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Four key considerations for digital asset firms eyeing the UAE

Why the region is attracting the web3 and blockchain industry – and what businesses need to know before entering the market

Jorge Carrasco
Jorge Carrasco

10 July, 2025

Four key considerations for digital asset firms eyeing the UAE
Image: Supplied

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The UAE continues to experience momentum and innovation in digital assets. With the Central Bank’s recent regulation for payment tokens, the approval of the first UAE dirham-backed stablecoin and significant startup and investment activity, the region is actively shaping its role and the future of web3.

In April, Abu Dhabi’s sovereign wealth fund ADQ, First Abu Dhabi Bank and IHC announced plans to jointly launch a new dirham-backed stablecoin. This initiative adds momentum to the country’s efforts to become a global hub for digital assets and fintech innovation.

While the landscape expands with potential, it’s also layered with complexity. For years, FTI Consulting has worked closely with digital asset businesses navigating the global terrain. Throughout numerous engagements, the team has observed four core decisions that are integral to successful implementation and growth.

For digital assets businesses entering the UAE, these include:

Understand the regulatory landscape

The UAE isn’t a single regulatory body. At the federal level, the Securities and Commodities Authority is responsible for regulating virtual asset service providers across the country. In Dubai, most federal duties are delegated into Dubai’s Virtual Assets Regulatory Authority. Financial free zones operate separately, where the Dubai Financial Services Authority of Dubai Financial International Centre and the Financial Services Regulatory Authority of Abu Dhabi Global Market offer specialised frameworks.

In recent years, the UAE has created a mature digital assets policy environment. Initiatives like the CBUAE’s Payment Token Services Regulation and VARA’s clear licensing paths are ushering confidence in the sector.

Still, businesses must understand which regulator they need to work with, which licenses their activities fall under and whether their virtual assets fall under digital securities, virtual assets, or other classifications like NFTs or tokenised real-world assets. Lack of regulatory awareness can lead to delays, duplication or denials.

Choose the right jurisdiction

Digital asset firms must carefully consider which jurisdiction to set up in. Dubai and Abu Dhabi continue to lead with distinct propositions. Dubai’s VARA is a bespoke regulator established to support and oversee digital innovation in the space. ADGM in Abu Dhabi, meanwhile, offers English common law, a comprehensive framework under FSRA, and global recognition.

Ultimately, firms must weigh access to capital, legal comfort, sector-specific regulations and operational incentives when choosing a home base.

Select the best economic free zone

The UAE is home to more than 40 multidisciplinary free zones, many of which offer 100 per cent foreign ownership and simplified business setup processes. But in digital assets, only a handful offer the tailored infrastructure and licensing options that virtual asset firms require.

Emerging initiatives like RAK DAO in Ras Al Khaimah — the world’s first free zone dedicated entirely to digital and virtual asset companies — offer promising incentives. Still, the framework is yet to fully mature and gain market validation, particularly in comparison to other free zones.

Free zones like DMCC, DWTC and RAK DAO, or financial free zones like ADGM and DIFC, stand out due to their focused support for blockchain and web3 businesses, including access to sandboxes, advisory networks or tokenization frameworks. Hub71 in ADGM, for instance, houses over 300 startups and offers dedicated web3 incentives under its Hub71+ programme.

Choosing the right zone can mean the difference between navigating bureaucracy or accelerating growth.

Secure a banking partner and knowledgeable advisors

Many digital asset firms in the UAE face challenges opening corporate bank accounts and the options are still limited. This is gradually changing. The Central Bank’s 2023 guidance on how licensed financial institutions should assess and work with VASPs has helped banks better understand risk thresholds and compliance expectations.

Strong due diligence processes, clarity around business models and an understanding of local anti-money laundering and other anti-fraud requirements are essential to building trust with banking partners. Working with external advisors who are experts in the digital assets industry and understand the technical, operational and regulatory nuances across jurisdictions is essential to conducting adequate diligence and establishing a strong foundation for growth. Firms are recommended to engage with partners early to avoid struggles at a later stage.

The bottom line

The UAE is taking consistent and meaningful steps to underpin a growing digital assets market. The country continues to serve as an example of how to create policies that will enable and maintain an ecosystem over the long term.

Importantly, for businesses looking to make the move, success requires much more than enthusiasm. It demands strategy. By navigating regulation carefully, choosing the jurisdiction and free zone that fits the business’s unique needs and building strong banking relationships, firms can avoid common pitfalls. This is what can create a posture that will thrive in this evolving environment.

The writer is the MD, Blockchain and Digital Assets, Technology Advisory, FTI Consulting Middle East.

Samsung Z Fold 7, Flip 7 and Watch 8 series: What the new launches feature

The Z Fold 7 and Z Flip 7 lean into thinner form factors and flagship-grade imaging, while the Watch 8 series sets a new standard for holistic health monitoring

Neesha Salian
Neesha Salian

10 July, 2025

Samsung Z Fold 7, Flip 7 and Watch 8 series: What the new launches feature
Images: Samsung.com

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Samsung took centre stage at its recent Unpacked event in New York, unveiling the Galaxy Z Fold 7, Galaxy Z Flip 7 (and Flip 7 FE), and the Galaxy Watch 8 series. The new lineup reflects Samsung’s dominance in foldables and wearables.

Samsung’s 2025 lineup elevates mobile experiences through AI-native design and hardware. The Z Fold 7 and Z Flip 7 lean into thinner form factors and flagship-grade imaging, while the Watch 8 series sets a new standard for holistic health monitoring.

With Google Gemini AI embedded across the ecosystem, Samsung marked its focus in creating smarter, personalised, and always-on tech.

Galaxy Z Fold 7 highlights

Thinnest Fold yet: Measures just 8.9 mm when folded, 4.2 mm open, and weighs approximately 215 g, lighter than the Galaxy S25 Ultra.

Expansive display: Features an 8-inch Dynamic AMOLED 2X inner and a 6.5- inch, 21:9 outer display with peak brightness of 2,600 nits, ideal for multitasking and media.

Flagship camera: Features a 200MP ProVisual main camera, a first for Samsung foldables, backed by AI-powered editing tools.

Durability upgrade: Introduces the Armor Flex hinge, Gorilla Glass Ceramic 2, and IP48 resistance.

Performance powerhouse: Powered by Snapdragon 8 Elite for Galaxy with full Galaxy AI suite, including live translation and Circle to Search.

Battery capacity: Packs a 4,400 mAh battery supporting all-day battery life.

Availability: Pre-orders began July 9; launches globally July 25, starting at $1,999.

Galaxy Z Flip 7 and Flip 7 FE highlights

Larger cover display: Has a 4.1-inch FlexWindow is the biggest ever on a Flip, now brighter at 2,600 nits.

Immersive inner screen: Features a 6.9-inch AMOLED 2X panel makes the Flip 7 more cinematic than ever.

AI at the forefront: New Galaxy AI features include photo coaching, outfit suggestions, and real-time translations via Gemini.

Camera and battery: Features a 50MP main camera and 4,300mAh battery provide all-day power and performance.

Performance options: Flip 7 runs on the Exynos 2500 chip; Flip 7 FE is powered by the Snapdragon 8 Elite and offers up to 512GB storage.

Both available starting July 25.

Pricing

  • Flip 7 from $1,099.99

  • Flip 7 FE from $899.99

Galaxy Watch 8 Series highlights

The new “cushion” squircle design makes the Watch 8 and Watch 8 Classic sleeker and lighter. The rotating bezel makes a comeback in the Classic.

Redesigned form factor: Have a cushion-shaped design, thinner profile; Classic model brings back the rotating bezel.

Brilliant display: Features up to 3,000 nits peak brightness, Super AMOLED protected by sapphire glass.

Advanced health AI: Offers sleep coaching, vascular load monitoring, Running Coach, antioxidant index, AGEs tracking, and guided meditation.

Google Gemini powered: Provides hands-free voice assistance, contextual summaries, and AI-managed features.

Hardware upgrades: Exynos W1000 processor, 2 GB RAM; Classic version offers up to 64 GB storage.

Durability and connectivity: Are certified 5 ATM, IP68, MIL‑STD‑810H; supports LTE, Bluetooth 5.3, dual-band GPS, NFC.

All models available from July 25.

Pricing

  • Watch 8: Starts at $349 (40mm) / $379 (44mm)

  • Watch 8 Classic: $499

  • Watch 8 Ultra: $649

Note: Prices may differ depending on region.

Careem’s School Rides in Dubai: How many school runs were handled this year?

Parents have praised the affordability of School Rides, which offers packages starting at Dhs260 for 20 rides, valid for 60 days

Gulf Business
Gulf Business

10 July, 2025

Careem’s School Rides in Dubai: How many school runs were handled this year?
Image credit: Supplied

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As the academic year draws to a close, Careem Rides has released a recap of its School Rides service, highlighting key achievements in its third year of operation in Dubai. The service, launched in partnership with Dubai’s Roads and Transport Authority (RTA) in 2023, has rapidly become a popular choice for parents seeking safe, convenient, and affordable school transport options.

Read-New! Careem Pay expands remittance service to 18 European corridors

In the 2024 academic year alone, more than 300,000 School Rides were completed — a major milestone that reflects the service’s growing adoption across the city. Careem’s School Rides operates through the Careem Everything App and is designed to simplify school commutes with fixed pricing and a user-friendly interface.

Growing demand across Dubai neighborhoods

Now servicing students from over 500 schools in neighborhoods such as Dubai Marina, JVC, Al Barsha, Nad Al Sheba, and JVT, the service has proven effective in reaching diverse communities across the emirate.

Parents have praised the affordability of School Rides, which offers packages starting at Dhs260 for 20 rides, valid for 60 days. Unlike regular ride-hailing options, School Rides fares remain fixed regardless of peak-hour demand, delivering up to 35 per cent savings for families. The service also allows up to three students from the same location to share a ride—without additional stops—offering added convenience and reducing road congestion.

Safety, recognition, and what’s next

Safety remains a cornerstone of the offering. Only experienced and top-rated Captains are eligible to operate School Rides, and the service includes 24/7 customer support, real-time trip tracking, and instant trip notifications, providing parents with peace of mind during daily commutes.

Careem Rides’ innovative use of technology and collaboration with the RTA was recently recognized by the International Best Practice Competition (IBPC), which awarded School Rides a 5-star rating. The accolade underscores the program’s quality, efficiency, and community impact.

As families prepare for the upcoming school year, Careem encourages parents to explore the School Rides option via the Careem Everything App. Packages can be customized based on home and school locations to ensure smooth and reliable transportation from the first day of term.

Tech Mahindra’s Sahil Dhawan on its AI roadmap, local partnerships, and focus on innovation

Dhawan outlines the immediate and long-term priorities for the region, explains how Tech Mahindra is aligning with initiatives such as the UAE Digital Government Strategy and Saudi Vision 2030

Neesha Salian
Neesha Salian

10 July, 2025

Tech Mahindra’s Sahil Dhawan on its AI roadmap, local partnerships, and focus on innovation
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As digital transformation accelerates across the Middle East, global tech players are sharpening their regional focus. At the forefront of this strategic shift is Sahil Dhawan, newly appointed president and head of India, Middle East & Africa Business at Tech Mahindra.

With a strong track record in building client-centric strategies, Dhawan now leads the company’s expansion across key growth markets, including the UAE and Saudi Arabia, at a time when national visions, sovereign tech, and AI-led transformation are reshaping the technology landscape.

In this exclusive interview, Dhawan outlines his immediate and long-term priorities for the region, explains how Tech Mahindra is aligning with initiatives such as the UAE Digital Government Strategy and Saudi Vision 2030, and offers insight into the company’s evolving AI roadmap, local partnerships, and innovation efforts across government, telecom, and BFSI sectors.

You’ve recently taken over as Head of India, Middle East, and Africa Business at Tech Mahindra. What are your immediate and long-term priorities for the Middle East region, particularly the UAE?

In the near term, my focus is on deepening engagement with existing customers, expanding local delivery capabilities, and capturing high-growth opportunities in priority sectors like government, telecom, and BFSI. We are also aligning our solutions more closely with national initiatives such as the UAE Digital Government Strategy and Vision 2031.

In the long term, the objective is to build a sustainable and scalable model for innovation, delivery, and talent development in the region. That means co-investing in local partnerships, advancing digital skills, and driving AI-led transformation in a way that is secure, inclusive, and tailored to regional needs.

How is Tech Mahindra aligning its AI strategy with national visions such as the UAE’s National AI Strategy 2031 and other regional digital agendas?

We take a regional-first approach to AI — aligning closely with the UAE’s National AI Strategy 2031, particularly its focus on government efficiency, future skills, and sustainable development. Our AI use cases in the region span intelligent automation and citizen engagement to fraud detection and ESG analytics.

We are also committed to responsible AI deployment, ensuring privacy, fairness, and compliance with local data laws. This includes working with academic institutions and ecosystem partners to support AI skill-building and to co-create solutions that are contextually relevant and regionally grounded.

Can you elaborate on your plans to deepen local partnerships in the region, especially with government bodies and large enterprises? Are sovereign tech and public-private collaboration part of that roadmap?

Public-private collaboration is central to our strategy in the region. We are actively partnering with both government entities and large enterprises to co-develop digital solutions that serve national priorities—ranging from public service automation to secure cloud-based platforms.

Sovereign tech is increasingly part of the conversation, particularly in regulated industries. We are building capabilities that support data residency, national cloud requirements, and localised AI development. Our roadmap includes deeper on-ground collaboration with policy makers and ecosystem stakeholders to ensure that innovation aligns with national interests and global standards.

We have been at the forefront of enabling sovereign technology capabilities across the Middle East through impactful public–private collaborations. For instance, in Saudi Arabia, we partnered with a leading government entity to establish a data & AI and cloud Centre of Excellence in Riyadh — aimed at nurturing local talent, accelerating digital transformation, and supporting Vision 2030. Similarly, in Qatar, we collaborated with a prominent telecom provider to enhance its Managed Security Services platform — bolstering the region’s cyber resilience with advanced capabilities like SOC, SIEM, and zero-trust architecture.

These efforts exemplify Tech Mahindra’s commitment to co-creating digital infrastructure that aligns with national priorities and empowers local ecosystems.

What are some of the key use cases where Tech Mahindra is applying AI in the UAE or plans to do so — whether in manufacturing, smart cities, financial services, or public sector transformation?

At Tech Mahindra, we view AI as a journey from vision and experimentation to real-world, safe value delivery. Our role is to walk alongside our customers at every stage of this journey, helping them shape the right strategy, build and deploy models, implement the right tools and processes, and embed AI into their business in a meaningful and responsible way.

We are guided by four core tenets that define the outcomes our customers seek: productivity delivered, transformation delivered, innovation delivered, and assurance delivered. These principles help ensure that AI becomes a powerful engine for operational and strategic value. We have seen tangible results: from enabling a major European telecom operator to reduce effort by 30 per cent and go to market 20 per cent faster to support a leading Saudi oil company in accelerating its digital innovation agenda and supporting a global automotive manufacturer in realising a 26 per cent improvement in delivery velocity and a 38 per cent boost in code coverage. Our focus remains clear — translating AI’s potential into measurable, responsible outcomes.

We have also aided Saudi Arabia’s Special Economic Zone City – built on Unreal, the immersive metaverse experience is designed to attract global customers and high net individuals (HNIs). To experience the next-generation city and engage in various activities and attractions within the digital landscape.

Additionally, for a leading global retail customer undergoing a major merger, we implemented a dedicated vulnerability management and mitigation framework to manage a sudden spike in infrastructure risks. This proactive initiative helped identify and mitigate flaws across code, systems, and endpoints. Through regular patch cycles and continuous monitoring, we achieved an 85% reduction in vulnerabilities by the fourth month, ensuring enhanced data center and network security.

The Middle East and Africa are increasingly being seen not just as consumers of technology but also as contributors to global innovation. How do you view the region’s evolution in this context?

The Middle East and Africa are rapidly emerging as significant contributors to global innovation. What was once primarily a consumption-led story is now a narrative of co-creation and leadership. We are seeing growing local ownership of digital IP, more investment in emerging technologies, and increasing regional participation in shaping technology governance.

Government-led vision, strong investment appetite, and a young, tech-savvy population are key enablers. In countries like the UAE and Saudi Arabia, the pace of execution and openness to experimentation are setting benchmarks. The region is now firmly on the map as a strategic hub for piloting scalable, future-ready digital solutions.

How is Tech Mahindra leveraging its global expertise to address region-specific challenges, such as talent development, regulatory frameworks, and digital sovereignty?

We are leveraging our global experience while adapting to regional priorities. Talent development is a core focus—we are investing in training local professionals in AI, cybersecurity, and cloud technologies, while partnering with academic institutions to strengthen industry-readiness.

On regulatory alignment, we work closely with clients to ensure compliance with local laws around data privacy, AI usage, and cloud deployment. Digital sovereignty is increasingly important, and we are supporting customers with secure, locally hosted architecture that meets national standards. The goal is to enable innovation that respects local context while drawing on global best practices.

One such example is our transformation initiative for a leading refining and petrochemicals company in Saudi Arabia with over 90,000 employees globally.

During their S/4HANA upgrade, we enabled a 30% reduction in effort and timeline by leveraging Tech Mahindra’s proprietary tools. We also delivered enhanced UI design and improved overall operational efficiency.

UAE and Azerbaijan sign CEPA to boost trade, investment ties

The UAE is currently the leading Arab investor in Azerbaijan, with total investments exceeding $1bn

Gulf Business
Gulf Business

10 July, 2025

UAE and Azerbaijan sign CEPA to boost trade, investment ties
Image courtesy: WAM

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The UAE and Azerbaijan signed a comprehensive economic partnership agreement (CEPA), marking a new chapter in bilateral relations aimed at driving economic growth, diversification, and investment across strategic sectors.

The agreement was signed during an official ceremony witnessed by UAE President Sheikh Mohamed bin Zayed Al Nahyan and Azerbaijani President Ilham Aliyev, in what both sides hailed as a significant step forward in their long-standing economic and diplomatic partnership.

In a report published on state news agency, WAM, Sheikh Mohamed said the CEPA reflected the UAE’s commitment to building global development partnerships that contribute to sustainable growth, promote peace and stability, and create opportunities for coming generations.

Signed by UAE Minister of Foreign Trade Dr Thani bin Ahmed Al Zeyoudi and Azerbaijan’s Minister of Economy Mikayil Jabbarov, the agreement is designed to enhance trade and investment flows, strengthen private sector collaboration, and unlock new opportunities in sectors including renewable energy, tourism, logistics, and construction.

UAE-Azerbaijan CEPA to boost trade and bilateral relations

The UAE-Azerbaijan CEPA is expected to empower small and medium-sized enterprises (SMEs), streamline supply chains, and foster innovation-led economic cooperation between the two nations.

It builds on a robust bilateral trade relationship, with non-oil trade between the two countries reaching $2.4bn in 2024, a 43 per cent increase year-on-year.

The UAE is currently the leading Arab investor in Azerbaijan, with total investments exceeding $1bn.

UAE’s CEPA programme

The deal is part of the UAE’s broader CEPA agenda, which has become a key pillar of the country’s foreign trade strategy.

With 27 agreements now concluded, the CEPA programme aims to grow the UAE’s non-oil foreign trade to $1.1tn by 2031.

In 2024 alone, the CEPA programme helped drive the UAE’s non-oil trade to a record $816bn, a 14.6 per cent year-on-year increase.

Officials said the CEPA would enhance market access and trade flows with high-growth economies representing over a quarter of the world’s population.

Buying plane tickets with crypto: Emirates explores option with new MoU

Under the new tie-up signed this week, Emirates and Crypto.com will work together to integrate Crypto.com Pay into the airline’s payment systems

Gulf Business
Gulf Business

10 July, 2025

Buying plane tickets with crypto: Emirates explores option with new MoU
Image: Getty Images/ For illustrative purposes

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Imagine booking your next Emirates flight using cryptocurrency. That future is now within reach, as the airline teamed up with leading digital assets platform Crypto.com to explore accepting crypto payments across its services.

Under a new memorandum of understanding (MoU) signed this week, Emirates and Crypto.com will work together to integrate Crypto.com Pay into the airline’s payment systems — a move expected to roll out in 2025.

The partnership marks a significant step for both brands, and for Dubai’s broader ambitions to become a global hub for fintech and digital innovation.

The signing took place in the presence of Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates Airline and Group, alongside Michael Doersam, Emirates’ chief financial and group services Officer.

The agreement was formalised by Adnan Kazim, Emirates’ deputy president and CCO, and Mohammed Al Hakim, president of Crypto.com’s UAE operations.

“Partnering with Crypto.com to integrate cryptocurrency into our digital payments system reflects Emirates’ commitment to meeting evolving customer preferences,” said Kazim. “It’s in line with Dubai’s vision to be at the forefront of financial innovation, while giving our customers more flexibility in how they transact with us.”

Read: Emirates soars to further success: CCO Adnan Kazim on its growth and global reach

Crypto gets further mainstream

For Crypto.com, it’s another high-profile collaboration that brings cryptocurrency further into the mainstream.

“This partnership brings real momentum to the digital asset industry,” said Eric Anziani, president and COO of Crypto.com. “Working with a global brand like Emirates allows us to expand crypto’s everyday use cases and offer innovative finance solutions for customers in the region.”

The two companies will also explore joint marketing campaigns to build awareness and encourage travellers to consider crypto as a payment option.

The move follows a growing trend in Dubai, where a wave of companies — from real estate developers to telecoms — are already accepting cryptocurrency. With supportive regulations and a rapidly growing digital economy, the UAE is positioning itself as a trailblazer in the global crypto space.

So if you’ve been watching crypto from the sidelines, your next Emirates booking might just give you a reason to join the digital currency club.

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