RAKBANK has received in-principle approval from the Central Bank of the UAE (CBUAE) to issue a dirham-backed stablecoin.

The approval positions RAKBANK alongside a growing roster of UAE financial institutions racing to launch regulated digital tokens, as the global stablecoin market surpasses $308bn and settlement volumes reach $9tn annually, an 87 per cent jump from the previous year, according to Moody’s 2026 Cross-Industry Outlook report.

These figures reflect rapid uptake as stablecoins are increasingly used for liquidity management, collateral transfers and settlement in tokenised markets.

The UAE has emerged as a frontrunner in Middle East stablecoin regulation, with authorities approving multiple dirham-backed tokens.

Private-sector stablecoins are now viewed as complementary infrastructure rather than a substitute for the for the eventual CBDC (central bank digital currency).

Read: UAE rebrands the Dirham and readies digital currency launch

Important milestone for RAKBANK

“Receiving in-principle approval from the Central Bank of the UAE is an important milestone in our digital assets journey,” said Raheel Ahmed, Group CEO of RAKBANK. “It reflects our focus on innovation that is responsible, regulated and built on trust.”

The planned stablecoin will be fully backed 1:1 by UAE dirham reserves held in segregated, regulated accounts, with audited smart contracts providing real-time reserve attestations.

The bank must complete additional regulatory and operational requirements before launching the token to the public.

The announcement comes as the bank marks its 50th anniversary. “We remain committed to developing solutions that are designed around our customers’ needs and aligned with the UAE’s vision for a future-ready financial system,” Ahmed said.

Further details on the pilot phase and potential expansion will be disclosed subject to regulatory approvals.

The bank, one of the UAE’s oldest lenders with assets exceeding Dhs88bn ($24bn), has been building its digital asset capabilities.

In 2025, the bank became the first conventional UAE bank to integrate cryptocurrency trading into its mobile app through a partnership with regulated brokerage Bitpanda Technology Solutions.

Other related developments

The approval intensifies competition in the UAE’s stablecoin market. Zand, the country’s digital bank, received full approval in November 2025 for Zand AED, the first regulated multi-chain dirham stablecoin on public blockchains. AE Coin, another licensed payment token, gained regulatory clearance in late 2024.

First Abu Dhabi Bank, the UAE’s largest lender, announced plans in April 2025 to launch its own dirham stablecoin in partnership with sovereign wealth fund ADQ and conglomerate International Holding Company. International players including Circle and Ripple have also secured regulatory approvals for their dollar-backed tokens in Abu Dhabi.

Read: IHC, ADQ, FAB launch dirham-backed stablecoin

The CBUAE established comprehensive rules for stablecoins through its Payment Token Services Regulation, which took effect in July 2024. Under the framework, dirham-pegged tokens are regulated exclusively by the central bank, while foreign payment tokens face restrictions limiting their use to virtual asset transactions.

UAE authorities view regulated stablecoins as tools to modernise payments, enhance remittances, and support the country’s digital economy ambitions.

Stablecoin activity now accounts for 51 per cent of the UAE’s cryptocurrency market, with active wallets using stablecoins globally growing 53 per cent to over 30 million users between February 2024 and February 2025 (according toThe State of Stablecoins 2025: Supply, Adoption & Market Trends from Artemis and Dune).

Growth in the artificial intelligence and defence sectors will boost global copper demand 50 per cent by 2040, but supplies are expected to fall short by more than 10 million metric tons annually without more recycling and mining, the consultancy S&P Global said on Thursday.

Copper has long-been used widely across the construction, transportation, tech and electronics industries as it is one of the best electricity-conducting metals, is corrosion-resistant and is easy to shape and form.

While the electric vehicle industry has lifted copper demand the past decade, the AI, defence and robotics industries will require even more of the metal during the next 14 years alongside traditional consumer appetite for air conditioners and other copper-hungry appliances, S&P said in its report.

Demand globally will reach 42 million metric tons per year by that 2040 mark, up from 28 million metric tons in 2025, the report found. Without new sources of supply, nearly a quarter of that demand is likely to be unmet, the report found.

“The underlying demand factor here is electrification of the world, and copper is the metal of electrification,” Dan Yergin, S&P’s vice chairman and one of the report’s authors, told Reuters.

AI is a major growth area for copper, with more than 100 new data center projects last year valued at just under $61bn, Reuters reported last month.

The conflict in Ukraine and moves by Japan, Germany and others to increase defense spending are likely to also fuel copper demand, the report found.

“Demand for copper really is inelastic in the defense sector,” said Carlos Pascual, an S&P vice president and former US ambassador to Ukraine.

Nearly every electronic device contains copper. Chile and Peru are the largest copper miners, and China is the largest copper smelter. The United States, which has imposed a tariff on some types of copper, imports half of its needs each year.

The report does not factor in potential supply from deep-sea mining.

S&P published a similar report in 2022 that forecasted copper demand should the world reach carbon neutrality by 2050, a goal described as “net zero.”

The report released on Thursday uses a different methodology, S&P said, and forecasts demand using a base-case assumption that copper demand will rise regardless of government climate policy.

“The politics of the energy transition have changed pretty dramatically,” Yergin said.

The Federal Tax Authority (FTA) has launched the Labaih Initiative, a new service framework aimed at providing senior citizens with tailored access to tax-related services, reinforcing the authority’s commitment to inclusive service delivery and enhanced quality of life.

The initiative is designed to enable senior citizens to complete tax-related applications, requests, and compliance obligations smoothly, efficiently, and accurately, while also ensuring their rights are exercised with full respect for privacy. According to a WAM report, the initiative reflects the FTA’s broader strategy of strengthening corporate social responsibility and improving service accessibility across all segments of society.

Read more-Dhs1,000 monthly fines? UAE’s FTA urges firms to file corporate tax on time

The tailored processes and benefits under the Labaih Initiative will be delivered through the FTA’s Call Centre and Taxpayer Support Centres. These platforms already play a central role in assisting taxable persons with tax obligations and related requests in a manner that promotes ease, efficiency, and voluntary compliance.

Under the initiative, these service channels now feature customised processes and approaches that address the specific needs and expectations of senior citizens. The FTA said the enhancements aim to create a more supportive service environment that reduces complexity and ensures clarity throughout the customer journey.

Aligning with social responsibility goals

The FTA explained that the Labaih Initiative aligns with its ongoing efforts to enhance its role in corporate social responsibility and contribute to improving the quality of life within the community. By introducing specialised processes for senior citizens, the authority is reinforcing its commitment to inclusivity and service excellence.

Khalid Ali Al Bustani, director-general of the FTA, said the initiative was launched to enhance the efficiency of service delivery while providing senior citizens with appropriate facilitation and a tailored approach.

“The FTA has launched the Labaih Initiative as part of its efforts to enhance the efficiency of service delivery and to provide senior citizens with appropriate facilitation and a tailored approach, in line with the directives of the wise leadership to ensure the highest levels of care, support and quality of life for them,” Al Bustani said.

He added that senior citizens represent a core and valued pillar of society, noting that the initiative reflects appreciation for their longstanding contributions to the community and the nation’s development across all sectors.

Simplified pathways and faster processing

Through the Labaih Initiative, the FTA aims to introduce innovative tax process solutions that allow senior citizens to access all FTA services through mechanisms designed to ensure clarity, speed, and privacy. The initiative establishes a dedicated and simplified service pathway for senior citizens who may otherwise face challenges in completing tax procedures accurately.

The initiative includes a Direct Line service, whereby a specialised team at the FTA’s Taxpayer Support Office responds to all queries from senior citizens and follows up on their requests using simplified and efficient procedures.

Additional benefits include priority access through the FTA’s Call Centre and a Fast-Track service at the Taxpayer Support Centres, enabling faster processing of applications and transactions submitted by senior citizens.

Privacy, awareness, and digital access

The director-general stressed that the FTA remains committed to strengthening a tax environment that respects and protects the privacy of senior citizens and all taxpayers. This commitment aligns with the UAE’s future vision for social care, which focuses on developing innovative service models that empower senior citizens and enhance their well-being.

As part of the initiative, senior citizens are also provided with electronic access to documents, allowing them to view materials directly on the FTA’s website without the need to visit a Taxpayer Support Centre.

In addition, the FTA offers tailored awareness activities, including workshops and introductory sessions delivered using methods suited to the needs of senior citizens. These activities aim to enhance tax awareness and enable participants to understand and apply tax legislation, procedures, and FTA services confidently and accurately.

Ethmar International Holding (EIH) and Guggenheim Brothers Media have partnered to establish a multi-million-dollar investment fund focused on the global media, entertainment and digital creative economy.

The fund will be based in Abu Dhabi and will invest in early to growth-stage companies across content creation, creator tools and infrastructure, digital intellectual property, entertainment technologies and platforms supporting fan engagement and new forms of storytelling.

The initiative brings together EIH’s regional investment experience with Guggenheim Brothers Media’s track record in backing creative businesses globally.

Creative investment fund to support Abu Dhabi’s growth as a creative hub

The partners said the creative investment fund is intended to support Abu Dhabi’s ambition to strengthen its position as a hub for creative industries and cultural innovation.

The fund will be led by Dillon Lawson-Johnston and Criswell Fiordalis, who together have more than two decades of experience in media and entertainment. Lawson-Johnston has previously worked with companies, including United Talent Agency, Sugar23 and Anonymous Content, while Fiordalis has held senior roles at Lionsgate, MRC, Hello Sunshine and WEBTOON.

EIH said the partnership aligns with its long-term strategy to support sectors that contribute to economic diversification, while leveraging Abu Dhabi’s status as a global investment centre.

Lawson-Johnston and Fiordalis said the creative investment fund aims to provide creative entrepreneurs with capital, strategic support and access to international networks, helping them scale their businesses from the UAE to global markets.

The move reflects broader efforts by Abu Dhabi to attract international partners and investment into media, technology and creative sectors as part of its wider economic diversification agenda.

Dubai’s Roads and Transport Authority (RTA) has completed traffic expansion works on Al Warqa’a 1 Street, marking a significant milestone in the ongoing development of the emirate’s road infrastructure.

The project spans a total length of 7 kilometres in both directions, extending from Sheikh Mohammed Bin Zayed Road to Ras Al Khor Road, and is designed to enhance traffic efficiency and daily mobility for residents.

Read more-Inside Dubai RTA’s Oud Maitha Road upgrade

As part of the upgrade, RTA converted four existing roundabouts into smart signalised intersections. This enhancement has contributed to an improvement in traffic flow of up to 30 per cent, underscoring the authority’s commitment to optimising road performance and reducing congestion. According to an RTA media report, the improvements are aimed at supporting smoother traffic movement while enhancing overall road safety.

Integrated infrastructure enhancements

Beyond traffic flow improvements, the project included a comprehensive package of infrastructure upgrades. These works involved the construction of advanced stormwater drainage networks extending 6,600 linear metres, supporting the area’s resilience during adverse weather conditions. In addition, 324 lighting poles equipped with modern street-lighting systems were installed to improve visibility and road safety.

The development also delivered 111 new parking spaces, addressing local demand and improving accessibility for residents and visitors.

Pedestrian infrastructure was a key focus of the project, with pathways developed across a total area of 41,000 square metres, contributing to safer and more efficient movement for all road users.

Hamad Al Shehhi, director of Roads at Traffic and Roads Agency, RTA, said the project builds on works completed by the authority in June 2025. Those earlier works included the construction of direct entry and exit points to Al Warqa’a from Sheikh Mohammed Bin Zayed Road to facilitate smoother access to and from the area.

He added that the scope also covered traffic improvement works on 13th Street in Al Warqa’a 1, extending approximately 8 kilometres in both directions. These upgrades were designed to serve residents and school users as part of a broader project to develop the internal road network in the area.

Supporting Dubai’s urban growth vision

Al Shehhi noted that RTA remains firmly committed to developing integrated infrastructure encompassing road networks, street lighting, and stormwater drainage systems in line with Dubai’s population and urban growth targets. He said these efforts respond to residents’ aspirations for an advanced urban environment and align with Dubai’s vision as a smart and prosperous city focused on quality of life and residents’ happiness.

Current development projects in the Al Warqa’a area also include upgrades to internal road networks in Al Warqa’a 3 and Al Warqa’a 4.

These works involve road paving, pedestrian pathways, parking spaces, and the development of cycling tracks aimed at enhancing connectivity and supporting sustainable mobility options.