Editorial
The Rise of Cryptos
By: Srijith K N, Senior Editor
In the early 2010s, Bitcoin was the only cryptocurrency in the market. Today, blockchain—the technology behind cryptocurrencies—has given rise to a myriad of digital currencies like Ethereum, Solana, Tether, XRP, Binance Coin (BNB), USD Coin (USDC), and Cardano, which are now household names. According to CoinMarketCap, there are approximately 22,932 cryptocurrencies with a total market capitalization of $1.1 trillion. Among these, around 10,000 are actively used and trusted by users. The global cryptocurrency market cap today stands at $2.18 trillion, with a wave of cryptocurrencies built on decentralized peer networks, which have become the de facto standard for cryptos.
A Decade of Exponential Growth
By the end of 2013, there were over 50 different cryptocurrencies. By the end of 2014, this number had increased nearly tenfold to over 500. A decade ago, the crypto market was barely worth $10 million. According to Wikipedia, there are 18 countries in the Middle East. In this context, this THE RISE OF CRYPTOS article will primarily discuss cryptocurrency activity in the UAE, Saudi Arabia, Egypt, Morocco, Algeria, and Jordan.
MENA: A Growing Hub for Cryptocurrency
Another report by Chainalysis indicates that the MENA region is one of the fastest-growing cryptocurrency markets in the world, with a significant increase in the volume of cryptocurrency transactions, particularly in the United Arab Emirates (UAE), Saudi Arabia, and Egypt.
Today, we stand on the cusp of a technological revolution in finance. Bitcoin and blockchain have transcended conventional dimensions of financial transactions, contributing to economic welfare. This momentum has ignited a wave of innovation across nations. In the UAE, Dubai has established the Virtual Asset Regulatory Authority to oversee the crypto market, and the Central Bank is working toward launching a Central Bank Digital Currency (CBDC). There is a clear intent to position the country as a global crypto hub in the coming years
Editorial
Dubai Gears Up for the 26th Edition of the World’s Largest Security, Safety, and Fire Protection Trade Fair
Intersec has firmly established itself as a global powerhouse, renowned for its unparalleled success in bringing together world-class speakers, a cutting-edge conference program, prestigious awards, an innovation zone, and an array of live demonstrations. Since its humble beginnings in 1999, with just 61 exhibitors from 13 countries, Intersec has evolved into the premier international platform for security, safety, and fire protection.
This year, Integrator Media is proud to serve as the official regional media partner for the expo. We’ll be on the ground from Day 1, engaging with suppliers, thought leaders, innovators, manufacturers, and buyers. Through our camera lens and dedicated coverage on our LinkedIn and website pages, we’ll spotlight the latest technologies, products, and solutions driving transformation across various industries.
As the world stands at the forefront of technological innovation, the critical importance of security in our lives cannot be overstated. Addressing complex challenges requires a global collaboration between security experts, policymakers, and standardization communities. Intersec rises to this occasion with over 25 dynamic sessions, including panels, leadership talks, and fireside chats, featuring renowned speakers and thought leaders from across the globe.
Notable speakers include Brett Taylor, Safety & Security Director at Diriyah; Fawaz AlSumaim, Head of Cyber Crime Division at Bahrain’s Ministry of Interior; Stuart Frost, Head of Enterprise Security & Risk Management for the UK Government; and Mohamed AlMaleki, Head of Information Security Office at the UAE’s Federal Tax Authority. These leaders will tackle pressing challenges in their respective fields, sharing insights, best practices, and transformative strategies.
This year’s event will also feature experts from global powerhouses such as Mastercard, Mubadala, Schneider Electric, MBC Group, and more. High-level plenaries and keynotes will showcase security strategists, policymakers, and innovators from organizations like Interpol, Neom, Aramco, Amazon, and Google, offering an invaluable opportunity to gain insights into the future of security and safety.
The Middle East homeland security market, which includes monitoring and surveillance systems, restricted entry mechanisms, and perimeter security solutions, is projected to reach $23.4 billion by 2028. Additionally, the region’s cybersecurity market is being propelled by rapid digital transformation and increased adoption of cloud technologies. Regulatory efforts aimed at countering evolving threats further amplify the importance of cybersecurity in driving growth.
Intersec’s 26th edition promises to be a transformative event, uniting global visionaries and innovators to shape the future of security, safety, and fire protection. It stands as a testament to Dubai’s pivotal role in fostering collaboration and innovation on the global stage.
Automotive
Driving Growth Through Mobility for 53 Years
As the UAE marks its 53rd National Day, the nation celebrates not only its unity but also its emergence as a global leader in innovation and economic resilience. Central to this story is the automotive industry, a key player in shaping the nation’s economic landscape and mobility solutions. From luxury vehicles adorning its bustling streets to cutting-edge advancements in electric and autonomous technology, the UAE has positioned itself as a hub for automotive innovation in the region.
By Srijith K N
The country’s focus on sustainability and smart mobility has catalyzed investments in infrastructure, including EV charging networks and green mobility corridors, further underscoring its status as a pioneer in future-ready transportation. These advancements also reflect the nation’s commitment to sustainability, a cornerstone of its vision for the future.
Within this thriving ecosystem, the car rental industry has emerged as a dynamic sector, mirroring the UAE’s strategic focus on mobility and economic diversification. Rahul Singh, Managing Director of AA AL Moosa Enterprises – Car Rental Division, highlights how this sector has become a key driver of growth. “The UAE’s economy thrives on its strategic focus on travel and tourism, which contributed 11.7% of GDP in 2023. This success is mirrored in the expanding demand for car rental services, with the market growing 10% year-on-year in 2023 to USD 1.77 billion and projected to reach USD 214.70 million annually by 2029.”
Singh attributes this growth to the UAE’s ability to attract millions of international visitors—17.15 million in Dubai alone in 2023—many of whom rely on rental vehicles to explore the nation’s iconic destinations. “This surge reflects a shift towards flexible and cost-effective mobility solutions, driving direct and indirect economic benefits for the country,” he adds.
The role of car rentals becomes even more significant during National Day, as they facilitate seamless mobility for residents and visitors alike to immerse themselves in the celebrations. Beyond offering convenience, rental services cater to diverse needs—from premium sports cars that embody luxury to family-friendly SUVs and eco-conscious electric vehicles.
Electric vehicles (EVs) are particularly transformative, aligning with the UAE’s ambitious green mobility goals. The car rental industry’s increasing integration of EVs reflects a growing consumer preference for sustainable travel solutions. This trend not only supports the nation’s net-zero aspirations but also positions the UAE as a leader in environmentally responsible tourism and transportation.
As the UAE celebrates its 53rd National Day, the car rental and broader automotive sectors stand as pillars of the country’s vision for growth, sustainability, and global leadership. Together, they drive the narrative of a nation that remains steadfast in its pursuit of innovation, inclusivity, and a brighter, greener future.
Editorial
UAE’s 53rd National Day: A Legacy of Progress and Promise for the Financial Sector
As the UAE marks its 53rd National Day, the occasion serves not only as a celebration of its remarkable achievements but also as a reflection on its vision for a prosperous future. For the financial industry, National Day is a time to appreciate the leadership, innovation, and resilience that have positioned the UAE as a global economic powerhouse.
By Srijith K N
A Visionary Leadership Driving Progress
“The UAE’s 53rd National Day is a celebration of its extraordinary achievements and a call to reflect on the values that drive this nation—unity, vision, and sustainability,” says Mufazzal Kajiji, CEO of Zurich International Life (Middle East). This vision has been the cornerstone of the nation’s journey, blending tradition with modernity to achieve its ambitious goals.
Over the past year, the UAE has reached significant economic milestones, including hosting landmark IPOs and advancing its diversification efforts. As Mohamed Hashad, Chief Market Strategist at Noor Capital, points out, “UAE companies going public reflect significant economic progress.” This demonstrates the UAE’s thriving business environment and its leadership in setting global benchmarks for development.
Innovation as the Key to Success
At the heart of the UAE’s progress lies an unwavering commitment to innovation. For financial leaders like Damian Hitchen, CEO of MENA & APAC at Saxo Bank, the UAE’s journey stands as a testament to visionary leadership. “The UAE’s commitment to innovation and digital transformation lies in fostering growth, resilience, and opportunity,” he states. The nation’s investments in fintech, blockchain, and AI are shaping a robust financial landscape that inspires both regional and global players.
This forward-thinking approach extends beyond technology. Sulochana Betwala, COO & Co-Founder of TOTL, emphasizes the UAE’s foundation of loyalty—to its people and its vision of progress. “Over the past 53 years, the UAE has shown that loyalty is not only about tradition but about an unwavering commitment to innovation, diversity, and inclusivity,” she notes.
Empowering People and Building Sustainability
As the UAE moves towards its Centennial 2071 goals, sustainability and empowerment remain at the forefront. “On the UAE’s 53rd National Day, we celebrate an economy driven by innovation, resilience, and empowerment,” says Bal Krishen, Chairman of Century Group. The nation’s initiatives in renewable energy, green finance, and ESG frameworks are setting the stage for a sustainable future.
The financial sector has a critical role to play in this vision, enabling businesses and individuals to access opportunities that contribute to the UAE’s global success. This is not just a reflection of past achievements but a call to shape the future, as Hitchen aptly notes, “The journey is far from over—there is so much to look forward to as the UAE builds on its legacy of progress.”
A Global Financial Hub Inspiring Confidence
National Day also highlights the UAE’s role as a global financial and economic hub. Its stability, strategic location, and innovative policies make it a preferred destination for investors worldwide. The UAE’s resilience in navigating global economic challenges, coupled with its emphasis on inclusivity, ensures it remains a beacon of opportunity.
Looking Ahead
As the UAE celebrates this milestone, its financial sector stands poised to further elevate its global position. Whether through fostering innovation, driving sustainability, or empowering individuals and businesses, the financial industry will remain a cornerstone of the UAE’s ongoing success.
For leaders like Mufazzal Kajiji, National Day is an opportunity to reflect on the nation’s journey and its values: “It’s a day to celebrate a nation that has turned dreams into reality, blending tradition with progress.”
On this National Day, the UAE stands united in honoring the past, celebrating the present, and looking toward a future where ambition knows no bounds.
-
Tech News6 months ago
Denodo Bolsters Executive Team by Hiring Christophe Culine as its Chief Revenue Officer
-
Tech Interviews10 months ago
Navigating the Cybersecurity Landscape in Hybrid Work Environments
-
Tech News10 months ago
Brighton College Abu Dhabi and Brighton College Al Ain Donate 954 IT Devices in Support of ‘Donate Your Own Device’ Campaign
-
Features8 months ago
Security in the Cloud Age: Combating Risks with Hybrid Cloud Solutions
-
Tech Features7 months ago
The Middle East to Lead with Next-generation Mission Critical Communication Advancement
-
VAR5 months ago
Samsung Galaxy Z Fold6 vs Google Pixel 9 Pro Fold: Clash Of The Folding Phenoms
-
Tech News1 year ago
Senet enters MENA’s Competitive Gaming Scene with ‘skill-to-earn’ Platform
-
Automotive11 months ago
Al-Futtaim Automotive Builds On 23-Year Legacy of Trust & Leadership in UAE’s Pre-Owned Car Market to Sell Over 25,000 Used Vehicles in 2023