Money & Business - Gulf Insider

1 year ago

Abu Dhabi Sovereign Wealth Fund Stockpiles $436 Million In BlackRock Bitcoin ETF Shares

Mubadala Investment Company, the sovereign wealth fund that manages investments for the Abu Dhabi’s government, signaled on Friday that it started stockpiling exposure to Bitcoin last year via the leading ETF. During the fourth quarter of last year, Mubadala scooped up $436 million worth of BlackRock’s spot Bitcoin ETF, according to a quarterly report disclosing U.S. equity ownership filed with the Securities and Exchange Commission. Totaling 8.2 million in shares of the Nasdaq-listed iShares Bitcoin Trust ETF, it appeared that Friday’s disclosure represented a fresh investment by Mubadala in the product. A filing from the previous quarter did not disclose holdings in BlackRock’s $56.3 billion spot Bitcoin ETF. Mubadala did not immediately respond to a request for comment from Decrypt. As President Donald Trump’s administration mulls the prospect of a so-called strategic crypto reserve, which may include Bitcoin alongside other cryptocurrencies, some market participants described Mubadala’s move as indicative of an emerging race on a global scale. “Other countries have started moving,” Swan’s Head of Private Clients and Family Offices Steven Lubka said on X (formerly Twitter). Several governments already hold Bitcoin, including the U.S., China, the United Kingdom, and El Salvador, according to CoinGecko. However, the crypto data aggregator noted in an August report that the $32.7 billion sum […]

1 year ago

Goldman Sachs Is Quietly Betting Billions On Bitcoin

Bitcoin and ethereum have diverged in recent months, with the bitcoin price soaring as ethereum struggles—helped by U.S. president Donald Trump’s predicted plans for bitcoin. The bitcoin price is hovering just under $100,000 per bitcoin after coming within touching distance of $110,000 around mid January while ethereum has fallen sharply from its recent December peak as “dangerous” bubble fears emerge. Now, as a Coinbase executive claims Satoshi Nakamoto’s identity may already be known, Wall Street giant Goldman Sachs has quietly confirmed its bought around $2 billion of bitcoin and ethereum exchange-traded funds (ETFs). Goldman Sachs loaded up on bitcoin and ethereum ETFs in the fourth quarter, increasing its ethereum ETF holdings by 2,000% and growing its bitcoin ETF holding to over $1.5 billion, according to a regulatory filing. The funds bought by Goldman Sachs included BlackRock’s bitcoin and etheruem ETFs, as well as funds controlled by Fidelity and Grayscale. Click here to read more…

1 year ago

Coinbase CEO Predicts 10% Of Global GDP To Be On Crypto Rails By 2030

Coinbase CEO Brian Armstrong says it’s the “dawn of a new era for crypto” in the US and predicted that as much as 10% of global GDP will be crypto-based by 2030. “Up to 10% of global GDP could be running on crypto rails by the end of this decade,” Armstrong said during Coinbase’s Feb. 13 fourth-quarter 2024 earnings call. Armstrong compared the current movement of companies trying to integrate crypto to the early 2000s when every company had to figure out how to adapt to the internet. “Onchain is the new online,” he said. If Armstrong’s prediction plays out, it would mean over $10 trillion in value would be tokenized or onchain, based on today’s global GDP of over $100 trillion, according to the World Bank. He told investors that “Coinbase is going to be the preferred partner to come in and build this for many of the companies out there” as his firm reported a total Q4 revenue of $2.3 billion, up 88% quarter-on-quarter. Armstrong said that the US, which represents around 30% of the world’s GDP, would lead the way as “President Trump is moving fast to fulfill his promise of making the US the crypto capital of the planet.” He added the US […]

1 year ago

UAE: Ras Al Khaimah Real Estate Booming After Massive 118% Surge In Transactions

The booming Ras Al Khaimah real estate market saw a record-breaking surge in 2024, with total transactions soaring to AED15.08bn ($4.1bn), according to the emirate’s Municipality figures. This represents a remarkable 118 per cent increase from AED6.94bn ($1.9bn) in 2023. This unprecedented growth underscores Ras Al Khaimah’s rising appeal among investors and homebuyers, further solidifying its position as one of the UAE’s most promising real estate markets. Ras Al Khaimah real estate boom The surge in transactions reflects the emirate’s continued transformation into a hub for high-end yet accessible real estate, offering a unique blend of luxury, affordability, and long-term investment potential. With its prime waterfront developments, strategic infrastructure projects, and expanding entertainment offerings, including the much-anticipated Wynn Al Marjan Island, with the first UAE casino, Ras Al Khaimah is attracting both global and regional investors seeking high-yield opportunities. Andrei Charapenak, CEO of Major Developers, said: “The extraordinary growth in real estate transactions in Ras Al Khaimah is a testament to the emirate’s evolution into a top-tier investment destination. As an early believer in Ras Al Khaimah’s potential, Major Developers continues to shape its future by delivering premium waterfront projects that align with the emirate’s vision for sustainable and high-value real estate. “In […]

1 year ago

Abu Dhabi Announces New Rules For UAE Businesses Without Business Premises

Abu Dhabi will allow businesses from across the UAE to operate in the capital without needing business premises. The Abu Dhabi Department of Economic Development (ADDED) has introduced new flexibilities to support business expansion and growth across the emirate. New regulations now allow firms registered in other emirates of the UAE, and their respective free zones, to open branches within Abu Dhabi without requiring physical premises for the first year. Abu Dhabi business offer The decision streamlines business processes and gives firms easy access to the many business opportunities across the growing economy. It aims to reflect the city’s commitment to fostering a conducive investment climate through ease of doing business, solidifying its position as a thriving hub for investment and growth. The measure exempts 1,200 economic activities across various sectors from providing a physical premises for one year from the date of their licence issuance. The decision supports Abu Dhabi’s economic diversification efforts by enabling companies to grow through access to its integrated business ecosystem. It enhances the growth of non-oil sectors, which have increased 59 per cent over the past ten years, with a 6.6 per cent increase in the third quarter of 2024, raising their contribution to total GDP […]

1 year ago

Sharjah announces 20% tax on natural resources companies in new law

Companies in Sharjah engaged in extractive and non-extractive activities of natural resources are now subject to 20 per cent corporate tax, it was announced on Thursday. Extractive companies are those involved in the extraction of raw materials or natural resources, including oil, metals, mineral, and aggregates), processing and utilization by consumers. Non-extractive companies are doing the separation, treatment, refinment, processing, storing, transporting, marketing or distributing of natural resources. The law, passed by Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, stipulates that companies engaged in extractive activities and those involved in non-extractive natural resources are subject to the corporate tax. The corporate tax for extractive companies is as follows: 1. A tax of 20 per cent will be imposed on extractive companies based on the taxable base, following the mechanisms and schedules defined in agreements made between the (Sharjah) Oil Department and the company. 2. The taxable base for companies engaged in extractive activities will be calculated based on the total share of the company from the value of produced oil and gas, in accordance with the formula dividing the total royalty and any other agreed-upon participation in the division between the Oil Department and […]

1 year ago

Chevron Planning Layoffs of up to 20% of Its Staff

Chevron Corp. will cut 15% to 20% of its global workforce by next year to trim costs and boost profits. With 46,500 employees at the end of 2023, up to 9,000 jobs could be affected, according to Bloomberg. The move comes as part of a push to save up to $3 billion by 2026. Vice Chairman Mark Nelson commented: “Chevron is taking action to simplify our organizational structure, execute faster and more effectively, and position the company for stronger long-term competitiveness.” The Bloomberg article says that Chevron has lagged behind Exxon Mobil in production growth over the past three years despite rising commodity prices post-Covid. However, its stock has rebounded, driven by strong Permian Basin output and the long-delayed Tengiz project in Kazakhstan. Nelson added: “We do not take these actions lightly and will support our employees through the transition. But responsible leadership requires taking these steps to improve the long-term competitiveness of our company for our people, our shareholders and our communities.” Recall, Oilprice.com wrote in late 2024 that Chevron reduced the amount of capital expenditure it will allocate for its operations in the Permian Basin this year The company said it planned to spend between $4.5 billion and $5 billion on production in the Permian, “as production growth […]

1 year ago

Bitcoin Will Reach $1 Million ‘Violently’ Within Months, Says Jan3 CEO

Bitcoin advocate Samson Mow, CEO of JAN3, has reiterated his prediction that Bitcoin will reach $1 million by 2025. He noted that this surge won’t be gradual but rather a rapid escalation occurring over weeks or months. “If you look at the failure of fiat currencies, they don’t gradually fail. They fail spectacularly. And this is the premise behind the 1 million Bitcoin call that is not going to be a gradual, slow increase to $1 million a coin, but rather a very short and violent upheaval that sends us there in a matter of months, weeks to months,” he said in a podcast. Mow points to the increasing involvement of nations in Bitcoin mining as a key indicator of this impending “hyperbitcoinization.” Hyperbitcoinization refers to a scenario where Bitcoin becomes the dominant global currency, replacing traditional fiat currencies as the primary medium of exchange and store of value. He cites Bhutan’s Bitcoin holdings, accumulated through mining over the past few years, as a prime example. “If this is not an indication that hyperbitcoinization is coming, I’m not really sure what is,” Mow asserts. He also anticipates that countries will soon issue sovereign debt to acquire Bitcoin, drawing parallels to MicroStrategy’s strategy […]

1 year ago

Saudi Arabia Now Has 600 Global Companies With Regional HQ In Kingdom; Investments Reach $320bn

Saudi Arabia has nearly 600 global companies with an established regional headquarters in the Kingdom, according to Minister of Investment Eng. Khalid Al Falih. He noted that the number of registered investment licenses surged from 4,000 in 2018 and 2019 to 40,000 currently, while total investments have doubled to SR1.2tn ($320bn), accounting for 30 per cent of the Saudi economy. He said: “Seventy-two percent of investments came from the private sector, while the Public Investment Fund’s (PIF) portfolio and companies account for only 13 per cent. Saudi a headquarters hub “This underscores Saudi Arabia’s position as a strong global investment destination, thanks to its attractive economic environment and diverse investment opportunities across various sectors.” He added that economic reforms under Saudi Vision 2030 have enhanced the competitiveness of the local market and attracted major international companies, with the rapid growth in foreign direct investment flows reflecting investor confidence in Saudi Arabia’s economy and stability. Al Falih made his remarks during a panel discussion titled “Ministerial Perspective on the Role of the Government to Enable the Private Sector,” held as part of the third edition of the two-day PIF Private Sector Forum in Riyadh. He elaborated on the private sector’s role in driving […]

1 year ago

Quantum Computing Will Bring Lost Bitcoin ‘Back In Circulation’ — Tether CEO

Tether CEO Paolo Ardoino claims quantum computing will hack Bitcoin in “lost wallets” and return it to circulation — a move one trader warns could drag Bitcoin back to the “stone ages.” Tether CEO Paolo Ardoino predicts that quantum computing will eventually hack inactive Bitcoin wallets, returning the Bitcoin in those wallets to circulation. However, he says this is still a long way off. “Any Bitcoin in lost wallets, including Satoshi (if not alive), will be hacked and put back in circulation,” Ardoino said in a Feb. 8 X post. Quantum computing won’t break Bitcoin anytime soon “Quantum computing is still very far from any meaningful risk of breaking Bitcoin cryptography,” he added. Quantum computing is a new technology that can handle multiple possibilities and solve complex problems using atomic-level phenomena, which regular computers can’t handle. Lost Bitcoin BTC$96,958 wallets are at greater risk as quantum computing advances since there’s no one to protect or move the funds. Active wallets, on the other hand, are more likely to adopt quantum-resistant protection as it becomes available. He explained that all Bitcoin wallets owned by people still alive and with access to their wallets will be moved into new “quantum-resistant addresses.” Pseudonymous crypto trader Crypto Skull told their […]

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Search Here

Abu Dhabi Sovereign Wealth Fund Stockpiles $436 Million In BlackRock Bitcoin ETF Shares

Goldman Sachs Is Quietly Betting Billions On Bitcoin

Coinbase CEO Predicts 10% Of Global GDP To Be On Crypto Rails By 2030

UAE: Ras Al Khaimah Real Estate Booming After Massive 118% Surge In Transactions

Abu Dhabi Announces New Rules For UAE Businesses Without Business Premises

Sharjah announces 20% tax on natural resources companies in new law

Chevron Planning Layoffs of up to 20% of Its Staff

Bitcoin Will Reach $1 Million ‘Violently’ Within Months, Says Jan3 CEO

Saudi Arabia Now Has 600 Global Companies With Regional HQ In Kingdom; Investments Reach $320bn

Quantum Computing Will Bring Lost Bitcoin ‘Back In Circulation’ — Tether CEO

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