UAE resident Nikita Sachdev invested all her savings in cryptocurrencies in 2017 when Bitcoin was trading at $2,500 and Ethereum was at $60.
“I was young and took a massive risk,” says the Indian chief executive and founder of Luna Media.
“I have invested a substantial amount in cryptos. I hold on to Bitcoin, while I trade the meme coins. The current rally is something the crypto OGs anticipated. I think we're just touching the beginning of a bull run.”
Ms Sachdev, 33, invests in 50 to 60 cryptos, including Bitcoin, Ethereum, Solana and meme coins. She trades on centralised and decentralised exchanges.
She highlights the need to understand the underlying blockchain technology before investing in cryptos. Since Ms Sachdev is a big believer in blockchain, she’s also a big advocate of Bitcoin investing, so she held on to her crypto portfolio even amid previous market volatility.
“We're living in an internet-based world. Our grandkids will be living in a blockchain-based world where the currency will be cryptocurrency,” she says.
“Like our parents pass down gold to us, we'll be able to pass down Bitcoin to our future generations.”
The UAE has continued to promote the adoption of cryptocurrencies. Dubai's Virtual Assets Regulatory Authority and Abu Dhabi Global Market are spearheading this, providing clear guidance on how to navigate the country's digital asset ecosystem. These moves have attracted several major players in the global digital asset landscape.
The UAE leads adoption per capita in the Middle East, with peak daily active users reaching 106,111 this year, according to Bitget Research. The country recorded a 68 per cent increase in the growth of daily traders annually.
Bitcoin rose to a record $93,480 on Wednesday but failed to hold, falling back to $91,405 as of 4.35pm UAE time on Thursday.
US president-elect Donald Trump’s rhetorical support for digital assets will continue to propel Bitcoin, opening a path to $100,000, or give way to a bout of profit-taking after a 33 per cent advance since the US election on November 5.
Mr Trump has pledged to create a friendly regulatory framework for crypto, set up a strategic Bitcoin stockpile and make the US the global hub for the industry. A one-time crypto sceptic, Mr Trump changed tack after digital asset companies spent heavily during election campaigning to promote their interests.
Crypto investors see an end to increased scrutiny from the Securities and Exchange Commission under Mr Trump. The US president-elect and his sons announced a new crypto business, World Liberty Financial, in September.
The crypto rally is rippling across the financial sector, driving peak trading volumes and inflows at US Bitcoin exchange-traded funds.
Smaller peer Ether has also risen 37 per cent since the US election, while Dogecoin, an alternative, volatile token promoted by Mr Trump's ally Elon Musk was up more than 150 per cent.
Zeeshan Masud, a Pakistani who works in public relations in the UAE, started investing in cryptos last year. However, he exited a large amount of his crypto investments when Bitcoin was trading at about $25,000. In hindsight, he regrets the move.
“In March this year, when Bitcoin was around $65,000, there seemed to be a good upwards momentum. That’s when I invested more money although it was still late to jump on the trend. Since then, my Bitcoin investments have grown 32 per cent,” the 38-year-old says.
“I have invested approximately $15,000 into Bitcoin and my current profit is $19,772.”
He watches YouTube videos and checks crypto platforms to understand the market trend before making an educated decision.
Mr Masud, who trades on the eToro platform, plans to hold on to his crypto investments because analysts are predicting that Bitcoin will near $150,000 in the next six months.
More institutional investment in spot Bitcoin ETFs and interest rate cuts have made Bitcoin an attractive investment as an alternative asset. With Mr Trump winning the election, it has boosted the confidence in Bitcoin and cryptocurrency because he's very pro-crypto, according to Mr Masud.
“If you have some spare money which you can afford to lose, you can invest in crypto. The asset class is still very volatile. Dogecoin could be another interesting investment to watch out for,” he says.
“Have the appetite to hold on to your investments for the long term. Don't get too emotional and avoid looking at the daily ups and downs. Don't invest all your savings into Bitcoin and diversify your portfolio.”
Explaining the reasons behind the current Bitcoin rally, Mark Chahwan, co-founder and group chief executive of UAE investment platform Sarwa, says president-elect Mr Trump's administration is seen as pro-crypto.
“The formation of the Department of Government Efficiency [Doge] and appointment of Elon Musk and Vivek Ramaswamy, who are both crypto advocates, has provided a comforting sign for crypto bulls,” he says.
Vijay Valecha, chief investment officer at Century Financial, says Bitcoin’s outlook remains bullish as strong buying continues to push prices higher, especially after the Republican party achieved the government trifecta, keeping control of the House of Representatives as well as winning the Senate.
This allows for easier introduction of pro-crypto policies by Mr Trump and his associates, keeping investor morale high. Additionally, Cynthia Lummis, a US senator, proposed a strategic Bitcoin reserve that could prop up demand and push prices above the psychological $100,000 level.
Bitcoin has risen by about 113.77 per cent on a year-to-date basis, starting the year at the price of about $42,250, reaching a recent high of $93,483, and currently trading near record highs at $90,253.
Since November 6, the day of the US presidential election, prices have rallied from $69,000 levels to above $90,000 levels, marking more than a 30 per cent gain.
“Institutional investor interest in the crypto market continues to push prices higher, as indicated by Blackrock’s iShares Bitcoin Trust ETF (IBIT), which has surpassed $40 billion in total assets in a record time of 211 days. Blackrock’s purchases in the last 24 hours were just under 9,000 Bitcoin, highlighting robust investor demand,” Mr Valecha says.
“On Wednesday, IBIT recorded inflows of $230.8 million, with the tally for the week reaching over $1.7 billion. Additionally, crypto hedge-fund proxy company MicroStrategy recently purchased about 27,200 Bitcoin, amounting to $2.03 billion, making it the largest purchase the company has undertaken in over four years.”
Mr Chahwan says the Middle East and North Africa region has been a high adopter of crypto, accounting for about 7.5 per cent of the global crypto transaction volume, mostly by institutional and professional investors.
The UAE has been positioning itself as a global crypto hub through a combination of proactive regulatory measures, supportive government policies and strategic initiatives, he said.
Mr Valecha says the UAE’s progressive regulatory reforms, including new tax regulations, further enhanced institutional confidence supported by regulatory bodies such as the Securities and Commodities Authority, Central Bank of the UAE, Dubai International Financial Centre, and ADGM.
“Dubai's Virtual Assets Regulatory Authority has played an important role in attracting Web3 companies and further establishing the country as one of the main hubs for decentralised finance,” he says.
During 2023-2024, the Middle East and North Africa region recorded $338.7 billion in crypto transactions, with over $30 billion in the UAE alone, according to Mr Valecha.
Meanwhile, Saudi Arabia’s crypto economy is developing at a year-over-year rate of 154 per cent. Strong institutional activity records 93 per cent of the crypto value transferred in transactions above $10,000, he says.
“With this institutional momentum and supportive regulatory environment, the Mena region, especially the UAE and Saudi Arabia, is likely to continue playing an important role in the advancement and development of global cryptocurrency adoption and innovation.”
Disclaimer: The investors' comments should not be interpreted as financial or investment advice
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
The specs: 2019 Haval H6
Price, base: Dh69,900
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Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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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.
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Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
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Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
