Back to all uae news

Standard Chartered, OKX roll out crypto collateral pilot in Dubai

It’s the first such initiative to bring together a major global bank, a regulated crypto platform and a traditional asset manager to support secure crypto trading for institutions

Gulf Business
Gulf Business

14 April, 2025

Standard Chartered, OKX roll out crypto collateral pilot in Dubai
Image credit: Getty Images

TT

16

Banking giant Standard Chartered and global crypto exchange OKX have launched a pilot programme in Dubai that could reshape how institutional investors trade digital assets.

The new collateral mirroring programme allows institutions to use cryptocurrencies and tokenised money market funds as collateral for trading, without moving those assets onto an exchange. This reduces counterparty risk, a major concern in the crypto world, and enhances capital efficiency for large investors.

It’s the first such initiative to bring together a major global bank, a regulated crypto platform and a traditional asset manager to support secure crypto trading for institutions.

The pilot is being rolled out under the regulatory oversight of Dubai’s Virtual Asset Regulatory Authority (VARA), making it one of the most prominent real-world implementations of regulated digital finance in the region.

Hong Fang, president of OKX, summed it up:“As the digital assets ecosystem becomes more ingrained within traditional finance, we strive to both drive growth and safeguard client assets in the most capital efficient manner. By leveraging Standard Chartered’s position as a top custodian globally, as well as OKX’s market leadership in cryptocurrency trading, the partnership sets an industry standard for current and potential institutional clients to deploy trading capital at scale in a trusted environment.”

Using crypto as collateral

Under the programme, Standard Chartered acts as the regulated custodian. The bank holds the collateral securely in the Dubai International Financial Centre (DIFC), while OKX facilitates trading activity through its VARA-regulated entity.

Speaking about the launch, Margaret Harwood-Jones, global head of financing and securities services at Standard Chartered, said: “We understand the critical importance of robust and secure custody solutions, especially in the evolving digital asset landscape, and our collaboration with OKX to enable the use of cryptocurrencies and tokenised money market funds as collateral represents a significant step forward in providing institutional clients with the confidence and efficiency they need.”

She added that the bank is “ensuring the highest standards of security and regulatory compliance, fostering greater trust in the digital asset ecosystem.”

Backed by Franklin Templeton, Brevan Howard Digital

One of the major components of the pilot is the inclusion of tokenised money market funds provided by Franklin Templeton, a traditional asset management giant with $1.58tn in assets under management.

Roger Bayston, head of digital assets at Franklin Templeton, said: “By ensuring assets are minted on-chain, we enable true ownership, allowing them to move and settle at blockchain speed – eliminating the need for traditional infrastructure.”

This effectively turns traditional, low-risk financial products such as money market funds into on-chain assets that can be integrated into digital finance workflows.

Also onboard is Brevan Howard Digital, the crypto arm of the global hedge fund. The firm is among the first institutional players to participate.

Ryan Taylor, group head of compliance at Brevan Howard and CAO of Brevan Howard Digital, said:

“This programme is the latest example of the continued innovation and institutionalisation of the industry. As a significant investor in the digital assets space, we are thrilled to partner with industry leaders to further grow and evolve the crypto ecosystem globally.”

Majid Al Futtaim to launch over 30 new stores in GCC

Majid Al Futtaim’s expansion in luxury retail builds on a record-setting 2024, which saw a 26 per cent increase in revenue

Gulf Business
Gulf Business

14 April, 2025

Majid Al Futtaim to launch over 30 new stores in GCC
Image credit: Supplied photo

TT

16

Majid Al Futtaim has announced an ambitious expansion of its luxury retail portfolio for 2025.

The regional pioneer in shopping malls, communities, retail, and leisure across the Middle East, Africa, and Central Asia reported a record-breaking 2024, with a 26 per cent growth in its lifestyle business.

Read-UAE’s Majid Al Futtaim posts 2024 results, reports Dhs33.9bn in revenue

This expansion will be anchored by renowned Italian brands—Eleventy, Corneliani, and Poltrona Frau—with a series of store openings planned across key locations in the UAE and Saudi Arabia.

Launch of new stores

As part of its strategic growth agenda, Majid Al Futtaim will open over 30 new stores across the region, spanning both luxury and high street brands. The expansion includes five standalone Eleventy stores, the regional debut of Corneliani, and the first Poltrona Frau store outside the UAE, to be launched in Saudi Arabia—showcasing Majid Al Futtaim’s commitment to strengthening its footprint in the luxury retail sector.

“In a region where customers have an abundance of choice, our ambition is to curate a portfolio of luxury brands that offer something truly distinctive. By introducing brands like Eleventy, Corneliani, and Poltrona Frau, we are bringing new dimensions to the luxury market—combining timeless craftsmanship with modern sensibilities that resonate with the refined tastes of our customers,” said Fahed Ghanim, CEO of Majid Al Futtaim Lifestyle.

Ghanim added, “At Majid Al Futtaim, our work with luxury brands has been deeply rooted in THAT Concept Store, which has been instrumental in identifying and nurturing brands with strong market potential. Eleventy’s journey—from its initial shop-in-shop to standalone stores—is a testament to our strategy of testing, scaling, and growing global luxury brands. This approach enables us to continuously evolve the retail experience and deliver distinctive offerings that resonate with our customers.”

Five standalone Eleventy stores set to open

The five standalone Eleventy stores are scheduled to open in 2025 at key locations including Solitaire Mall in Saudi Arabia, Mall of the Emirates, and Marsa Al Arab—all of which opened this month—with Dubai Mall and The Grove (UAE) to follow later this year. Known for its sustainable practices and premium materials, Eleventy reflects a growing consumer preference for quality and understated sophistication, under the ‘Made in Italy’ banner.

This expansion builds on Eleventy’s existing regional presence, which includes a shop-in-shop at THAT Concept Store, a pop-up at Mall of the Emirates, and its first standalone location at Marina Mall Abu Dhabi, opened with Majid Al Futtaim in November 2024.

Strengthening partnership with Poltrona Frau

Majid Al Futtaim is also strengthening its partnership with Poltrona Frau, the iconic Italian luxury furniture brand, by opening its first store outside the UAE at Centria Mall, Riyadh, in May. Poltrona Frau achieved remarkable growth in 2024, with revenue increasing fivefold following the launch of its second UAE store at Mall of the Emirates.

Corneliani makes regional debut in Saudi Arabia

Italian menswear brand Corneliani made its regional store debut in April at Solitaire Mall in Saudi Arabia. Founded in 1930, Corneliani is one of Italy’s oldest independent luxury brands, renowned for its meticulous craftsmanship and presence in over 70 countries. With the launch of its first standalone store in the Middle East, Majid Al Futtaim is bringing Corneliani’s timeless suits and sophisticated casualwear to a broader audience in the region.

“Eleventy’s philosophy of understated elegance and commitment to sustainability resonates strongly with the sophisticated Middle Eastern consumer. We are excited to strengthen our partnership with Majid Al Futtaim, whose visionary approach to luxury retail is shaping a new standard focused on customer needs,” said Marco Baldassari, Co-Founder and Menswear Creative Director at Eleventy.

“Since partnering with Majid Al Futtaim more than two years ago, we’ve focused on strategic growth and elevating the customer experience. The revitalisation of our flagship store in Jumeirah and our debut at Mall of the Emirates were key milestones. We’re now excited to bring this momentum to the Kingdom of Saudi Arabia with our first store in Riyadh—further strengthening our presence in the GCC,” added Nicola Coropulis, CEO of Poltrona Frau.

Continuing momentum in 2025

Majid Al Futtaim’s expansion in luxury retail builds on a record-setting 2024, which saw a 26 per cent increase in revenue and a 31 per cent surge in digital sales across its lifestyle portfolio.

StLast year also saw the opening of 17 new stores across the region, bringing the total to 87—featuring flagship locations for brands such as lululemon, Psycho Bunny, Shiseido, Crate & Barrel, and CB2, alongside 27 e-commerce platforms. Looking ahead, 2025 is poised to be another milestone year, with plans to open 30 new stores across the region—including seven in Saudi Arabia, a key market for the group.

Dubai’s Global Village announces last day of season 29

The entertainment destination still has several exciting events lined up before the season concludes

Nida Sohail
Nida Sohail

14 April, 2025

Dubai’s Global Village announces last day of season 29
Image credit: Global Village/Website

TT

16

Dubai’s Global Village has announced May 11, 2025, as the last day of its Season 29. The announcement was made on platform X.

View post on X

As the region’s premier multicultural family destination for entertainment, dining, shopping, and attractions, Global Village opened its 29th season on October 16, featuring remarkable additions and enhancements across the destination.

Read-Dubai’s food scene: Emirate ranks second globally as gastronomy capital

However, the entertainment destination still has several exciting events lined up before the season concludes:

1- Amit Trivedi Live – “Abir Gulaal” (April 19, 8 PM)
Visitors can experience an electrifying evening as Amit Trivedi unveils his latest musical masterpiece, Abir Gulaal, live at Global Village. This exclusive music release event will also feature Bollywood stars Fawad Khan and Vaani Kapoor.

2- Taylor Swift Tribute Show (April 23)
Taylor Swift fans are in for a treat with an electrifying tribute show featuring two spectacular performances under the stars.
Sing along to your favorite hits—from Love Story to Shake It Off and Anti-Hero—as a talented live act brings Taylor’s iconic music and energy to life.
Showtimes:
First Show: 7:40 PM
• Second Show: 9:45 PM

3-Freddie Mercury Tribute Show (April 16)
Experience the legendary music of Queen’s iconic frontman in a spectacular tribute performance that captures the essence of Freddie Mercury’s stage presence.
Showtimes:
7:05 PM
• 9:25 PM

4-Amr Diab Live in Concert (May 4, 8:30 PM)
Closing in on the season’s end, Global Village will host an unforgettable night with Arabic music legend Amr Diab.
Get ready to sing along to timeless hits like Nour El Ain, Tamally Ma’ak, and Ana Ayesh. This concert promises a night filled with nostalgia and energy, celebrating one of the Arab world’s most iconic artists.

Hajj 2025: 5 important rules you need to know

The Ministry announced that April 13, 2025 (Shawwal 15, 1446 AH), is the final date for Umrah visa holders to enter Saudi Arabia

Nida Sohail
Nida Sohail

14 April, 2025

Hajj 2025: 5 important rules you need to know
Image credit: Getty Images

TT

16

The Ministry of Interior in Saudi Arabia has announced several rules for the Hajj pilgrimage, aimed at preserving the safety of pilgrims and enabling them to perform the Hajj rituals with ease, security, and peace of mind.

Read-Hajj 2025: Last summer pilgrimage for the next 16 years

The five rules, as reported by the Saudi Press Agency, are as follows:

Rule 1: Entry into Saudi Arabia
The Ministry announced that April 13, 2025 (Shawwal 15, 1446 AH), is the final date for Umrah visa holders to enter Saudi Arabia.

Rule 2: Deadline for leaving Saudi Arabia
Umrah visa holders must depart Saudi Arabia by April 29, 2025 (Dhu al-Qi’dah 1, 1446 AH).

Rule 3: Permits required for residents
Starting April 23, 2025 (Shawwal 25, 1446 AH), residents of Saudi Arabia must obtain entry permits from the relevant authorities to enter Makkah.

Residents without the necessary permits will be denied entry and returned to their original location. Exemptions apply to those who:

  • Hold a work permit for the holy sites issued by the relevant authority
  • Have a resident ID issued by the city of Makkah
  • Possess a valid Hajj permit

Entry permits for those working in Makkah during the Hajj season can be obtained electronically via the “Absher Individuals” and “Muqeem” portals.

Rule 4: Suspension of Umrah permits
Umrah permits issued through the ‘Nusuk’ platform will be suspended from April 29 to June 10, 2025. This applies to citizens of Saudi Arabia, residents, GCC nationals, and holders of other visa types.

Rule 5: Hajj visas for entry into Makkah
Starting April 29, only individuals holding Hajj visas will be allowed to enter or remain in Makkah.

The Ministry of Interior has urged full compliance with these Hajj season regulations and called for cooperation with relevant authorities to ensure the safety and security of all pilgrims. Violations of these rules will result in legal penalties.

Dubai awards contracts worth Dhs1.4bn for stormwater projects

The works commissioned under the ‘Tasreef’ project will add more than 36 kilometres of new drainage lines to mitigate potential flooding risks

Neesha Salian
Neesha Salian

14 April, 2025

Dubai awards contracts worth Dhs1.4bn for stormwater projects
Image: Dubai Media Office

TT

16

Dubai Municipality has awarded contracts worth Dhs1.439bn for four major stormwater drainage projects under the ‘Tasreef’ programme.

The projects, commissioned to expand and rehabilitate Dubai’s stormwater network, will add over 36 kilometres of new drainage lines across several key areas including Nad Al Hamar, the vicinity of Dubai International Airport, Al Garhoud, Al Rashidiya, Al Quoz, Zabeel, Al Wasl, Jumeirah, and Al Badaa.

The works aim to mitigate flooding risks and improve network efficiency, as part of a broader effort to provide sustainable and future-ready infrastructure for the emirate.

The upgrades are aligned with Dubai’s ambition to position itself among the world’s most infrastructure-resilient cities.

Tasreef project is emirate’s largest stormwater collection initiative

The Tasreef project is Dubai’s largest unified stormwater collection system and is considered the most operationally efficient in the region.

The newly commissioned developments will connect to the main Tasreef tunnel, enhancing the overall drainage network and significantly increasing capacity in the target areas.

According to Dubai Municipality, the initiative is expected to lower operational and maintenance costs and improve service standards for residents and businesses.

Engineer Marwan Ahmed bin Ghalita, acting DG of Dubai Municipality, said the projects mark a key milestone in implementing Tasreef. The initiative aims to boost drainage discharge capacity by 700 per cent over the next 100 years.

“Tasreef is a pioneering, strategic, and transformative project… part of our strategic goals for integrated management of stormwater and surface water drainage,” bin Ghalita said.

With an estimated total cost of Dhs30bn, the Tasreef project is designed to be scalable over the next century.

It also targets a 20 per cent reduction in construction, operation, and maintenance costs for stormwater stations, while extending the lifespan of the infrastructure.

Commenting on the announcement, Michael Nielsen, regional sales director for India, Central Asia, Middle East and Africa (IMEA) Region at Grundfos, said: “Dubai’s investment in a city-wide stormwater network reflects a growing recognition that water resilience is critical to future-proofing our cities. As we witness more frequent and intense weather events across the region, it’s no longer enough to rely on conventional infrastructure — urban water systems must be reimagined to adapt to a more unpredictable climate. This project is a strong example of forward-thinking public infrastructure that puts sustainability and resilience at the centre. The scale and ambition of the network underscore the importance of integrated water management solutions that can respond flexibly to both current needs and future challenges.

“At Grundfos, we see growing opportunities for public and private sector collaboration to accelerate the adoption of smarter water technologies — those that can optimise energy use, improve system efficiency, and reduce environmental impact. Long-term resilience demands this kind of partnership-driven, systems-level thinking.”

Adding to this, Naji Atallah, head of Construction and Manufacturing for EMEA Emerging at Autodesk, highlighted the growing role of technology in building climate-resilient cities. “As climate patterns shift and extreme rainfall becomes more frequent, cities in the Middle East and around the world are under increasing pressure to adapt fast. Infrastructure that was once designed for predictable weather events must now be built for uncertainty.

“Artificial intelligence is emerging as a critical enabler in this transformation. By embedding AI into the design and management of urban water systems, we gain the ability to simulate then accurately forecast flood events, test scenarios before they happen, and consequently build action plans. AI-powered technology is not just about designing better infrastructure — it is about enabling authorities and stakeholders with the right context that leads to better decision-making.

“The value of AI lies in its ability to process vast datasets quickly — from rainfall intensity to land use patterns — helping city planners and engineers develop solutions that are both resilient and resource-efficient. As this region continues to urbanise at pace, investing in such smarter infrastructure will be key to mitigating environmental risk while meeting future demand.

“Dubai’s initiative sets a valuable precedent, showing how cities can move from reactive to predictive water management to protect communities and secure long-term sustainability.”

GymNation’s Loren Holland on its innovative business model, growth

GymNation’s founder and CEO on how the company has responded to changing consumer expectations, wellness trends and the demand for innovation

Neesha Salian
Neesha Salian

14 April, 2025

GymNation’s Loren Holland on its innovative business model, growth
Images: Supplied

TT

16

Since launching in 2018, GymNation has offered an alternative to costly, contract-bound gyms through its affordable, flexible, and tech-driven model.

In this interview with Gulf Business, its founder and CEO Loren Holland shares how the company has responded to shifting consumer expectations, the rise of holistic wellness, and the demand for innovation — while expanding its footprint across the region and setting a new benchmark for accessible fitness.

The fitness industry in the Middle East has undergone significant transformation, with increasing consumer demand for accessibility, affordability, and innovation. What key shifts have you observed, and how has GymNation strategically positioned itself to capitalise on these changes?

Since we launched GymNation in 2018, the Middle East market has matured rapidly. Consumers now demand greater value, transparency, and quality than ever before and are much less willing to overpay for gym memberships for substandard facilities and products.

GymNation was created to lead the movement away from overpriced, mid-market and premium gyms — into a new era of high-quality, value-driven fitness experiences that are accessible to everyone.

We introduced a disruptive model that combines affordability with exceptional quality which includes large-scale gyms, an unmatched selection of premium equipment, and thousands of group classes all delivered through a flexible, pay-monthly membership. GymNation is a value proposition that’s not just unmatched in the fitness industry but arguably across any industry in the region.

As the market continues to mature, so does our product. We remain relentlessly focused on delivering unbeatable value while consistently raising the bar on quality. We reinvest heavily to stay ahead, introducing trend-driven offerings like HYROX and Reformer Pilates ahead of other players to meet evolving member demand and ensure we continue setting the industry standard.

At the same time, we’re seeing a clear shift toward holistic wellness. Fitness is no longer just about training but is inclusive with recovery, mental health, and lifestyle playing an equally important role. That’s why we’re rolling out a comprehensive wellness and recovery experience across our gyms, including saunas, assisted stretching, massage therapy, and more — all made accessible at an affordable price point.

The demand for flexible, no-contract gym memberships has increased. How has this trend influenced GymNation’s business model, and what innovations have you introduced to meet these changing expectations?

Flexibility has always been at the core of GymNation’s model. From day one, we removed the barriers that traditionally stopped people from joining a gym: high prices, contracts, hidden fees, and complicated sign-up processes. Instead, we introduced a transparent, pay-monthly model that gives members the freedom to choose what works for them.

This philosophy extends far beyond pricing. Before GymNation launched, no gym in the region was offering online sign-ups. In fact, we were told by the CEO of a major fitness chain that it would never work here. Fast forward to today, and we’ve built what’s widely recognised as one of the most technologically advanced gym chains in the world. From our e-commerce-first approach and market-leading digital marketing and sales engines to instant, automated support powered by our in-house AI systems, we’ve redefined what a gym experience can be.

All of this ensures we deliver the flexibility, control, and real value today’s consumers demand and this is why GymNation continues to lead the market in growth, innovation, and member satisfaction.

As a market disruptor, GymNation has redefined affordability and accessibility in the UAE fitness industry. What innovative strategies or business decisions have been instrumental in setting it apart from other players in the region?

Our success has come from doing things differently and doing them better. We didn’t try to replicate what already existed; we built a new model designed to disrupt from day one. That started with stripping away the unnecessary costs and exclusivity that dominated the market and instead focusing on delivering exceptional value at scale.

We launched massive, world-class gyms in prime locations at a fraction of the price of traditional operators proving that affordability doesn’t have to come at the expense of quality.

We’ve also invested heavily in technology, AI, and automation to streamline operations, lower overheads, and improve the member experience, making us more efficient and customer-focused than traditional operators. While many in the industry focused on high-end segments, we’ve always focused on inclusivity, creating fitness spaces that welcome everyone, from first-timers to elite athletes.

Ultimately, GymNation has redefined what people expect from a gym in the Middle East — and in doing so, we’ve set a new standard for the industry at large.

GymNation has cultivated a strong fitness community. How do you foster this sense of belonging, and why do you think community engagement is crucial for retention and growth?

The word “community” gets thrown around far too often in this industry. I’m honestly tired of hearing operators claim they’ve built a strong community just because the receptionist knows your name or someone hands you a free protein shake. That’s not community — that’s customer service.

We now have over 110,000 members, and with the 20 new gyms opening this year, we’ll soon easily surpass 230,000. With a membership base that size, it’s impossible to take a one-size-fits-all approach. But what we’ve done exceptionally well is create and support countless sub-communities — from LES MILLS fans to HYROX race participants, from strength training groups to Muay Thai teams — each tailored to the unique needs and passions of our members.

We know there’s still more to be done, and we’re committed to doing it at a scale no one else in the region has attempted yet. Our focus now is on connecting these micro-communities — bringing them together through powerful, ongoing digital and in-person activations, and giving them a shared space where everyone is motivated to achieve. When members are encouraged and inspired by others around them — that’s when loyalty is built.

Recovery is becoming just as important as training. Are there plans to introduce new recovery-focused services, such as cryotherapy, compression therapy, or mindfulness programmes?

Absolutely. Recovery is no longer a luxury but a necessity. We firmly believe that the future of fitness lies in a more holistic approach, where training, recovery, data and mental wellness all work together to support long-term health and performance.

As mentioned previously, we’re rolling out the most comprehensive wellness and recovery offering the region has seen — including dedicated recovery zones with saunas, steam rooms, assisted stretching, massage therapy, and more. We will continue to explore new modalities as they emerge and ensure, just like we have done with our gym product, that we can make them affordable and accessible for everyone.

What personal philosophy drives your approach to business and innovation at GymNation? How do you stay motivated to continuously push boundaries in such a competitive space?

For me, it’s always been about building something that genuinely improves people’s lives. GymNation was never just a business idea — I was a consumer and grew tired of the way the fitness industry operated in this region. Overpriced memberships, upfront payments, underwhelming facilities — it didn’t make sense. So rather than complain about it, we set out to fix it. I’ve always believed in challenging the status quo. If something doesn’t make sense for the consumer — we change it. If it hasn’t been done before — we try it. That mindset has helped us disrupt an outdated industry and continuously innovate. What keeps me motivated? Knowing that we’re just getting started. There’s so much more we can do to make fitness even more accessible across the region. We’re only scratching the surface.

What does the future of GymNation and the fitness industry at large look like? Are there any emerging trends, technologies, or expansion plans that will further solidify its leadership in the Middle East’s fitness landscape?

The future of fitness in this region lies in affordability, inclusivity, and access to a world-class fitness experience, and GymNation is perfectly positioned to lead this movement across the Middle East.

We’re expanding at a rapid pace, with over 20 new gyms opening this year alone, doubling the size of our business once again, as we did in 2024. Company formations in Bahrain, Kuwait, and Qatar are already underway, laying the groundwork for additional growth outside of the UAE and Saudi Arabia.

Behind this momentum is a world-class leadership team, including several newly appointed key positions in the last month alone, such as a CFO, CMO, director of property acquisitions, head of corporate sales and projects director – who are all, along with 20 other members of the wider management team, equity incentivized to take GymNation to the next level.

At the same time, we’re doubling down on technology. From AI-powered sales agents to proprietary smart billing technology, our tech-first approach allows us to scale faster, operate smarter, and deliver greater value to our members than anyone else in the market.

This combination of regional scale, product innovation, and operational excellence puts GymNation in a category of its own but that said, the best is yet to come.

Read: WHOOP’s Stephan Muller on how wearable tech is shaping the future of wellbeing

More news in uae