Latest news with #Dh8.9
Al Etihad
21-05-2025
- Business
- Al Etihad
Bitcoin Suisse to commence operations in Abu Dhabi
22 May 2025 01:24 ABU DHABI (ALETIHAD)Bitcoin Suisse, Switzerland's premier crypto financial services provider, is about to commence its operations in Abu Dhabi. In a statement, the company said its subsidiary, BTCS (Middle East) Ltd., has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).The approval enables Bitcoin Suisse to move closer to offering fully regulated crypto financial services in ADGM's internationally recognised regulatory environment. The firm intends to provide services including trading of virtual assets, crypto securities and derivatives, as well as local custody solutions for both private and institutional clients."This milestone represents a significant step forward in Bitcoin Suisse's strategic expansion, reinforcing its commitment to regulatory compliance, financial innovation, and global growth," the statement Majcen, Head of Global Expansion and designated Senior Executive Officer of BTCS (Middle East) Ltd., said, "The IPA reflects our strong commitment to maintaining the highest standards of transparency, security, and regulatory compliance. Abu Dhabi, one of the Middle East's fastest-growing financial centres, presents a compelling opportunity for growth. We look forward to working closely with the FSRA to obtain our full licence."Bitcoin Suisse has earned a reputation as a trusted and compliant crypto financial services provider. With more than $6 billion (Dh22.2 billion) in assets under custody and $2.6 billion (Dh8.9 billion) in institutional staking services, the firm ranks among the world's largest custodians and staking platforms. Its service model is known for its precision, security, and client-centric approach, built over a decade of Swiss-based Ramamurthy, Chief of Market Development at ADGM, welcomed the development, "ADGM congratulates Bitcoin Suisse on receiving its IPA from the FSRA of ADGM. Their expansion plans to the region to provide regulated crypto financial services within the international financial centre is a testament to the immense opportunities available within Abu Dhabi. We look forward to Bitcoin Suisse receiving their Financial Services Permission (FSP) and their contribution to ADGM's dynamic ecosystem." "By entering ADGM, Bitcoin Suisse plans to leverage the UAE's progressive and globally acknowledged virtual asset framework to enhance its regulated service offerings," the statement said. Source: Aletihad - Abu Dhabi
Khaleej Times
24-04-2025
- Business
- Khaleej Times
Moody's Ratings upgrades PNC Investments CFR to Ba2
PNC Investments LLC (PNCI), the parent company of global luxury real estate developer Sobha Realty, has received an upgrade in its Corporate Family Rating (CFR) from Moody's Ratings, which raised the rating to Ba2/stable from Ba3/stable. Additionally, the senior unsecured rating of PNCI's existing $500 million sukuk issued by Sobha Sukuk Limited has been affirmed at Ba2, all outlooks remain stable. This upgrade reflects PNCI's continued strong sales, robust construction activity, and significant improvement in credit metrics. In 2024, revenue rose to Dh8.9 billion from Dh6.5 billion in the previous year. Moody's-adjusted debt to EBITDA improved to 1.7x from 2.7x in 2024 and is expected to further strengthen to 0.9x in 2025. As the second largest privately held residential developer in Dubai by sales, Sobha Realty continues to demonstrate the strength of its Backward Integration Model, allowing full control from design to delivery. This, coupled with a strong backlog of more than Dh23 billion, positions the company to navigate evolving market dynamics effectively while delivering on its commitment to excellence and timely project delivery.
