With Bitcoin surging to unprecedented heights, the prospects of the cryptocurrency market have never been better. Better regulations, a growing influx of crypto players and a general acceptance of the future of finance are all supporting the market, analysts said, as the Bitcoin Mena conference begins in Abu Dhabi this week, bringing together some of the world's biggest names.
Speakers include Eric Trump, son of US president-elect Donald Trump, billionaire Steve Witkoff, the new White House envoy for the Middle East and co-founder of World Liberty Financial, Binance founder Changpeng Zhao, alias CZ, and David Bailey, co-founder and chief executive of BTC, among others.
Bitcoin, the world's first and biggest cryptocurrency, soared past the $100,000 mark last week, leaping 40 per cent in the two weeks after Donald Trump won the US elections, as the market embraced the incoming US administration's pro-crypto stance.
It was flirting at the six-figure mark as of Monday, now up by nearly half since the November 5 polls, leading a crypto sector whose market capitalisation is now at more than $3.67 trillion, data from CoinMarketCap shows.
Cryptocurrencies, while still in their infancy, have long been promoted to be safer and more cost-efficient alternatives to traditional money. Together with their underlying technology, blockchain, their economic effect could be sweeping.
In a scenario where cryptos become more mainstream, they could significantly affect the economy and reshape the financial landscape in several ways, Arun John, chief market analyst at Dubai-based Century Financial, told The National, noting that they could shake up finance in two ways: by improving global transactions and through the use of central bank digital currencies (CBDCs).
"Cryptocurrencies have lower transaction costs when compared to banks. Additionally, they are facilitated through a global platform, making cross-border payments faster and cheaper. This could benefit international trade and remittances,” he said.
"CBDCs, on the other hand, could coexist with traditional currencies or replace them. Such a move would potentially reshape monetary policy and financial stability.”
The UAE has emerged as the Mena region's third-largest crypto economy after Saudi Arabia and Turkey, receiving around $34 billion worth of cryptos between July 2023 and June 2024, a 42 per cent annual jump that is significantly higher than the Mena average of almost 12 per cent, data from New York-based Chainalysis shows.
The Mena region ranks as the seventh-largest crypto market globally in 2024, with an estimated $338.7 billion received between the same period, accounting for 7.5 per cent of the world’s total transaction volume, it added.
Mainstream crypto adoption could also contribute to the UAE's economic diversification. Blockchain and cryptocurrencies may enhance efficiencies, increase competition and position the UAE as a leader in financial innovation while maintaining economic stability, Jawad Ashraf, chief executive of Vanar Chain, told The National.
Given its history of updating already established frameworks to keep in step with market trends, "the UAE is expected to accelerate crypto regulations … [with] stronger regulations to ensure risk mitigation and boost investor confidence”.
The UAE has had a CBDC strategy in place since 2023, in addition to guidelines on stablecoins, virtual payment tokens pegged to stable assets such as the dollar.
"Global firms are taking notice … businesses in general, including crypto-specific companies and related industries, are attracted [to cities such as Abu Dhabi],” Arushi Goel, head of policy for the Middle East and Africa at industry tracker Chainalysis, told The National.
"As the ecosystem evolves, we will need to think about regulations more holistically. As we see newer players and business models enter the play, it is not just about putting in place a set of regulations, but making sure the regulations are also understood and implemented.”
The UAE's moves have attracted a number of major players in the global digital asset landscape. In October, OKX, one of the largest crypto exchanges in the world, launched a platform for retail investors in the UAE, while cryptocurrency and blockchain solutions company Ripple received an in-principle licence to operate as a payment services provider in Dubai.
In August, Tether, the world's largest stablecoin, announced plans to launch a dirham-pegged stablecoin in the UAE. In April, the Dubai-based subsidiary of cryptocurrency exchange Crypto.com, Cro Dax Middle East, secured a full operational licence from Dubai. Ledger, the French crypto and cyber security firm, recently told The National it was planning to expand in the Middle East in 2025.
Some sectors have also began accepting cryptos as payments. In real estate, for example, while cash remains the preferred method, cryptocurrency is gaining traction as an alternative, especially for tech-savvy and international investors who value speed and borderless transactions, according to Dubai-based Stat Global, which calls itself a digital estate agent.
"There is a particular focus on regulatory clarity in high-risk areas like crypto-based real estate transactions, where transparency and security are critical. By adapting quickly to market changes, the UAE can reduce risks like fraud and market manipulation while keeping in mind investor protection,” Egor Maslennikov, chief executive of Dubai-based developer Object1, told The National.
Risk management
As with any other asset, while cryptocurrencies hold promise, they also carry risks and are considered among the most risky given their high volatility, where wild swings are influenced by simple factors such as tweets.
A US-led crypto revolution, addressing its problems and loopholes, would bode well for the global sector, The National had reported earlier this year. Domestically, quick and transparent regulations are key to managing emerging risks and building confidence among stakeholders, including developers, investors and consumers.
However, a cyclical market means there can also be another crypto winter – a period of softening for the sector in which a substantial amount of its value is wiped out – which could be more severe than previous cycles, given the significant capital now tied to digital assets, said Ahmad Assiri, a research strategist at broker Pepperstone.
"The UAE’s substantial investments in the sector make it more resilient, but they also amplify the stakes. Maintaining a balanced approach – encouraging growth while preparing for potential downturns – is the key,” he told The National.
Meanwhile, the presence of regulated exchange-traded fund products and institutional involvement provides a cushion against extreme price swings, unlike during previous crypto winters, said Wael Makarem, financial markets strategists lead at broker Exness.
However, he cautioned that the higher market capitalisation, deeper integration with traditional finance and broader institutional exposure mean "any significant downturn could have far-reaching consequences”.
"The market's maturation through ETFs represents progress but doesn't eliminate volatility risks. This new landscape suggests future crypto winters might be less severe in percentage drops but potentially more impactful due to the broader economic connections,” he added.
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
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Islamophobia definition
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”.
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.”
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
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
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Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
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Uefa Nations League: How it works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
Key findings
- Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
- Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase.
- People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”.
- Those who turned the eating day on its head to make breakfast the biggest meal of the day, did even better.
- But scrapping dinner altogether gave the best results. The study found that the BMI of subjects who had a long overnight fast (of 18 hours or more) decreased when compared even with those who had a medium overnight fast, of between 12 and 17 hours.
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
