DMCC, Dubai’s leading international business district, and REIT Development have announced the launch of the highly anticipated ‘Crypto Tower’ in Jumeirah Lakes Towers (JLT), a new 17-storey project designed to support the rapidly growing community of blockchain, decentralised finance (DeFi), and Web3 companies in Dubai. The development aims to strengthen DMCC’s position as a global hub for innovation and advanced technologies.

Crypto Tower will feature over 150,000 square feet of leasable space, including nine floors dedicated to advanced office spaces for crypto startups and established firms.

Additionally, three floors will house blockchain incubators, venture capital firms, and investment companies, while another floor will be devoted to artificial intelligence (AI) innovation, powered by Chatoshi.ai.

The building’s infrastructure will integrate cutting-edge AI solutions and state-of-the-art facilities to enhance business operations.

Blockchain tech at the foundation

Blockchain technology will play a key role in streamlining tenant interactions and transactions through on-chain voting, smart contracts, and other automated services. This integration aims to reduce administrative burdens, increase transparency, and set a new standard in community decision-making and management.

Ahmed Bin Sulayem, executive chairman and CEO of DMCC, commented: “The Crypto Tower is a pioneering development that sits at the interface of blockchain, Web3, and real estate. With over 150,000 square feet of leasable space, including nine office floors, three dedicated floors for blockchain incubators, an AI innovation floor, a crypto club, gold bullion shop, and vault storage area, the tower will provide a range of cutting-edge facilities and services for the benefit of our members.

“The launch of Crypto Tower is both a real-world demonstration of the future of Web3, where transparency and ownership are ensured by blockchain technology, as well as a statement of our intent as we continue to consolidate Dubai’s position as the world’s leading innovation hub.”

Key offerings of the Crypto Tower

The Crypto Tower will also feature a 10,000-square-foot indoor event space, complemented by a 3,500-square-foot outdoor area for crypto and blockchain-related events. On the top three floors, the tower will house a 30,000-square-foot exclusive crypto club, designed to provide premium networking and leisure amenities for high-level collaboration within the blockchain community.

In addition to its core offerings, the tower will integrate high-end features such as an NFT art gallery, a gold bullion shop, an exotic car dealership, and a 5,000-square-foot vault storage area designed to securely store valuables including gold, cash, and cold wallets.

This multifunctional development aims to redefine the integration of technology, finance, and lifestyle in a single space, creating a secure and seamless environment for the world’s leading crypto players.

Brenda Stratton, communications director at REIT Development, added: “By combining blockchain technology with real-world construction in Dubai’s DMCC, we’re creating a physical tower that serves as a central hub for the crypto community. Every expense is on-chain, setting a new standard for transparency in the industry.”

The project, led by REIT Development, is known for its emphasis on incorporating advanced technology and sustainability into real estate developments.

Construction to be complete in 2027

Construction of the Crypto Tower is expected to be completed by Q1 2027, with full operations commencing shortly after.

Once finished, the Crypto Tower will serve as a key component of DMCC’s growing ecosystem, complementing the existing DMCC Crypto Centre headquarters in Uptown Tower and further solidifying Dubai’s status as a global leader in blockchain and advanced technologies.

Read: Dubai’s JLT to get its first service station

AD Ports Group and Semurg Invest have commenced the construction of a new grain terminal at Kuryk Port in Kazakhstan.

Sarzha Grain Terminal, as the facility is known, will initially have the capacity to handle 570,000 tonnes of grain cargo annually in phase one. With the construction of phase two, its capacity will be expanded further to reach 1.5 million tonnes per year.

The total investment in the grain terminal will exceed $50 million across both phases, with AD Ports contributing approximately $30m. The state-owned logistics firm holds a 51 per cent shareholding in the facility, and Semurg owns the remaining 49 per cent stake.

With phase one scheduled for completion in H1 2026, Sarzha Grain Terminal is expected to advance global food trade by connecting Kazakhstan to Europe via the Transcaspian International Transport Route.

“The investment demonstrates AD Ports Group’s dedication to expanding our presence in Central Asia, and in Kazakhstan in particular. Sarzha Grain Terminal will not only boost grain trade and handling at Kuryk Port but also leverage modern technologies and sustainable practices,” Abdulaziz Zayed Al Shamsi, regional CEO of AD Ports Group.

The joint venture, which was initially unveiled in August 2023, follows AD Ports and its subsidiaries’ recent ventures in the Central Asian region.

Meanwhile, AD Ports strengthened its global position in 2024 by expanding internationally and investing in promising projects, boosting its network, capabilities, and international presence while maintaining a strong focus on sustainable innovation and operations.

Ventures in Angola, Egypt, Tanzania, Pakistan, and Georgia enabled the logistics firm to expand into global markets.

AD Ports, controlled by state investor ADQ, operates the deepwater Khalifa Port in Abu Dhabi and other ports and logistics parks in the Middle East, Northern Africa, the Indian Subcontinent, Central and Southeast Asia, and Europe.

The shipping and logistics group posted Dhs4.66bn in Q3 2024 revenue, a 10 per cent increase from the same period last year. Its net profit jumped 11 per cent to Dhs439m.

Read: AD Ports expands global presence, boosts financial performance in 2024

Emirates Nuclear Energy Company (ENEC) has launched a strategic advisory subsidiary, ENEC Consulting, to support the global expansion of civil nuclear energy programms and related infrastructure.

The move follows the company’s recent rebranding efforts and ambition to become a leader in global nuclear energy solutions.

ENEC Consulting will leverage the company’s more than 15 years of experience, gained through the successful delivery of the UAE Peaceful Nuclear Energy Program and the Barakah Nuclear Energy Plant, which began full-fleet operations in September 2024.

The subsidiary will focus on the comprehensive lifecycle of nuclear energy projects, from strategic advisory and project management to operational readiness and capacity building.

ENEC Consulting’s launch marks a key step in the company’s overall mission to foster the responsible growth of nuclear energy, utilising the UAE’s experience in delivering safe, reliable, and sustainable nuclear power. The company aims to offer proven expertise to help other nations build robust and sustainable nuclear energy ecosystems.

Role of nuclear energy has become more relevant, says ENEC MD and CEO

Mohamed Al Hammadi, managing director and CEO of ENEC, said, “With the demand for clean baseload electricity surging, driven by heavy industry and energy-intensive sectors including data centres required for AI, the role of nuclear energy has never been clearer. The UAE has demonstrated a proven ability to decarbonise its grid, achieving the highest per capita addition of clean electricity globally in the past five years, with 75 per cent of this energy coming from the Barakah Nuclear Energy Plant.

“The creation of the entity comes at a time of significant global momentum in the nuclear energy sector – we are ready to help partners and stakeholders achieve energy security and sustainability. We look forward to expanding our reach, partnering with the industry’s best to drive a new wave of nuclear energy development.”

Services offered

ENEC Consulting will offer advisory services across multiple areas, including project management, regulatory frameworks, financing models, and workforce development. The company aims to replicate the success of the UAE’s nuclear programe by helping countries around the world integrate nuclear energy into their clean energy strategies.

Mohamed Al Braiki, general manager of ENEC Consulting, highlighted the company’s role in global nuclear energy expansion, saying: “As more countries commit to tripling nuclear energy capacity by 2050, ENEC Consulting is ready to deliver expertise gained from the UAE’s journey in successfully developing the Barakah Nuclear Energy Plant, one of the world’s most efficient nuclear new builds.

“Barakah showcases that nuclear energy projects can be delivered on time, cost efficiently, and in full compliance with national and international standards. Our mission at ENEC Consulting is to support other countries and organisations seeking to integrate nuclear energy into their clean energy strategies. By leveraging our insights and experience, we aim to accelerate decarbonisation of power grids through the development of sustainable nuclear energy solutions.”

The subsidiary’s offerings will include the development of oversight mechanisms for safe and efficient project delivery, drawing on the UAE’s internationally recognised standards in safety, security, and operational excellence. It aims to support the growing demand for nuclear energy solutions across both established and emerging nuclear nations.

Launch aligned with overall mission

The launch of the consulting firm is aligned with the UAE’s commitment to the Tripling Nuclear Declaration, introduced at COP 28 in 2023, which calls for the global nuclear capacity to triple by 2050 as part of efforts to achieve Net Zero emissions.

The new initiative is part of ENEC’s broader strategy to contribute to global decarbonisation and serve as a model for responsible and efficient nuclear energy development worldwide.

In addition to its focus on advisory services, ENEC Consulting will assist in establishing regulatory frameworks that ensure projects are completed in full compliance with national and international standards, contributing to the global push for nuclear energy as a safe and sustainable solution for addressing climate change.

Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in the UAE, is investing in Innocap Investment Management, a Canadian platform that makes it easier to allocate capital to multiple hedge funds.

The investment by a wholly owned subsidiary of ADIA is for a minority stake, which will be progressively increased to 10 per cent in the coming years. Innocap said that Mohammed Sghayer Khalaf Al Qubaisi, deputy director of the sovereign fund’s alternative investments department, would join its board “at that point”. The financial details of the transaction were not disclosed.

“Innocap’s platform provides ADIA with a more cash-efficient structure while allowing for greater investment flexibility for some of its hedge fund and equity exposures. Innocap has developed an industry-leading platform which offers a compelling service to asset owners who are seeking more transparency and capital efficiency,” said Al Qubaisi.

ADIA’s subsidiary joins Innocap shareholders, including senior management, Caisse de dépôt et placement du Québec (CDPQ), BNY, Walter Global Asset Management and BNP Paribas.

“Innocap’s shareholders recognise a clear shift in the industry towards dedicated managed accounts, which is notably driven by institutional allocators’ commitment to their fiduciary duty. The resulting network effect is leading to increased use of platforms, such as Innocap, as a superior way to access, structure and monitor their alternative investments,” the Canadian said in a statement.

Innocap operates a managed accounts platform, enabling investors to allocate capital across diverse funds with complete transparency and control over their investments.

The platform typically offers lower fees compared to traditional investment structures. It has identified the Middle East as a key growth market and plans to open an office in Abu Dhabi in 2025.

Read: Abu Dhabi fund ADIA invest $500m in US power firm AlphaGen

Ras Al Khaimah Tourism Development Authority (RAKTDA) has reported its strongest year on record, welcoming 1.28 million overnight arrivals in 2024, a significant milestone that highlights the Emirate’s robust tourism growth.

This performance marks a 12 per cent increase in tourism revenues and a 15 per cent rise in meetings, incentives, conferences, and exhibitions (MICE) visitors, reinforcing Ras Al Khaimah’s strategic vision to become a key global tourism destination.

With plans to attract over 3.5 million annual visitors by 2030, the emirate is well on track to achieve its ambitious goals.

Raki Phillips, CEO of RAKTDA, said, “The year 2024 was a milestone one for Ras Al Khaimah, showcasing our commitment to sustainability, enhanced connectivity, and diverse experiences tailored to every traveller. Looking ahead, our vision extends beyond attracting more visitors; we aim to position Ras Al Khaimah as a destination of the future. With significant investments, world-class events, and groundbreaking developments on the horizon, 2025 is set to be another remarkable year.”

Ras Al Khaimah tourism: Key milestones in 2024

Ras Al Khaimah’s impressive tourism growth in 2024 was driven by a variety of factors, including a growing hospitality portfolio, enhanced connectivity, and a dynamic calendar of international events. Among the key achievements were:

Record-breaking visitor numbers: Ras Al Khaimah welcomed 1.28 million overnight visitors, achieving a 12 per cent growth in tourism revenues and a 15 per cent increase in MICE visitors.

Sustainability recognition: Ras Al Khaimah is also the region’s first destination to receive the EarthCheck Sustainable Destinations Silver Certification.

Enhanced connectivity: The launch of new direct flights from key cities such as Moscow, Warsaw, Jeddah, Tashkent, and Bucharest helped improve access to Ras Al Khaimah, particularly through Ras Al Khaimah International Airport. These new routes supported increased tourism flows from various regions.

Expanded hospitality offerings: In 2024, Ras Al Khaimah’s hospitality sector saw the introduction of luxurious new properties, including the Sofitel Al Hamra Beach Resort and Anantara Mina Al Arab Resort. The latter features the Emirate’s first overwater villas, adding a unique luxury experience to the destination.

World-class events: Ras Al Khaimah hosted several internationally recognised events, including the HIGHLANDER Adventure hiking challenge, the Ras Al Khaimah Golf Championship, and the 16th Ras Al Khaimah Half Marathon. The emirate also launched the Seven Wonders experiential concert series, headlined by global DJ Armin Van Buuren.

Record-breaking NYE celebrations: Ras Al Khaimah’s 2024 New Year’s Eve celebrations set two new Guinness World Records for the largest aerial display of a tree and the largest aerial image of a seashell formed by drones.

Workplace excellence: For the fourth consecutive year, RAKTDA was recognised as a ‘Great Place to Work’ in multiple categories, including ‘Best Workplaces in the Middle East’, ‘Best Workplaces in Hospitality in the GCC’, and ‘Best Workplaces for Women in the GCC’.

Empowering local talent: The inaugural Emirati Hospitality Programme, in collaboration with Career Lab and Les Roches University, graduated 18 Emirati youth, providing them with the skills needed for leadership roles in the tourism sector.

Expanding its global reach: Ras Al Khaimah continues to diversify its tourism markets, with a particular focus on the CIS, GCC, Europe, India, and China.

In 2024, the emirate strengthened its presence in China through partnerships with major platforms such as Huawei Group and Trip.com. RAKTDA’s strategic campaigns on Chinese social media platforms like WeChat and Douyin helped boost visibility. Additionally, Ras Al Khaimah was recognised as the Fastest-Growing Tourism Destination by Huawei Petal Ads.

Sustainable growth

In addition to its environmental achievements, RAKTDA launched the Cultural and Heritage Vision, a roadmap to preserve 20 of its more than 80 historical and archaeological sites. The programme aims to develop these sites as key attractions, fostering authentic experiences for visitors and empowering Emiratis to actively participate in tourism.

The emirate also made strides in accessible tourism, partnering with Sage Inclusion to conduct the largest accessibility audit in the Middle East. The comprehensive assessment, completed in late 2024, covered over 40 hotels, 10 attractions, Ras Al Khaimah International Airport, and ground transportation, ensuring that the Emirate becomes a flagship destination for accessible tourism.

A thriving destination

Beyond its tourism goals, Ras Al Khaimah is focused on becoming an exceptional place to live and work. The emirate has gained global recognition as one of the top cities for expats, ranking among the top ten in the InterNations City Ranking 2024.

The emirate was also ranked as the world’s best city for expats to get started abroad, second for working overseas, and fifth for ease of settling in.

With its focus on sustainable growth, hospitality excellence, and a diverse range of experiences for both tourists and residents, Ras Al Khaimah is poised to continue its trajectory as a leading global destination. The emirate’s commitment to empowering local talent, through initiatives such as the Emirati Hospitality Programme, will ensure that its tourism sector remains innovative and globally competitive for years to come.

As Phillips concluded: “Our achievements in 2024 lay a strong foundation for the future, and with a clear focus on sustainability, global connectivity and exceptional experiences, Ras Al Khaimah is set to lead the way in shaping the tourism destinations of tomorrow.”