Abu Dhabi has announced plans to launch a strategy for blockchain and virtual assets strategy that aligns with the emirate’s overall economic strategy, the Abu Dhabi Blockchain and Virtual Assets Committee said on Thursday.
The committee held its first meeting, led by Mohamed Al Shorafa, chairman of the Abu Dhabi Department of Economic Development and the Securities and Commodities Authority, to discuss strategy.
“The formation of Abu Dhabi’s Blockchain and Virtual Assets Committee reflects our leadership's farsighted vision and approach, which enabled Abu Dhabi to nurture a supportive business environment, unparalleled connectivity and infrastructure and an entrepreneurial mindset that presents investors with growth opportunities,” Mr Al Shorafa said.
The committee aims to improve Abu Dhabi’s competitiveness in blockchain and the virtual asset space, as well as co-ordinate efforts of entities active in the industry, the Abu Dhabi Media Office said.
It will also liaise with regulators and promote compliance among industry participants with global standards and regulatory requirements, "particularly AML/CFT [anti-money laundering/combating the financing of terrorism] regulations, and supporting exchange of information and best practices".
The strategy-making comprises representatives of major entities and stakeholders in the field, including Dhaher Al Mheiri, chief executive of Abu Dhabi Global Market Registration Authority, Wai Lum Kwok, senior executive director authorisation at ADGM, Mohamed Kaissi, director of strategic projects at ADQ, Faisal Al Hammadi, executive director incubation at ADQ, and Mohamed Al Ramahi, chief executive of Masdar.
It also includes Nikolas Meitanis, adviser at Masdar chief executive office, Ibrahim Ajami, head of ventures and growth at Mubadala, Abdulla Al Shamsi, director general of Abu Dhabi Investment Office, and Maryam Buti Al Suwaidi, chief executive of Securities and Commodities Authority.
In its first meeting, the committee emphasised the importance of regulating blockchain and virtual asset activities to comply with AML/CFT, international and local rules and regulations, and building an ecosystem that is safe, sound and transparent, which will help to build trust and attract more companies to Abu Dhabi.
“The committee is bringing together all the relevant stakeholders to build a robust, credible and comprehensive regulatory and business ecosystem that addresses key risks and major governance issues, such as AML/CFT, investor protection, tech governance, and custody risk, to promote blockchain and virtual assets,” Mr Al Shorafa said.
“This will allow us to capitalise on blockchain technology and virtual assets to achieve Abu Dhabi’s aspirations, and the priority areas for this will be growth clusters including AgriTech, FinTech, healthcare and biopharma, energy, tourism and ICT as we aim to foster businesses in these sectors to expand and accelerate.”
The UAE government has taken concrete steps to establish a strong digital economy and make use of the advantages provided by digital transformation.
The Emirates has been in the forefront of recognising the need for a regulatory framework for the development of blockchain and virtual assets.
In March, Dubai adopted the first law of its kind in the country that regulates virtual assets and set up the Dubai Virtual Asset Regulatory Authority to regulate the sector throughout the emirate, including special development zones and free zones, excluding the Dubai International Financial Centre.
In 2018, the Financial Services Regulatory Authority, the regulator of Abu Dhabi Global Market, launched a comprehensive virtual asset framework for the trade of virtual assets by businesses, including multilateral trading facilities, custodians and brokers.
These regulations have been continuously refined to mitigate risks and make the ADGM an attractive space for home-grown, regional and international companies.
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Volunteers offer workers a lifeline
Community volunteers have swung into action delivering food packages and toiletries to the men.
When provisions are distributed, the men line up in long queues for packets of rice, flour, sugar, salt, pulses, milk, biscuits, shaving kits, soap and telecom cards.
Volunteers from St Mary’s Catholic Church said some workers came to the church to pray for their families and ask for assistance.
Boxes packed with essential food items were distributed to workers in the Dubai Investments Park and Ras Al Khaimah camps last week. Workers at the Sonapur camp asked for Dh1,600 towards their gas bill.
“Especially in this year of tolerance we consider ourselves privileged to be able to lend a helping hand to our needy brothers in the Actco camp," Father Lennie Connully, parish priest of St Mary’s.
Workers spoke of their helplessness, seeing children’s marriages cancelled because of lack of money going home. Others told of their misery of being unable to return home when a parent died.
“More than daily food, they are worried about not sending money home for their family,” said Kusum Dutta, a volunteer who works with the Indian consulate.
Scorecard:
England 458 & 119/1 (51.0 ov)
South Africa 361
England lead by 216 runs with 9 wickets remaining
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10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
MATCH INFO
Manchester United v Everton
Where: Old Trafford, Manchester
When: Sunday, kick-off 7pm (UAE)
How to watch: Live on BeIN Sports 11HD
Emirates exiles
Will Wilson is not the first player to have attained high-class representative honours after first learning to play rugby on the playing fields of UAE.
Jonny Macdonald
Abu Dhabi-born and raised, the current Jebel Ali Dragons assistant coach was selected to play for Scotland at the Hong Kong Sevens in 2011.
Jordan Onojaife
Having started rugby by chance when the Jumeirah College team were short of players, he later won the World Under 20 Championship with England.
Devante Onojaife
Followed older brother Jordan into England age-group rugby, as well as the pro game at Northampton Saints, but recently switched allegiance to Scotland.
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
