Financial
Phoenix Group PLC Positioned for Explosive Growth, says H.C. Wainwright in New Report
Phoenix Group PLC has been initiated with a “Buy” rating by H.C. Wainwright & Co. This endorsement underscores Phoenix Group’s strategic positioning at the forefront of cryptocurrency development in the Middle East, a region rapidly emerging as a global hub for digital assets.
H.C. Wainwright’s report sets a price target of AED 3.00 for Phoenix Group, representing a potential 75% upside from current levels. The financial institution cites the company’s diversified business model, which extends beyond bitcoin mining to include trading, software services, and investments in other crypto-centric projects, as a key factor in its robust growth outlook.
In addition, H.C. Wainwright’s comprehensive report highlights Phoenix Group’s unique market position, bolstered by its exclusive distribution rights for Bitmain and MicroBT mining machines across the Middle East. The report also emphasizes the company’s substantial growth potential, driven by its strategic partnerships and access to significant regional capital. Phoenix is strategically positioned at the center of local sovereign capital’s access to digital asset infrastructure and is expected to achieve growth rates that may surpass those of its U.S.-focused peers.
The report from H.C. Wainwright also highlights Phoenix’s impressive metrics, including nearly 3.0 Eh/s in self-mining, 4.0 Eh/s in hosting, and 8.0 Eh/s through investments, combining for a total of 15.0 Eh/s—a scale comparable to leading global players like Core Scientific. The firm’s expansion plans include an additional 400-500MW of mining capacity, expected over the next 12-18 months, positioning Phoenix Group for significant growth.
One of the key differentiators for Phoenix Group, according to H.C. Wainwright, is its advantageous location in the UAE, which offers abundant capital, a crypto-friendly regulatory environment, and favorable economic conditions, including tax exemptions and access to cutting-edge renewable energy resources. The company’s integration into the region’s economic fabric and its ability to leverage underutilized power infrastructure during off-peak seasons are seen as strategic advantages that could fuel its continued expansion.
Financial
Dubai Islamic Bank Celebrates Fifth Cohort of High Potential Programme, Paving the Way for Future Leadership
Dubai Islamic Bank (DIB) celebrated a notable milestone with the successful graduation of the 5th batch of high potential employees in DIB’s High Potential Employee Development Programme (HIPO).
In the bank’s ongoing endeavour to hone talent within the organisation and provide them with a platform to excel individually as well contribute in fulfilling the bank’s ambitious growth opportunities, the HIPO programme began in 2015 and has already delivered an army of nearly 150 professionals who are not just excelling in the workforce but leading by example.
The 5th batch of HIPO graduates were felicitated by the Group CEO, Dr. Adnan Chilwan, as well as other executives from the senior leadership team of the organisation.
The HIPO programme is an 18-month intensive leadership training schedule that includes a comprehensive suite of assessments, specialised training, mentorship, and coaching. Developed in partnership with globally recognised institutions, HIPO equips participants to excel in their roles and drive the bank’s strategic objectives.
To ensure the momentum is maintained, DIB has begun rolling out nominations for the next cohort for the next programme that is scheduled to commence in Q4 2024.
Commenting on the success and effectiveness of the journey undertaken so far, Dr. Adnan Chilwan, Group Chief Executive Officer of DIB, said, “The High Potential Programme is central to our inclusive talent development approach within the organisation, designed to prepare the next wave of leaders in the banking and financial sector. This initiative reflects our dedication to fostering outstanding talent by empowering individuals who possess the inherent traits with advanced skill sets ensuring both professional and personal elevation as well as quality contribution to further the organisation’s strategic goals. Our ambition is to unleash these individuals into the financial world so that they support and positively impact the larger economic objectives of the UAE. I extend my warmest congratulations to all our graduates and look forward to their future contributions to our collective ambitions. We also extend our profound thanks to all our partners for their enduring commitment and involvement in our training endeavours, which are crucial in systematically cultivating quality professionals within our organisation.”
As DIB steadfastly invests in its workforce, the bank upholds its position of leadership in the banking sector as an Employer of Choice, committed to promoting professional development and fostering inclusivity at every level of the organisation including the vital Emiratisation Agenda.
Financial
As a Key partner of the third edition, Bupa Arabia for Cooperative Insurance sponsors Saudi Games 2024
Bupa Arabia for cooperative insurance, announces sponsorship as a principal partner in the third edition of Saudi Games, under the slogan “ There are heroes among us”. This event is the biggest and the most important of its kind in the kingdom, and its organization comes as a part of the overall sporting initiative that originates from the Saudi vision of 2023. Bupa Arabia’s participation comes in the form of its constant care to provide the best and most sophisticated health care services for increasing fitness and performance with the goal of enhancing athlete’s experience.
Bupa’s participation in this event comes from its commitment to supporting sports events and activities, in addition to its effective goal of enhancing medical awareness in the community, In 2022, Bupa has launched “ Live Right” program to enhance healthy life patterns , and to accomplish the goal of its vision of improving life quality for every individual in the community. The program also encourages pursuing healthy habits through conducting effective and attractive learning sessions, and virtual training sessions, in the presence of doctors and specialists in the event to answer questions.
In this context, the executive manager in Bupa Arabia for cooperative insurance, Eng. Ali Sheneamer expressed his happiness to sponsor Saudi Games 2024 as a principal partner and he said: Saudi Games is a new opportunity to enhance the kingdom’s status in the medical and sports sector , adding that the company is always working to enhance healthy life patterns in the kingdom, through “Live Right” program that crowns the company’s efforts in pursuing healthy habits , it also contributes in enhancing medical awareness and encourages to pursue healthy habits and that’s according to the goals of the life quality program which is one of the kingdom’s vision 2030.
Sheneamer also added: Our support for the Saudi Games comes with our intentions to enable different sports and to put a spotlight on its importance to the youth, in addition to its importance in exploring Saudi talents, as well as reflecting our commitment for a promising future in the medical and sport sectors and enhancing the kingdom’s status globally in these sectors.
The third edition of the Saudi Games 2024, is considered one of the largest national sporting event in the kingdom and it’s a special opportunity to celebrate a mix of culture and sport, in which more than 6,000 athletes participate, hosting 53 different sports, under the supervision of more than 2000 administrative and technical supervisors representing 200 clubs across the kingdom, which contributes to create sports generation that can represent the kingdom in different international sports forums , showing the kingdom’s hosting abilities.
Financial
QUBE Development Shares Insights on UAE’s Real Estate Market
QUBE Development, the renowned international real estate developer, known for their trailblazing building solutions, shares its insights on UAE’s real estate market, which continues to garner strong demand from investors from all over the world. The growing surge is due to various factors with the off-plan market being the major contributor and responsible for 65 percent of overall sales transactions for the month of August 2024, a 54% volume increase from what was recorded during the same period last year.
According to data analytics online platform, Statista, the UAE real estate market is anticipated to reach a value of AED 2.5 trillion by the end of 2024. This growth is spearheaded by the increasing influx of high-net-worth individuals (HNWIs), who have entered the market looking for strong investment opportunities with a focus on the luxury property sector, primarily in the off-plan market where a high number of ultra-luxury projects and megaprojects are currently underway.
The global interest has been recognized by QUBE, who have recently launched their first residential project ‘Cubix Residences’ located in Jumeirah Village Circle (JVC) and providing a focus on durability, reliability, sustainability, and exceptional quality to the family-oriented community in the area. This is just the first of many projects to follow as the company has announced its plans to invest an additional AED 2.6 billion worth of inventory into the Dubai market by the end of 2025 to continue expanding its portfolio in this prime market.
Construction Director of QUBE Development, Ramy Abdel Kader, commented: “Cubix Residences is progressing on schedule, with construction now reaching 25%. The surging demand for premium real estate in Dubai reinforces our commitment to deliver efficiently and to the highest standards. At QUBE Development, we provide sustainable, high-quality developments that cater to the evolving needs of urban living. As we move forward, we look forward to unveiling more innovative projects that will continue shaping Dubai’s real estate landscape.”
With a commitment to sustainable design and community engagement, QUBE Development’s ambition is to make a positive and lasting impact by enhancing the quality of life for all residents through its future developments. By contributing to the well-being of the community and encouraging a healthier, happier tomorrow for everyone, the company looks forward to continuing its efforts in building communities and fostering a strong sense of connection among UAE residents.
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