Category Archives: Business & Investments

Business & Investments

ADX-listed Phoenix Group PLC and global giant, Tether set to create UAE Dirham-pegged stablecoin

The Dirham-pegged stablecoin is expected to generate multiple opportunities to significantly bolster the digital economy.

Abu Dhabi, United Arab Emirates – 21 August 2024, UAE’s multi-billion dollar tech conglomerate, Phoenix Group PLC, listed on the Abu Dhabi Securities Exchange (ADX), today announced its collaboration with Tether, the largest company in the digital asset industry, with plans to launch a stablecoin pegged to the United Arab Emirates Dirham. This collaboration between Phoenix Group and Tether is supported by Green Acorn Investments Ltd.

With the global market for stablecoins currently valued at $150 billion and set to grow exponentially to $2.8 trillion by 2028, this monumental initiative is set to revolutionise the digital assets landscape by providing a stable, reliable, and secure digital currency. By mirroring the value of the United Arab Emirates Dirham (amongst the world’s most stable currencies), this stablecoin aims to bridge the gap between traditional finance and the digital economy, offering a robust solution for investors, businesses, and everyday consumers seeking stability in the world of cryptocurrency and digital assets.

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Business & Investments

du and etisalat by e& partner with Nakheel to provide fixed telecom services for major Dubai projects

Partnership signifies powerful collaboration driving digital transformation and empowering societies, delivering industry-leading telecom solutions to enhance lives and advance societies in the UAE.

Dubai, UAE 21 August 2024: du, from Emirates Integrated Telecommunications Company (EITC), and etisalat by e&, today announced a strategic collaboration with Nakheel, a member of Dubai Holding, to provide fixed telecom services and enhance the ICT infrastructure in new developments. As part of the Taawun infrastructure deployment initiative, the agreement will cover the provision of essential telecommunications infrastructure in Nakheel’s major projects.

Fahad Al Hassawi, CEO of du said: “We look forward to delivering state-of-the-art telecom services for Nakheel’s projects. This agreement solidifies our commitment to enhancing the digital experience for Nakheel and its valued customers. By offering an array of services tailored to bring convenience and empowerment to residents, communities, and the entire nation, we aim to be an essential catalyst in driving the UAE’s economic, social, and digital transformation.”

Abdulla Al Mana, General Manager, etisalat by e& said: “At etisalat by e&, we are focused on advancing societies and driving innovation through industry-leading telecom solutions. Our partnership represents a collaboration of expertise, resources and unparalleled commitment to enhancing the UAE’s telecom sector. Through this collaboration, we will continue to deliver the best-in-class services, driving digital transformation, improving lives and empowering societies across our operating markets.”

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Business & Investments

Aiming for a digital future BKN301 Group

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BKN301 Group responds to growing demand for secure payment solutions with new strategic vision

  • Boom in eCommerce and digital payments spur demand for secure and efficient payment solutions
  • The MENA Fintech Market is expected to reach USD 2.40 billion by 2029

August 21, 2024: BKN301 Group, a leading digital payments and Banking-as-a-Service (BaaS) provider in the MENA region, unveiled a new strategy aimed at transforming the financial ecosystem and increasing revenue streams for traditional banks. This strategy includes delivering cutting-edge fintech solutions, creating a robust and structured environment for banks and companies, as well as forging influential partnerships to positively impact the region’s financial market.

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Business & Investments

Sav Launches ‘MyMoney’ to Provide Users With A Single View Of All Their Finances on one App

Sav’s MyMoney inspires users by providing comprehensive spending insights in stunning visuals.

AUGUST 2024: DUBAI, UNITED ARAB EMIRATES – Sav, a leading financial technology company revolutionizing money management, today announced the launch of Sav ‘MyMoney’, that will help the mass-affluent UAE residents track, analyze,and gain deeper insights into their cash flow.

Available now on the Sav app, ‘MyMoney’ consolidates users’ financial data from all their bank accounts, and presents it on one beautiful dashboard. Users can also look up transactions by merchants or categories and get reminders for bill payments and subscriptions.

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