The Middle East Blockchain Awards (MEBA) returns for its second year, with Dubai selected as the host city. The ceremony will take place at the Jumeirah Burj Al Arab on April 29, coinciding with the TOKEN2049 conference. The event will bring together industry professionals to recognise achievements in blockchain and cryptocurrency.

MEBA 2025 comes as blockchain adoption continues to grow across the MENA region. Recent data from Chainalysis ranks the region as the world’s seventh-largest cryptocurrency market. Between July 2023 and June 2024, MENA recorded an estimated on-chain transaction value of $338.7bn, representing 7.5 per cent of global volume.

The UAE has positioned itself as a key player in digital asset adoption. According to Henley & Partners, the UAE ranks third globally in digital currency usage. Chainalysis data shows the UAE received approximately $34bn in cryptocurrencies between June 2023 and July 2024, marking a 42 per cent year-on-year increase. Cities such as Dubai have played a role in fostering blockchain-related initiatives.

Max Palethorpe, Founder and CEO of Hoko Group, the official organiser of MEBA, said: “The Middle East Blockchain Awards provides a platform to recognise achievements in blockchain and digital transformation. With the UAE leading developments in Web 3.0, this year’s event will highlight the work of industry leaders shaping the sector’s future.”

Returning as a judge for the second year, Dr. Marwan Al Zarouni, CEO of AI for Dubai at the Department of Economy and Tourism and CEO of Dubai Blockchain Centre, said: “I am pleased to be part of the judging panel again and to witness the continued development of blockchain technologies in the MENA region. The UAE’s regulatory approach and innovation ecosystem are driving adoption across Web 3.0 technologies.”

Other judges for this year’s Middle East Blockchain Awards include:

• Jumana Al Darwish, Impact Entrepreneur, Web3 Investor and Founder of The Happy Box
• Scott Melker, Host of The Wolf of All Streets Podcast and Crypto TownHall
• Mario Nawfal, Host of Largest Show on X and Founder of International Blockchain Consulting Group
• Saqr Ereiqat, Secretary General of Dubai Digital Assets Association and Co-Founder of Crypto Oasis
• Matthies Mende, Founder and CEO of Bonuz and Co-Founder of Dubai Blockchain Center

MEBA seeks to highlight innovation and excellence in blockchain and Web 3.0 projects across the region. In 2023, its inaugural edition partnered with Abu Dhabi Global Market’s Abu Dhabi Finance Week and the Middle East, Africa, and Asia Crypto and Blockchain Association (MEAACBA).

Submissions are now open at www.mebawards.io, where participants can find details on categories and the nomination process.

The UAE’s foreign trade reached an unprecedented milestone in 2024, surpassing Dhs3tn for the first time, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, announced today.

In a post shared on social media platform X, Sheikh Mohammed attributed the country’s exceptional economic performance to the strategic leadership of UAE President Sheikh Mohamed bin Zayed Al Nahyan, stating that the nation has consistently exceeded its development goals at a faster rate than initially projected.

“My brother, His Highness Sheikh Mohamed bin Zayed, has spent years strengthening economic ties with nations worldwide… Today, we see the results,” Sheikh Mohammed wrote.

UAE’s foreign trade expanded at 14.6 per cent in 2024

While global trade grew by only 2 per cent in 2024, the UAE’s foreign trade expanded at a remarkable 14.6 per cent, outpacing the global average by seven times.

The country’s non-oil foreign trade reached Dhs2.997tn ($815.7n) by the end of the year, marking a 14.6 per cent increase compared to 2023.

Sheikh Mohammed credited the UAE’s comprehensive economic partnership agreements (CEPAs), which were spearheaded by Sheikh Mohamed bin Zayed, for contributing Dhs135bn to the nation’s non-oil trade. This represented a 42 per cent year-on-year increase.

“At this pace, we will reach our 2031 goal of Dhs4tn in annual foreign trade years ahead of schedule,” Sheikh Mohammed noted. “In 2021, we set a target of Dhs4tn by 2031, and by the end of 2024, we have already achieved 75 per cent of that target.”

UAE versus global trade trends

The UAE’s trade performance in 2024 stood in stark contrast to global trade trends.

According to data from the World Trade Organization (WTO), global merchandise trade saw modest growth of 2.4 per cent in volume and 1.6 per cent in value between January and September 2024 compared to the same period in 2023.

A significant driver of the UAE’s strong trade performance was the surge in non-oil goods exports, which soared to Dhs561.2bn in 2024, marking a 27.6 per cent increase from the previous year.

As a result, non-oil exports now account for 18.7 per cent of the UAE’s total foreign trade, up from 16.8 per cent in 2023 and 14.1 per cent in 2019.

The UAE’s trade with its top 10 global partners grew by 10 per cent, while trade with other nations expanded by 19.2 per cent in 2024.

Non-oil exports under the CEPA agreements accounted for Dhs135bn, reflecting a 42.3 per cent increase and making up 24 per cent of total non-oil exports.

Among the top export commodities in 2024 were gold, jewellery, cigarettes, petroleum-based oils, aluminium, copper wires, printed materials, perfumes, and iron-based products, all of which saw a combined growth of 40.8 per cent compared to 2023.

In addition, the UAE’s re-export sector performed strongly, reaching Dhs734.4bn in 2024. This represented a 7.3 per cent increase from the previous year and was 14.1 per cent and 36.2 per cent higher than in 2022 and 2021, respectively.

On the imports side, the UAE’s non-oil imports grew by 14.2 per cent in 2024, reaching Dhs1.701tn.

Imports from the top 10 trade partners rose by 6.7 per cent, while imports from other nations increased by 22.3 per cent.

Key imported goods included gold, mobile phones, petroleum oils, automobiles, jewellery, diamonds, and computers.

Sheikh Mohammed emphasised that the UAE’s continued focus on building strong economic partnerships around the world is essential for its growth. “The UAE has a clear vision and bold ambitions. In this world, success belongs to those who know exactly where they are headed,” he said.

Dubai Duty Free has partnered with TerraPay to enhance shopping for over 100 million customers. The partnership will help individuals or travellers shop by using their home-country wallets at the Dubai Duty Free.

Read: Dubai Duty Free reports record annual sales of Dhs7.9bn in 2024

What is TerraPay?

TerraPay is a global money movement company that provides shoppers with access to one of the world’s most expansive cross-border payment networks, regulated in over 30 global markets.

What does the platform do/intend?

• It enables payments to over 150 receiving countries, more than 210 sending countries, 3.7 billion mobile wallets, 7.5 billion bank accounts, and over 12 billion cards.
• It makes money transfers instant, transparent, and fully compliant.

Must know-DXB: How many passengers did Dubai airport handle in 2024?

How will the partnership benefit travellers/shoppers?

According to a report in the Dubai Media Office website, This partnership allows travelers to make purchases using their home-country digital wallets, providing an extremely convenient and accessible shopping experience.

With leading mobile money operators like Airtel Money, M-PESA, and MTN MoMo already partnered with TerraPay, shoppers will be able to use their home-country wallets to shop at Dubai Duty Free.

Not only will this enhance convenience, but it will also offer shoppers a preferred alternative to existing payment methods.

Partnership benefits for Dubai Duty Free

This alliance provides Dubai Duty Free with access to:

• TerraPay’s extensive global network, including over 3.7 billion mobile wallets.
• An effective cross-border payments infrastructure to accept users’ preferred payment methods.

The future of digital wallets

Digital wallets are set to dominate the payment landscape worldwide.

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They are expected to account for 52 per cent of the world’s e-commerce sales and 30 per cent of point-of-sale transactions, as well as 35 per cent of all cross-border payments this year.

Facts about Dubai Duty Free

• Founded in 1983
• Recorded first-year sales of US$20 million
• Became one of the biggest travel retail operators globally, with a sales turnover of US$2.164 billion in 2024
• Employs over 6,000 people
• Operates in around 40,000 square meters of retail space across Dubai International and Al Maktoum International airports

In a landmark event that captivated the real estate and luxury lifestyle community, Imtiaz Developments officially launched its highly anticipated ‘Sunset Bay Collection’—five premier waterfront projects on Dubai Islands. The grand ceremony was attended by high-profile dignitaries, industry leaders, and global celebrities, including Indian superstar Hrithik Roshan.

The Sunset Bay Collection comprises five distinct projects, each thoughtfully designed to offer an island lifestyle with world-class amenities, direct access to pristine beaches, and a seamless integration of modern architecture with the natural beauty of Dubai Islands. Located near the area’s largest mall, upscale resorts, and fine-dining restaurants, the collection is ideally positioned in a location primed for significant appreciation in value. With the launch of the Sunset Bay Collection, Imtiaz Developments now has a total of 15 projects in Dubai Islands.

Masih Imtiaz, CEO of Imtiaz Developments, addressed the esteemed gathering, stating:

“Sunset Bay Collection is a project very close to my heart — one where our team poured their days and nights into crafting something truly exceptional. We’re proud to be one of the few developers rapidly expanding on Dubai Islands, shaping its future as one of the UAE’s most sought-after waterfront destinations. Now is the perfect time to invest in Dubai Islands, before it reaches its full price potential—much like other waterfront areas that have seen tremendous growth over the past few years.”

Adding to the evening’s excitement, Hrithik Roshan, one of India’s most celebrated actors, engaged in a conversation with Imtiaz Developments. Sharing his thoughts on the partnership, Roshan expressed his admiration for the Sunset Bay Collection and the brand’s vision.

“I’ve personally had the chance to see some of Imtiaz Developments’ projects, and the Sunset Bay Collection is truly impressive. The aesthetics resonate deeply with my own style— comfortable, contemporary, and seamlessly connected to its surroundings. If I were ever to buy a second home, it would be with Imtiaz.”

The launch ceremony was an unforgettable evening of elegance and grandeur, beginning with a VIP red carpet experience attended by royalty, high-net-worth investors, and influential business figures from across Dubai. Guests were treated to a grand unveiling presentation, offering an exclusive glimpse into the meticulously crafted designs and world-class amenities of the Sunset Bay Collection.

About Sunset Bay Collection:

Each of the five projects within the Sunset Bay Collection in Dubai Islands will feature:

• Exclusive waterfront residences with floor-to-ceiling glass facades, bespoke interiors, and private terraces.
• World-class lifestyle amenities, including private beach access, infinity pools, rooftop lounges, wellness retreats, and a marina promenade.
• Sustainable design innovations, incorporating energy-efficient technologies and smart home automation.

Imtiaz Developments is currently working on six projects in JVC, five within the Dubailand Residential Complex, and an impressive 18 waterfront developments in the highly anticipated Dubai Islands.

About Dubai Islands:

Aligned with Dubai’s 2040 vision, Dubai Islands is set to be home to over 80 hotels, ranging from luxury and wellness resorts to vibrant cultural hubs and boutique offerings, creating a distinctive and dynamic enclave. With a variety of branded projects, villa communities, and the area’s largest shopping mall set to open in the next three years, Dubai Islands is poised to become a premier destination. To capitalize on this growth, Imtiaz Developments will be unveiling ultra-luxury projects in the area this year.

The government of Oman has decided to waive fines accumulated by workers over the past seven years. Fees incurred during the Covid-19 period will also be waived.

According to a report in the Oman Observer, workers have been given a deadline until the end of July to correct their working statuses in the country, either by renewing their licenses or terminating their services without penalties.

Read: Oman and Kuwait announce Isra Wal Miraj holidays for 2025

Dr Mahad bin Saeed Baowin, Minister of Labour, stated that Oman aims to provide workers with the opportunity to regularise their status in order to live and work in the country under proper conditions.

This move offers employees a chance to renew their work permits for the next two years. Employers also have the option to terminate their employees’ services and provide them with an air ticket to return to their home country, should they choose to do so.

Important: UAE-Oman Hafeet Rail secures $1.5bn financing facility

The minister also highlighted that all existing fines and fees will be canceled, as mentioned in an interview with Oman TV.

Currently, fines in Oman have only been imposed on the registries and are not based on the number of workers. This process is expected to continue for the next two to three months.

Employers in Oman are required to register their Omani employees with the Ministry of Manpower (MOM) and the Public Authority for Social Insurance (PASI).

They must contribute 10.5 per cent of the employee’s basic salary to PASI, while the employee contributes 6.5 per cent of their basic salary to the entity.

This contribution covers the employee’s pension scheme, as well as allowances and payments in case of workplace-related injuries or illnesses, according to a MEED report.

It is after the period of 3 months, that the fines will be imposed based on the number of workers whose salaries are not being transferred through the Wage Protection System (WPS). This system has been in place in the sultanate since mid-2023.

Must know: Oman approves a draft law on personal income tax

In 2021, 2022, and 2023, the Ministry of Labour in Oman helped save around 50,000 to 60,000 jobs in the country by negotiating with companies to retain as many Omanis as possible.

The public sector in the country hires around 12,000 to 16,000 new individuals each year, the minister reiterated.