Bitcoin hit a record high on Thursday as increasing expectations for easier monetary policy from the Federal Reserve added to tailwinds from recently announced financial reforms.

The world’s largest crypto-asset by market capitalisation climbed as much as 0.9 per cent to $124,002.49 in early Asia trading, surpassing its previous peak hit in July.

On the day, the second-largest crypto-token, ether, reached $4,780.04, the highest level since late 2021.

Bitcoin rally linked to certain factors

Bitcoin’s rally is being powered by growing certainty of Fed rate cuts, sustained institutional buying, and moves by the Trump administration to ease investment in crypto assets, said IG market analyst Tony Sycamore. “Technically a sustained break above $125k could propel BTC to $150,000,” he wrote in a note.

Bitcoin has risen nearly 32 per cent so far in 2025 on the back of long-sought regulatory wins for the sector following President Donald Trump’s return to the White House. Trump has called himself the “crypto president” and his family has made a series of forays into the sector over the past year.

An executive order last week paved the way to allow crypto assets in 401(k) retirement accounts, highlighting an increasingly favourable regulatory environment in the US.

Crypto has seen regulatory wins in the US

Crypto has scored multiple regulatory wins in the US in 2025, including the passage of stablecoin regulations and the US securities regulator’s decision to overhaul rules to accommodate the asset class.

Bitcoin’s surge has also sparked a broader rally in the asset class over the past few months, shrugging off the tremors of Trump’s wide-ranging tariff policies.

According to data from CoinMarketCap, the crypto sector’s overall market capitalisation has ballooned to over $4.18tn, up from about $2.5tn in November 2024, when Trump won the US presidential election.

The latest push for crypto adoption in the US came via an executive order on Thursday last week, which would ease access to the asset class in 401(k) retirement accounts. The order could also be a boost for asset managers such as BlackRock and Fidelity, which operate crypto exchange-traded funds (ETFs).

However, crypto’s push into retirement savings carries risks, as the asset class tends to experience much more volatility than stocks and bonds, which asset managers have typically relied on for such accounts.

Dubai’s economy grew 4 per cent (QoQ) in Q1 2025, reaching Dhs119.7bn, supported by strong performances across strategic sectors, government data showed.

Human health and social work activities led growth with a 26 per cent increase to Dhs1.9bn, while real estate rose 7.8 per cent to Dhs9bn and financial and insurance activities expanded 5.9 per cent to Dhs16bn.

Other contributors included accommodation and food services (up 3.4 per cent to Dhs4.9bn), transport and storage (up 2 per cent to Dhs15.7bn), wholesale and retail trade (up 4.5 per cent to Dhs27.5bn), manufacturing (up 3.3 per cent to Dhs8.7bn), and information and communications (up 3.2 per cent to Dhs5.3bn).

Collectively, these sectors helped maintain Dubai’s diversified growth momentum following a 5.8 per cent expansion in 2024.

Younus Al Nasser, chief executive of Dubai Data & Statistics Establishment, said the results provide a reliable basis for policymaking and business decisions.

“The Q1 2025 results reflect Dubai’s economic progress, enabling policymakers, researchers, and businesses to make well-informed decisions,” he said

Hadi Badri, CEO of Dubai Economic Development Corporation (DEDC), highlighted Dubai’s continued appeal to investors and entrepreneurs, emphasising public-private collaboration and strategic initiatives as key drivers of sustained economic performance.

He added: “Dubai’s performance through 2024 and into the first quarter of 2025 reflects our continued momentum towards achieving the goals of the Dubai Economic Agenda D33.”

At a glance: Dubai GDP growth and key sector performance

The Public Investment Fund (PIF) closed 2024 on a high note, with its assets under management (AuM) rising by 19 per cent to reach $913bn.

This growth cements PIF’s position as one of the world’s largest and fastest-growing sovereign wealth funds (SWFs), driven by a long-term investment strategy and a mission to diversify Saudi Arabia’s economy, a PIF press release conveyed.

According to its recently released 2024 annual report, the fund delivered an average total portfolio return of 7.2 per cent annually since 2017. Total revenue climbed by 25 per cent, while its cash reserves remained strong and virtually unchanged from the previous year, highlighting PIF’s stable liquidity position.

Read-PIF tops the world: Saudi’s sovereign fund declared most valuable brand

“The 2024 report showcases significant growth underpinned by solid financial health,” said Yasir A AlSalman, PIF’s Chief Financial Officer.

“Capital deployment across priority sectors hit $56.8bn in 2024, bringing cumulative investment since 2021 to over $171bn. We continue to innovate to fulfill our mandate and drive economic transformation.”

Driving non-oil economic growth

Between 2021 and 2024, PIF contributed $243 billion to Saudi Arabia’s real non-oil GDP, reflecting its central role in the country’s Vision 2030 ambitions. The fund now represents 10 per cent of the national non-oil economy.

“PIF deepened its impact throughout 2024, continuing to drive Saudi Arabia’s economic transformation while delivering sustainable returns,” said Maram Al Johani, Acting Chief of Staff and Secretary General to the Board.

The fund ended 2024 with 225 portfolio companies, of which 103 were established by PIF itself. This demonstrates the fund’s hands-on approach in building industries from the ground up.

Additionally, PIF pushed development in strategic sectors by backing national champions, promoting localisation, expanding technical capabilities, and fostering innovation within its investment portfolio.

Tech-driven efficiency and global expansion

PIF’s digital transformation accelerated in 2024, evolving into what it calls “digital leadership.” The fund completed 58 digital projects, launched 15 new applications, and automated more than 477 internal processes. These efforts are helping create insights, enhance strategic decision-making, and unlock new sources of economic value.

Internationally, PIF expanded its investment footprint by deploying long-term, high-impact capital into strategic global markets. These investments aim to diversify its portfolio and returns, while also fostering relationships with tech innovators, investment managers, and global partners shaping the future economy.

Credit upgrades, governance milestones, and brand recognition

PIF’s financial strength was further validated by credit rating upgrades. Moody’s raised its rating to Aa3 (from A1), while Fitch reaffirmed its A+ rating, both with stable outlooks. The fund also raised $9.83bn in public debt and $7bn in private debt in 2024, continuing its focus on diversifying funding sources.

On the governance front, PIF achieved a 96 per cent score on Global SWF’s 2024 Governance, Sustainability, and Resilience (GSR) Scoreboard. By 2025, it tied for the top global spot with a perfect 100 per cent score among 200 sovereign investors.

Brand Finance, the leading independent brand valuation firm, ranked PIF as the most valuable and fastest-growing brand among all SWFs, assigning it an A+ rating.

As it looks ahead, PIF is poised to play an even greater role in reshaping Saudi Arabia’s economic landscape, both at home and on the world stage.

We are living in times where global expansion has never been easier. It was often thought that international expansion is complicated, but new growth models and strategies are emerging that mean the reverse is true. The traditional location-bound approach to business incorporation is fast becoming obsolete. Where once it was the norm to register and operate a business solely within one’s domestic market, today’s entrepreneurs face a different reality — one that demands a global mindset from day one.

With access to the right set of tools and with the willingness to adopt a new mindset, building a global workforce can actually be the competitive advantage that sets your business up for long-term success.

The new paradigm: Incorporation beyond borders

Globalisation, digital transformation and evolving consumer expectations have reshaped the business landscape. Startups no longer serve just their immediate regions; they serve global communities. From the earliest stages of development, founders of startups must consider how to structure, scale and optimise their operations with international competitiveness in mind. The shift from local to global is no longer optional – it is essential for survival and growth.

In the past, business incorporation was mostly a function of geography – that is, business founders incorporated businesses in their home markets, where their suppliers or customers were, or where the regulation seemed familiar. While your market, supply chain, or team might still be a local concern, limiting where you start your business can affect your ability to tap into talented people, capital, and markets around the world.

Rather than simply setting up in domestic markets, founders are increasingly choosing to incorporate in places that offer greater convenience, flexibility, funding opportunities, efficiency, or access to global markets. Some view a global mindset as a model where every company must operate across multiple countries from day one. In reality, it’s about embracing the idea that the best business decisions shouldn’t be constrained by location — and that founders should feel empowered to think globally from the start.

Free zones: The smart launchpad for global-minded entrepreneurs

One of the most effective tools founders can utilise to achieve global readiness is incorporating in a free zone – which are specially designated areas offering business-friendly environments and have emerged as innovation hubs and strategic gateways to international markets.

The UAE, and particularly Dubai, has become a beacon for such zones. These zones contribute to approximately 40 per cent of the country’s total exports, including re-exports.

Dubai’s free zones alone account for 60 per cent of the city’s total goods exports, showcasing the crucial role they play in driving trade and economic growth. IFZA exemplifies the advantages of this approach by offering a streamlined incorporation process and a world-class infrastructure.

Free zone benefits

Many free zones offer favourable tax regimes, including tax benefits and 100 per cent repatriation of profits. For startups, this can be a game-changer. Lower overhead costs and tax efficiencies mean founders can reinvest more into growth, talent acquisition, and product development.

Free zones also offer ease of incorporation and compliance and typically involve less red tape than mainland.

Furthermore, the regulatory frameworks within free zones are often tailored to encourage innovation and agility. This allows startups to operate with a level of flexibility not always possible in more rigid regulatory environments.

Free zones are magnets for international entrepreneurs, experts, and service providers. Incorporation gives founders immediate access to a vibrant ecosystem of potential collaborators, mentors, and investors. This ecosystem can be instrumental in accelerating product-market fit, raising capital, and entering new markets.

From local to global – A strategic shift

By building a business with a global mindset, you open up a world of possibilities. The reality is simple: where you incorporate can significantly impact your access to capital, talent, and markets.

CFOs understand that incorporation isn’t just a legal formality – it’s a strategic financial decision. The right strategy for expansion can enhance cash flow, reduce compliance burdens, and strengthen credibility in the eyes of investors.

The financial advantages of thinking global from day one

A founder with a global mindset must consider:

• Market access: Will this structure allow me to trade or expand internationally with ease?

• Agility: Does the environment enable flexibility, or will an attempt to scale be weighed down by complex and rigid administrative processes?

• Capital efficiency: How does investment support long term value creation? Is the business setup aligned with financing goals?
• Cost structure: Will operational costs and taxes allow me to scale sustainably?

For CFO’s, these questions should be approached not just from a cost-saving perspective, but with a bigger picture in mind.

Thinking global means building the foundations to scale internationally when the time is right.

From the earliest stages, founders and CFOs should be aligned on choosing a location that supports their business vision, growth trajectory, and financial strategy.

Free zones embed global thinking into their setup to gain faster access to markets, partners, and capital. They’re not just building for today; they’re building for what’s next. As CFOs, our role is to ensure every decision contributes to the company value and foster growth.

Choosing a free zone is not only about convenience — it’s about making a deliberate decision that enables growth, reduces friction, and creates opportunities for the future.

International law firm Addleshaw Goddard has advised Al Waha Land (Waha Land), a wholly owned subsidiary of Waha Capital, on the Dhs530m sale of integrated logistics assets at AlMarkaz Industrial Park in Al Dhafra, Abu Dhabi. The assets, totaling 182,500 sqm of net leasable area within the 6 million sqm industrial park, were acquired by Aldar on 30 June 2025, marking a notable milestone for the UAE’s real estate and logistics sectors.

Developed by Waha Land and benefiting from special economic zone status, AlMarkaz Industrial Park is near full occupancy with a diverse mix of international, regional, and government-related tenants. The site also offers significant development potential, presenting opportunities for future collaboration between Aldar and Waha.

Owen Richards, partner – corporate finance at Addleshaw Goddard, said: “We are delighted to have supported Waha Capital on this landmark transaction. The sale of AlMarkaz Industrial Park assets reflects the strength and scalability of the UAE’s logistics and industrial sectors, which continue to attract significant investment amid the region’s economic diversification efforts. This deal underscores our expertise in advising on high-value, complex transactions in the real estate and logistics sectors across the Middle East.”

The transaction underscores the strategic importance of logistics and industrial real estate in the Middle East, as governments invest in infrastructure and supply chain resilience. The UAE’s position as a logistics hub—driven by its location, world-class facilities, and pro-business policies—continues to fuel investor demand for high-quality industrial assets.

The Addleshaw Goddard team was led by Richards, supported by Rachael Norris, James Whittam, Ryan Shanley (UAE Corporate), Heather Gibson (Tax), Jeremy Scott, Edward Foster (Real Estate), and Philip Chalmers and Maral Nafar (Banking).

The deal further cements Addleshaw Goddard’s standing as a trusted advisor on high-profile real estate and logistics transactions in the MENA region, reflecting its commitment to delivering expert legal and strategic guidance on complex, high-value deals.