Abu Dhabi-based technology investment company MGX is to invest $2 billion in Binance, marking the first institutional investment in the world’s largest cryptocurrency exchange.
MGX has acquired a minority stake in Binance, with the deal the “single largest investment into a crypto company and the largest investment ever paid in crypto (stablecoin)”, the companies said on Thursday.
The investment marks MGX's entry into the cryptocurrency and blockchain sectors and is aimed at boosting the adoption of digital assets.
“MGX’s investment in Binance reflects our commitment to advancing blockchain’s transformative potential for digital finance,” Ahmed Yahia, managing director and chief executive of MGX, said.
“As institutional adoption accelerates, the need for secure, compliant, and scalable blockchain infrastructure and solutions has never been greater. Together, we are committed to building a more inclusive and robust digital finance ecosystem.”
The UAE is taking steps to boost the adoption of digital assets and has launched several initiatives to support the sector.
Abu Dhabi's ADGM has attracted global cryptocurrency players such as eToro and M2, allowing these companies to operate as a brokers for securities, derivatives and crypto assets, and platforms for institutional and retail investors to buy, sell and hold custody of virtual assets.
Dubai also adopted a law in 2022 to regulate virtual assets to support investors and streamline the offerings from exchanges. The emirate also set up Vara under the Dubai Virtual Asset Regulation Law, to create an advanced legal framework to protect investors, provide international standards for the virtual asset industry management and enable responsible business growth.
The UAE Central Bank also issued a regulation on stablecoins in June that will only allow businesses and sellers in the Emirates to accept cryptocurrencies for goods and services if they are dirham-backed stablecoins.
Crypto activity in the UAE, which is the Mena region's third-largest crypto economy, is also growing across all transaction size brackets, signalling a more balanced adoption landscape, blockchain company Chainalysis said in a report in September.
Large institutional (more than $10 million), institutional ($1 million to $10 million), and professional ($10,000 to $1 million) sized crypto transfers in the UAE between July 2023 and June last year posted annual growth of 20.13 per cent, 55.07 per cent and 46.3 per cent, respectively, it said.
Binance has more than 260 million registered users and more than $100 trillion in cumulative trading volume globally. It also has a substantial footprint in the UAE, employing about 1,000 of its 5,000 global workforce in the country.
The company's chief executive Richard Teng also previously served as the chief executive of the Abu Dhabi Financial Services Authority. He joined the entity in 2015 and helped shape frameworks for crypto and blockchain adoption in the UAE.
“Binance remains committed to working with regulators worldwide to establish transparent, responsible and forward-thinking policies for the crypto industry,” Mr Teng said.
“Our ongoing investments in security and compliance reinforce our mission to foster a secure and trusted digital financial ecosystem.”
Established in March last year, MGX aims to help the development of artificial intelligence and other advanced technology. It focuses on three core areas – AI infrastructure (data centres and connectivity), semiconductors and core technology, and applications such as AI models, software, data, life sciences and robotics.
Abu Dhabi's sovereign fund Mubadala Investment Company and AI and cloud computing firm G42 are partners.
In September, MGX also teamed up with BlackRock, Microsoft and Global Infrastructure Partners to launch an AI infrastructure investment partnership that aims to gather up to $100 billion.
Initially, the Global AI Infrastructure Investment Partnership plans to secure $30 billion in private equity from investors, asset owners and companies, which will grow to $100 billion in total investment with the inclusion of debt financing, the companies said at the time.
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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
The Bio
Favourite holiday destination: Either Kazakhstan or Montenegro. I’ve been involved in events in both countries and they are just stunning.
Favourite book: I am a huge of Robin Cook’s medical thrillers, which I suppose is quite apt right now. My mother introduced me to them back home in New Zealand.
Favourite film or television programme: Forrest Gump is my favourite film, that’s never been up for debate. I love watching repeats of Mash as well.
Inspiration: My late father moulded me into the man I am today. I would also say disappointment and sadness are great motivators. There are times when events have brought me to my knees but it has also made me determined not to let them get the better of me.
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
Company Profile
Name: Thndr
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
COMPANY PROFILE
Company name: Blah
Started: 2018
Founder: Aliyah Al Abbar and Hend Al Marri
Based: Dubai
Industry: Technology and talent management
Initial investment: Dh20,000
Investors: Self-funded
Total customers: 40
Brief scores:
Southampton 2
Armstrong 13', Soares 20'
Manchester United 2
Lukaku 33', Herrera 39'
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
