: 1st Test Jan 5-9, Cape Town; 2nd Test Jan 13-17, Centurion; 3rd Test Jan 24-28, Johannesburg
ODIs: 1st ODI Feb 1, Durban; 2nd ODI Feb 4, Centurion; 3rd ODI Feb 7, Cape Town; 4th ODI Feb 10, Johannesburg; 5th ODI Feb 13, Port Elizabeth; 6th ODI Feb 16, Centurion
T20Is: 1st T20I Feb 18, Johannesburg; 2nd T20I Feb 21, Centurion; 3rd T20I Feb 24, Cape Town
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Jumanji: The Next Level
Director: Jake Kasdan
Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas
Two out of five stars
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
