Latest news with #DubaiDutyFree
Business Recorder
15-07-2025
- Business
- Business Recorder
How Dubai intends to become the ‘capital of crypto'
Dubai isn't just experimenting with crypto anymore — its latest announcements show it's going all in. One of the most recent examples is the Dubai Land Department (DLD) signing a memorandum of cooperation with a platform called to develop a digital investment environment for virtual real estate assets and explore the use of blockchain technologies and digital currencies within the property sector. Earlier in the year, Dubai Finance (DOF) said it is working with to enable the payment of government service fees using cryptocurrencies. Emirates, Dubai Duty Free set to allow crypto payments In the announcement, DOF explained that the move supports the implementation of the Dubai Cashless Strategy by enabling 'secure, efficient and inclusive financial transactions through cryptocurrencies.' and 'empowering the government to introduce a new digital payment channel across its official platforms.' Outside of government departments, Emirates Airline and Dubai Duty Free are also gearing up to allow crypto payments for flights and duty free merchandise, and have also partnered with So what factors are driving the embrace? Khalil Kassam, chief business officer and co-founder at crypto data provider Kaiko, told Business Recorder: 'Dubai's government is strategically accelerating its embrace of cryptocurrency, viewing it as a pivotal element for economic diversification and achieving its ambitious goal of a 90% cashless economy by 2026.' According to him, Dubai's non-oil economy already contributes 75.5% of Dubai's GDP. 'This proactive stance, aligned with the broader Dubai Economic Agenda (D33), aims to solidify Dubai's position as a global digital asset hub and attract cutting-edge tech innovators.' 'A cornerstone of this strategy is the Virtual Assets Regulatory Authority (VARA), the world's first standalone crypto regulator, which has cultivated a robust and clear regulatory framework over several years, ensuring investor protection and enforcing strict AML/KYC standards, fostering trust and attracting legitimate businesses and capital.' 'This includes offering tax-free solutions for crypto activities for individuals and opening up new levels of expat investment.' For users, the embrace means enhanced convenience and accessibility. For example, Emirates Airline and Dubai Duty Free integrating crypto payments for flights and retail, will cater to 'tech-savvy customers and reduce cross-border payment hassles,' he said. As for the property sector, Kassam explained that tokenization opens up investment to other countries, allowing, for example, someone in Tokyo to buy an apartment as an investment without needing to be physically in Dubai. 'The future of Dubai's property sector is being fundamentally reshaped. Tokenization dramatically boosts market liquidity, allowing properties to be traded more like equities, enabling investors to exit their investments quicker than traditional methods. This also streamlines transactions, reduces costs by cutting out intermediaries, and enhances transparency and security through blockchain's immutable records.' He said 'this strategic pivot positions Dubai as a leader in PropTech innovation, attracting global tech innovators and solidifying its status as a future-ready real estate hub.' Meanwhile Business Recorder also spoke to the CEO of online broker Traze - Erkin Kamran - who said that the DLD move will 'streamline transactions, reduce costs by minimizing intermediaries, and enhance transparency and security through blockchain's immutable records.' He said adopting blockchain use in the property sector also helps with fractional ownership - something the DLD has already begun - 'allowing investors to buy portions of high-value properties, democratizing access and attracting a wider global investor base.' He also echoed Kassam's sentiments regarding VARA, 'which ensures market integrity, investor protection, and compliance with anti-money laundering standards, fostering a secure and trustworthy digital asset ecosystem.' 'This holistic approach solidifies Dubai's position as a leading, regulated, and innovative global digital asset hub.' While Dubai hasn't explained why it's chosen to partner with Singapore-based what we do know is that Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, met the President and Chief Operating Officer of in April. They discussed opportunities for collaboration in areas related to the digital economy, including emerging technologies, virtual assets, and financial innovation. is one of the few global exchanges fully licensed by VARA. It holds both provisional and operational licenses for retail and institutional services. It can be argued that this regulatory approval makes an ideal partner for public-sector integration. It also offers crypto-to-AED conversion, secure wallets, and easy integration with government systems like DubaiPay. It has a regional HQ in Dubai, invests in local initiatives and has worked with regulators in other countries, including Singapore, the UK and the US. To sum up, Dubai's efforts are not just visible in the setting up of VARA but also in its clear licensing frameworks for exchanges, custodians, and other crypto service providers. It has crypto free zones like DMCC (Dubai Multi Commodities Centre) which are crypto-friendly and offer licensing; the government and the royal family have supported events, accelerators, and investment in blockchain startups; and there is no income tax on crypto gains (personal use), and no corporate tax in many zones. While places like Singapore and the EU offer mature and cautious regulatory environments, and the US has no clear federal regulatory framework, Dubai stands out for its speed, clarity, and ambition in becoming a global crypto hub. Copyright Business Recorder, 2025
Zawya
14-07-2025
- Business
- Zawya
Dubai Duty Free signs MoU with Crypto.com for crypto payments
Dubai Duty Free has signed a Memorandum of Understanding (MoU) with a global leader in cryptocurrency services, to explore enabling crypto payment and develop collaborative initiatives. The MoU paves the way for exploring crypto payments at Dubai Duty Free both in-store and online, offering travellers more diverse and innovative payment options. The agreement was signed at the Emirates Headquarters by Ramesh Cidambi, Managing Director of Dubai Duty Free, and Mohammed Al Hakim, President of UAE Operations at The signing took place in the presence of Sheikh Ahmed bin Saeed Al Maktoum, President Dubai Civil Aviation Authority and Chairman of Dubai Duty Free. Dubai Duty Free's plan to accept cryptocurrency marks a bold step toward redefining the future of travel retail, catering to a wider spectrum of customer preferences while staying firmly aligned with the UAE's vision of fostering innovation and driving digital transformation across both retail and financial sectors. Both parties will begin feasibility studies and detailed planning to bring crypto payment solutions to life and roll out collaborative initiatives under the MoU. Commenting on the MoU signing, Cidambi said, 'This MoU underscores our commitment to innovation and to providing greater convenience and choice for our customers. As a global hub welcoming millions of travellers, Dubai Duty Free continually seeks to enhance the retail experience. We believe that embracing digital currency payments, such as cryptocurrency, is a forward-looking step that will add significant value for our diverse customer base and support our vision for sustained growth.' Eric Anziani, President and COO, said, 'We're delighted to complete the signing of this important MoU with Dubai Duty Free. As we continue to expand the everyday use case for crypto, integration with exceptional partners such as Dubai Duty Free will bring real momentum to the digital asset industry and enable both companies to offer genuine innovative finance solutions for our customers. We look forward to working together as we continue to build our crypto offering in the GCC.' Alain Yacine, President of Middle East, added, 'Our focus is on developing a comprehensive and exceptional suite of products for our customers, which leverage the potential of digital finance and drive expansion of this critical sector. Signing an MoU with Dubai Duty Free will provide us a platform to achieve this with an exceptional partner in the region and we're thrilled at the prospect of working with them on this venture.' Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Time of India
11-07-2025
- Automotive
- Time of India
Whole of Dubai would be jealous of this kerala man's luck. First Rs 9 crore jackpot and after 6 years another BMW jackpot
Latest win: A BMW Worth Lakhs Back In 2019: A Million-Dollar Surprise Staying Grounded Despite The Riches A 45-year-old Indian expatriate from Kerala, Ratheeshkumar Raveendran Nair, has defied all odds by winning not one but two major prizes in Dubai Duty Free's famous draws. The account manager, who has been living in Dubai for over 15 years, won a brand-new BMW 740i M Sport in the recent Finest Surprise Series 1925, nearly six years after he bagged a life-changing Rs 9 crore (USD 1 million) in the Millennium Millionaire Series latest draw, which took place on July 9 at Dubai International Airport's Concourse A, saw Nair emerge victorious with ticket number 0255, which he had purchased online on May 28. His prize: a luxury BMW 740i M Sport—a car that represents both performance and who works as an account manager, expressed his disbelief and excitement at the unexpected stroke of luck. He described the experience of winning for a second time as something he could barely process, saying the joy was simply beyond first made headlines in May 2019 when he won USD 1 million (approximately Rs 8–9 crore at the time) through the Millennium Millionaire draw. At the time, he had been residing in Dubai for several years and was living with his family. Despite the sudden wealth, he had chosen to continue his life in the UAE, mentioning he needed time to absorb the shock before making any major decisions about the the moment he first heard the news, Nair shared that he initially struggled to believe the win was real. He checked the ticket number repeatedly and even turned to his friends to confirm it through the official Dubai Duty Free Facebook page. Convincing his wife took even more effort, he said, recalling the disbelief that surrounded his incredible after becoming a crorepati in 2019, Nair chose not to leave his job or return home immediately. He appeared grounded and practical, saying he would take time to consider his next steps. Now, with a luxury BMW added to his list of wins, his story has become even more recent draw also brought fortune to others. Faical El Aawar, a Lebanese expat in Dubai, won an Aprilia RSV4 Factory 1100 motorbike after trying for 17 years. Another lucky participant, Mohammad Zaid Al Kilani from Jordan, won USD 1 million in the same round with a ticket purchased online from Doha.
Business Recorder
11-07-2025
- Business
- Business Recorder
Crypto for Muslims? Binance launches ‘Sharia Earn'
Binance - one of the largest cryptocurrency exchanges in the world - announced Thursday the launch of Sharia Earn - 'the first multi-token staking service that meets the principles of Islamic finance, opening new doors for halal investing globally.' The move comes a year after it formally launched its Dubai operations with full retail and institutional services. In a statement, Binance said this is 'a game-changing product in its mission to build a more inclusive financial future in line with Islamic principles' and is officially certified by Amanie Advisors, a Sharia advisory firm. Emirates, Dubai Duty Free set to allow crypto payments The product will be available to users in some 30 countries, including Pakistan, Afghanistan, Egypt, Indonesia, Palestinian territories, Saudi Arabia, UAE, Yemen, Uzbekistan, Kyrgyzstan, and Tajikistan. CEO Richard Teng said, 'Our mission has always been to create an inclusive and transparent trading environment. With this product we're empowering the Muslim community and Sharia focused investors to participate in one of the most exciting financial revolutions of our time.' Binance founder CZ appointed strategic advisor to PCC 'This is more than a product – it's a movement toward a more principled and equitable digital economy that promotes financial freedom for all.' Binance explained that the Islamic finance market is over $4 trillion, yet millions of Muslims have been left out of the decentralized finance movement due to the 'ambiguity around religious compliance.' It wants Sharia Earn to address this gap by 'offering a transparent, values driven way for the global Muslim community to earn passive income in crypto.' This is Binance's first entry into Islamic finance and a commitment to innovation that respects cultural and spiritual values. UAE fund ploughs $2bn into Binance crypto exchange Launching with Binance Coin, Ether, and Solana, the platform allows users to earn yield within the parameters of a Sharia-compliant product developed in alignment with 'faith-based principles.' Binance said that while crypto challenges traditional finance through decentralization, Islamic finance challenges it through halal guidelines – principles such as risk sharing, wealth circulation, prohibition of interest (riba) and excessive uncertainty (gharar). It stated that the product ensures that all deployed funds are channeled into ventures and assets that are halal under Islamic law. It explained that Sharia Earn is built with underlying tech from Binance Earn's existing BNB Locked Products, and ETH Staking & SOL Staking, with the mechanics of each having been reviewed by Sharia scholars and have been deemed to be fit for our Islamic users, through the purpose fit Wakala agreement - an Islamic finance contract in which one party appoints another party to act on their behalf for a specific task or series of tasks.
Gulf Business
10-07-2025
- Business
- Gulf Business
Dubai Duty Free explores crypto payments through MoU with Crypto.com
Image: Dubai Media Office The MoU outlines a framework for introducing cryptocurrency as a payment option across Dubai Duty Free's in-store and online platforms. It also opens opportunities for both entities to collaborate on strategic partnerships, joint marketing campaigns, and customer engagement initiatives that leverage the capabilities of each brand. The MoU was signed at Emirates Headquarters by Ramesh Cidambi, Managing Director of Dubai Duty Free, and Mohammed Al Hakim, President of UAE Operations at The signing was witnessed by His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority and Chairman of Dubai Duty Free. 'This MoU underscores our commitment to innovation and to providing greater convenience and choice for our customers,' said Cidambi. 'As a global hub welcoming millions of travellers, Dubai Duty Free continually seeks to enhance the retail experience. We believe that embracing digital currency payments, such as cryptocurrency, is a forward-looking step that will add significant value for our diverse customer base and support our vision for sustained growth.' Eric Anziani, President and COO of added: 'We're delighted to complete the signing of this important MoU with Dubai Duty Free. As we continue to expand the everyday use case for crypto, integration with exceptional partners such as Dubai Duty Free will bring real momentum to the digital asset industry and enable both companies to offer genuine innovative finance solutions for our customers. We look forward to working together as we continue to build our crypto offering in the GCC.' Alain Yacine, President of Middle East at said: 'Our focus is on developing a comprehensive and exceptional suite of products for our customers, which leverage the potential of digital finance and drive expansion of this critical sector. Signing an MoU with Dubai Duty Free will provide us a platform to achieve this with an exceptional partner in the region and we're thrilled at the prospect of working with them on this venture.' According to Dubai Media Office, the partnership follows a strong first half of 2024 for Dubai Duty Free, which reported Dhs4.118bn ($1.128bn) in turnover, a 5.34 per cent increase year-on-year. Dubai Duty Free's move to explore cryptocurrency payments reflects its commitment to catering to a wide range of customer preferences and aligns with the UAE's national vision for digital transformation across retail and financial sectors. The retailer has previously adopted alternative payment methods such as Alipay and TerraPay, reinforcing its role as an innovator in travel retail. Both parties will now begin feasibility assessments and detailed planning to implement crypto payment solutions and other initiatives under the terms of the MoU. founded in 2016, is trusted by more than 100 million users globally and is recognized for its leadership in regulatory compliance, privacy, and security. The company's vision is to put 'Cryptocurrency in Every Wallet' and is focused on accelerating digital currency adoption through innovation.
