Order of Zayed recipients
Sheikh Mohamed awards Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, with the Order of Zayed for the successful hosting of 2023's Cop28. Photo: Wam
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The National
an hour ago
- The National
UAE helped US regulators frame digital asset policy, Circle president says
Stablecoin issuer Circle Internet Group says the UAE has played a vital role in helping US regulators frame digital asset policies, reflecting the growing influence of the Emirates in the global technology stage. The company, which manages the world's second-biggest stablecoin, USDC, raised more than $1 billion at its initial public offering on the New York Stock Exchange on Thursday, reflecting the legitimacy of digital assets and the growing attention they attract from regulators, its president Heath Tarbert told The National. The listing valued the New York City-based Circle at around $6.8 billion after it priced its IPO at $31 per share, well above the projected top range of $27 and $28, making it one of the most prominent crypto firms that has tapped into equity markets. With the emergence of digital asset providers in the markets, regulation becomes more magnified especially in the US, which has banked on fellow forward-looking and tech-oriented nations such as the UAE for policies that would be a standard globally, said Mr Tarbert, who also served as assistant secretary of the US Treasury and chairman of the Commodity Futures Trading Commission. "While people do look to the US, it has been looking elsewhere as well for ideas, given the importance of digital assets and trying to get it right, and they've looked no further than the UAE," he said in an interview. "I would commend … particularly the financial services authorities in Dubai and Abu Dhabi for being at the forefront of this because they've actually helped inform US policymakers … there's a real realisation that stablecoins in particular can do a lot for our financial system." Cryptocurrencies in general are notoriously driven by trends and political developments. US President Donald Trump, arguably the world's biggest backer of crypto, gave an unprecedented boost to the sector – most notably Bitcoin – which scaled multiple highs early in his second term. "Politics can play a role in anything, but it's ultimately fundamental technology that will prevail," Mr Tarbert said, noting that Mr Trump "seeing the importance" of crypto "can also help the US continue to be a leader in technology". A stablecoin is a type of cryptocurrency that is pegged to a fiat currency and tends to be less volatile, unlike Bitcoin and the like, for which swings are influenced by simple factors such as tweets and hype. Unlike legacy financial institutions that require paperwork, approvals and physical branches, stablecoins only require an internet connection and a digital wallet. This removes barriers and allows anyone, anywhere, to send, receive and store money without needing a bank. AE Coin, the first regulated digital currency in the UAE, was granted final approval by local authorities and is scheduled to be launched 'soon'. In April, Abu Dhabi entities IHC, ADQ and First Abu Dhabi Bank plan to launch a dirham-backed stablecoin, which will be fully regulated by the UAE Central Bank, aimed at easing payment solutions. Tether, whose USDT is the world's biggest stablecoin, in August received the go-ahead to develop a stablecoin in the UAE. And Circle, which last year incorporated a unit in Abu Dhabi, partnered with Binance in December to incorporate USDC into products that can be used locally. Mr Tarbert said stablecoins will allow users to move in and out of digital assets, in addition to being a store of value globally, helping secure their finances. In particular, the UAE, a major source of remittance outflows, can benefit from their secure nature, he added. "People want to hold things like dollars in particular, but also euros and other currencies in their wallets safely and securely," he said. "The UAE is a major remittance corridor in the world … [stablecoins will provide] that fulcrum between east and west, north and south."
The National
2 hours ago
- The National
British relatives say Israeli aid is death trap for Gazans
British Palestinians have described the challenges that their families in Gaza are going through to get food as part of a plea for tougher action by the UK government on Israel. Wafaa Shamallakh, who works as a medical interpreter in London, described how her sister Maysa in Gaza, spent hours yesterday waiting for her husband and son to return from an aid distribution point on the Netzarim border. Maysa's husband and son Joud, 15, walked for more than an hour to reach the aid distribution point, but were forced to turn back owing to the chaos they found there. 'Thousands of people were there, coming from the north and the south of Gaza, desperate to find a bag of flour, a little sugar, maybe some pasta. It was chaos. A quadcopter flew overhead shooting at crowds,' she said. Fire and smoke bombs made it difficult for them to see. Her cousin Khaled was injured. The pair returned empty-handed that day. 'My twin nieces, Dima and Rima cried when they saw their father return with nothing. But my sister Maysa was relieved, because at least they came back alive,' she said. 'This is what it means to survive in Gaza. This is their daily life, fetching food has become a battle of survival,' she said. The family were living in tents, with 'no insulation, no water, no electricity', where they cook over fires from wood collected from the rubble. 'My sister spends hours just trying to find enough work to earn a piece of bread.' The family may have two meals on a 'lucky' days, having lentil soup for breakfast, or sharing a piece of bread in the evening. Often they 'go hungry so their children can eat'. Israel has imposed a blockade on the Gaza Strip since March. A US and Israeli attempt to introduce their own aid distribution mechanism through US security contractor the Gaza Humanitarian Foundation last week has backfired. The GHF closed its distribution centres on Wednesday after several deadly shooting incidents killed scores of Palestinians and drew sharp UN condemnation. It then delayed the reopening of its aid sites on Thursday, without clarifying when they would resume service, as starvation looms in the war-ravaged enclave. People were journeying for days from different parts of Gaza to get access to food the distribution points in Rafah – but were forced to turn back owing to the scenes of chaos when they arrived. Bassem Farajallah, a British Palestinian, described how his nephew Nour travelled from Gaza city to Nusayra, from which he was then forced to walk to Rafah owing to an Israeli prohibition of vehicles there. On arrival, he found 'nothing, only danger and gunfire'. 'In the end, he managed to buy a small amount of flour for nearly 100 dollars,' he said. He was gone for three days, and Mr Farajallah described the huge emotional toll on his sister, Nour's mother, as she waited for him to return. The family has not seen meat or chicken in more than a year, and his sister a diabetic with high blood pressure, survives on bread that is stretched with salt and pasta. UK urged to take action UK Prime Minister Keir Starmer changed his tone on Gaza this week, describing the humanitarian crisis as 'intolerable' during a press conference in Scotland. Reiterating his comments in Parliament, he said on Wednesday: 'We will keep looking at further action along with our allies, including sanctions, but let me be absolutely clear: we need to get back to a ceasefire.' Though he met British Palestinians in October last year, there was a prevailing sense from the community that they were being ignored. 'I want them to look genuinely at us, to sit with us and listen and consider our demands. Listen to that community, which has families back in Gaza,' Mr Farajallah told The National. Ms Shamallakh said she felt let down by the British government's response to the conflict, which until recently supported Israel's military campaign in Gaza. The new Labour government said it would be guided by international law in its response to the conflict. Last month, it suspended new trade talks with Israel, imposed a new round of sanctions of Jewish settlers in the occupied West Bank, and summoned the Israeli ambassador to the UK. But those measures were undermined by the UK Trade envoy's visit to Israel the following week. Ms Shamallakh called on the UK government to impose a full embargo, political and economic sanctions, and assert 'real pressure to bring an end to the genocide' and ensure unhindered humanitarian aid access. 'Let this be a turning point where Britain stops whispering about international law and starts upholding it, because the people of Gaza are not waiting for your sympathy, they are demanding your courage,' she said.
Zawya
2 hours ago
- Zawya
IMF sees 'some progress' on Lebanon reforms, says external support needed
Lebanon has made progress on reforms needed to revive its economy but still has key steps to take and will need external funding on concessional terms, the International Monetary Fund said on Thursday after a week of meetings in Beirut. Lebanon's economy went into a tailspin in late 2019, prompted by decades of profligate spending by the country's ruling elite. Reforms required to access IMF funding were repeatedly derailed by political and private interests. Lebanon's new president and prime minister, both of whom took office in early 2025, pledged to prioritise reforms and secure an IMF financing agreement - but the country now faces additional needs with the widespread destruction and displacement caused by Israel's military campaign last year. "The authorities have made some progress recently, including the amendment of the Bank Secrecy Law and submission of a new bank resolution law to Parliament," the IMF's Lebanon mission chief Ramirez Rigo said in a written statement. Rigo said his mission held "productive discussions" with Lebanese officials, including on restoring the viability of the banking sector, fiscal and debt sustainability and enhancing anti-money laundering and terrorism financing measures. He said Lebanon's medium-term fiscal framework should support the restructuring of Eurobond debts, which Lebanon defaulted on in 2020, leading to a sovereign default on its $31 billion of outstanding international bonds. "Given Lebanon's substantial reconstruction needs, limited fiscal space and lack of capacity to borrow, the country will require significant support from external partners on highly concessional terms," the IMF statement said. The World Bank estimated Lebanon's recovery and reconstruction needs following Israel's military campaign at $11 billion. But the U.S. has said it opposes any reconstruction funds to Lebanon until Hezbollah - the Iran-backed Lebanese armed group that fought Israel last year - is disarmed.
