Sheikh Hamdan tours Dubai Diamond Exchange
, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, visited Dubai Diamond Exchange on Monday.
Sheikh Hamdan made the visit as part of a tour of Dubai Multi-Commodities Centre, which hosts the exchange that recently reached the milestone of trading more than one billion carats of rough and polished diamonds over the past five years, the emirate's media office reported.
'The visit provided the opportunity to see first-hand how DMCC continues to play a central role in driving global trade and investment flows to Dubai, positioning the emirate as a world-class business hub,' said Sheikh Hamdan.
'As we advance our economic diversification journey under the Dubai Economic Agenda D33, DMCC is leading the way in building high-performance, globally connected ecosystems that attract innovation, talent and capital across priority sectors.'
Sheikh Hamdan visited the Dubai Diamond Exchange's tender floors, where he was informed about the trade practices in place for rough and polished diamonds, coloured gemstones and lab-grown stones, the media office added.
He also received updates on DMCC's diamond ecosystem, including the expansion of the Gemological Institute of America into DMCC's new district, Uptown Dubai.
Along with the visit DMCC unveiled its Strategy 2033, which places specialised industry ecosystems at the heart of its growth for the coming decade. These sectors include hubs in diamonds, gold and energy, as well as platforms for AI, Web3, blockchain and gaming.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Tahawul Tech
38 minutes ago
- Tahawul Tech
RLUSD approved by DFSA as recognised crypto token for use within DIFC
Ripple's RLUSD Stablecoin was approved by the DFSA for use in DIFC. Dubai — Ripple, the leader in enterprise blockchain and crypto solutions, announced that its stablecoin, RLUSD, has been approved as a recognised crypto token by the Dubai Financial Services Authority (DFSA) for use within the Dubai International Financial Centre (DIFC). This approval reinforces RLUSD's position as a trusted, enterprise-grade stablecoin, built with regulatory compliance, utility, and transparency at its core. Alongside today's approval under the DFSA's crypto token regime, RLUSD is one of the few stablecoins globally to be issued under a New York Department of Financial Services (NYDFS) Trust Company Charter. With stringent safeguards including 1:1 USD backing by high-quality liquid assets, strict reserve management and asset segregation, third-party audits, and clear redemption rights, RLUSD is designed to meet the highest expectations of both regulators and institutional users. 'The DFSA's approval of RLUSD is proof of our commitment to building a stablecoin that meets the highest standards of trust, transparency and utility,' said Jack McDonald, Senior Vice-President of Stablecoins at Ripple. 'With regulation-first design and enterprise-grade features, RLUSD is uniquely positioned to drive enterprise utility of blockchain technology across global markets, starting with cross-border payments.' Unlike stablecoins geared primarily toward retail users, RLUSD has been purpose-built for global enterprise utility, particularly in improving the speed, cost, and efficiency of cross-border payments. This recognition allows Ripple to integrate RLUSD into its DFSA–licensed flagship payments solution, combining the stability of a trusted digital dollar with a scalable, blockchain-based infrastructure and Ripple's extensive global payout network. This approval also enables other DFSA-licensed firms in the fast-growing DIFC to incorporate RLUSD into their virtual assets services. With almost 7,000 firms active at the end of 2024, this further supports the integration of high-quality stablecoins into Dubai's burgeoning digital assets and fintech ecosystem. Stablecoin adoption in the UAE is accelerating. According to market data, 2024 saw a 55% year-on-year increase in stablecoin transactions in the region, signalling strong demand for blockchain solutions that address the inefficiencies of traditional payment rails. With a $400 billion + market for international trade and one of the world's most progressive regulatory frameworks for digital assets, the UAE is well-positioned to become a global hub for stablecoin innovation and utility. 'The UAE continues to set a global benchmark for forward-thinking digital asset regulation and innovation,' said Reece Merrick, Managing Director Middle East and Africa (MEA) at Ripple. 'The DFSA's approval of RLUSD is yet another step forward for Ripple's operations in the region, and we're seeing huge interest from businesses of all sizes for cross-border payments and digital asset custody solutions. The UAE's digital economy is vibrant and incredibly dynamic, and we're looking forward to working with our regional partners, customers, and regulators to supercharge that growth.' RLUSD's recognition by the DFSA builds on Ripple's continued momentum in the region. Alongside the recent announcement of Zand Bank and Mamo as the first customers to adopt its regulated blockchain-enabled payments offering in the UAE, Ripple is also partnering with Ctrl Alt to support the Dubai Land Department's (DLD) pioneering Real Estate Tokenization Project, which will see real estate title deeds tokenized on the XRP Ledger.
Khaleej Times
39 minutes ago
- Khaleej Times
Al Habtoor City Hotel Collection hosts Partner Appreciation night
Al Habtoor City Hotel Collection has announced the successful conclusion of its inaugural edition of its Partner Appreciation Night event, an exclusive evening dedicated to honouring the collaboration, excellence, and long-standing commitment of its most valued partners. Having taken place on May 29, this invitation-only gathering was held in Dubai, offering panoramic views of the Dubai skyline and a setting worthy of celebration. Created as a heartfelt gesture of appreciation, the recent Partner Appreciation Night was a refined evening where professional bonds were recognised and future partnerships were inspired. Al Habtoor City Hotel Collection continues to build on its legacy of fostering authentic, strategic relationships across the hospitality industry, and this special evening brought that ethos to life in unforgettable style. Stefan Radstrom, general manager, Al Habtoor City Hotel Collection, stating: "Partner Appreciation Night is more than just a celebration, it is a reflection of the meaningful relationships we've built with our partners over the years. Their dedication and shared commitment to excellence are the cornerstones of our journey." Soufiane El Allam, complex operations and commercial director, Al Habtoor City Hotel Collection, added: "Success in hospitality is never a solo act — it's a symphony of partnerships, passion, and performance. Partner Appreciation Night is our tribute to those who help us turn ambition into achievement, day after day. Together, we're not just setting standards — we're redefining them." The event was designed to reflect the exceptional standards upheld by the collection's three iconic properties, namely Al Habtoor Palace Dubai, Hilton Dubai Al Habtoor City, and V Hotel Dubai. The night included highlights that celebrate the power of collaboration, from a dynamic networking atmosphere to memorable moments shared amongst key industry stakeholders. Guests were also treated to a culinary journey, curated by the city's most beloved dining destinations, on the night. Signature creations from ZOCO, Ribs & Brews, World Cut Steakhouse, and BQ were paired with carefully crafted beverages in partnership with Patrón Tequila. An eclectic array of live music and dance entertainment, complemented by energetic DJ sets completed the evening's sophisticated ambience, ensuring a festive mood from start to finish, all set against a glittering Dubai skyline. The event was further an opportunity to celebrate the recent accolades that have been received across the complex. Some of the awards and recognitions include Al Habtoor Palace being awarded the prestigious Forbes Travel Guide Four-Star Rating for 2025 and being recognised by Preferred Hotels & Resorts as Hotel of the Year with the 2025 Preferred Awards of Excellence. Meanwhile, Hilton Dubai Al Habtoor City earned the distinction of being named the #2 Top Meeting Hotel in the Middle East & Africa by Cvent. These milestones not only reflect the exceptional standards upheld across the collection but also reinforce the value of strong, collaborative relationships that drive shared success and sustained industry leadership. This celebration reaffirms Al Habtoor City Hotel Collection's ongoing efforts to recognise the dedication of its partners and continue to innovate in the ever changing landscape of Dubai's hospitality scene. It was an incredible evening where achievements were honoured, relationships were deepened, and the spirit of mutual success was celebrated in style.
Arabian Business
42 minutes ago
- Arabian Business
Middle East tourism spend to hit $350bn by 2030 amid luxury, sports, and business travel boom
Middle East tourism spending is projected to surge by 50 per cent to reach $350bn by 2030, according to the new ATM Travel Trends Report 2025, compiled by Tourism Economics for Arabian Travel Market (ATM). The report highlights the region's exceptional post-pandemic rebound and long-term growth potential, driven by luxury travel, business events, and sports tourism. Spending on tourism across the Middle East is already on track to exceed pre-pandemic levels by 54 per cent this year. Middle East tourism spending From 2025 to 2030, the market is expected to grow at more than 7 per cent annually. Danielle Curtis, Exhibition Director ME, Arabian Travel Market, said: 'The report's findings confirm that travel growth in the Middle East is incredibly strong, with annual growth averaging more than 7 per cent through 2030. 'Bold national visions, game-changing developments, and enhanced connectivity are some of the key factors driving this momentum.' Key insights from the report include: Inbound travel to the Middle East is set to grow 13 per cent annually, with India, the UK, and China among the top source markets Chinese leisure spending alone is forecast to grow 130 per cent by 2030 Tourism nights from Asia Pacific and Africa will more than double Business travel in the region is expected to grow 1.5 times faster than the global average, positioning the Middle East as a top global 'bleisure' hub Luxury travel is booming, with nearly 60 per cent of visitors choosing premium experiences. Over 170 luxury hotels already operate in the region, with dozens more in development in the UAE and Saudi Arabia Sports tourism is forecast to grow 63 per cent, fuelled by major events such as the 2034 FIFA World Cup in Saudi Arabia and a surge in interest in motorsports, golf, cycling, and esports Airlines are scaling up rapidly to meet demand: Emirates, Etihad, Qatar Airways, and Saudia have placed nearly 780 new aircraft orders with Boeing and Airbus, solidifying the region's role as a global aviation hub As the Middle East continues to attract high-spending tourists and host world-class events, it is cementing its position as one of the fastest-growing and most dynamic tourism regions on the planet.
