Latest news with #GCC-wide
Daily Tribune
19-05-2025
- Business
- Daily Tribune
BitOasis Officially launches Trading operations in Bahrain
BitOasis, a leading virtual assets trading platform in the Middle East and North Africa (MENA), has officially launched operations in Bahrain, further consolidating its role as a compliant and trusted crypto broker-dealer in the region. The Bahrain arm of BitOasis will operate under a Crypto-Asset Services License issued by the Central Bank of Bahrain, offering digital asset trading services to retail, corporate, and institutional clients. 'This launch is a key milestone,' said Ola Doudin, CEO and Co-Founder of BitOasis, during the official inauguration attended by Ali Dashti, General Manager of BitOasis Bahrain, and Sumit Gupta, Co-Founder of CoinDCX. 'With CoinDCX's tech infrastructure and support, we're aiming for one million users by 2026 and striving to set the gold standard in compliance and customer experience.' BitOasis, which was acquired by Indian crypto unicorn CoinDCX in July 2024, now benefits from the technical muscle of CoinDCX's 200+ member tech team—resulting in improved platform performance, security, and product offerings. The Bahrain launch includes premium services for high-net-worth and institutional clients, alongside local banking integration for seamless GCC-wide deposits and withdrawals. The move comes as the MENA region experiences rapid crypto market growth, driven by tech-savvy youth, proactive regulations, and supportive government strategies. According to IMARC Consulting, the GCC crypto market—valued at $744.3 million in 2024 —is expected to soar to $3.5 billion by 2033, with a projected CAGR of 16.75%. 'Since securing a full VASP License in Dubai last December, BitOasis has made tremendous strides,' said Gupta. 'Our launch in Bahrain signals our deep commitment to co-building a secure and compliant crypto ecosystem across the MENA region.' Founded in 2016, BitOasis has processed over $7.4 billion in trading volume and raised more than $40 million in funding.
Observer
08-05-2025
- Business
- Observer
Q1 performance of SAOG firms shows positive market momentum
The first quarter results for 2025 are out, with strong sector-wide performance, continuing the growth witnessed in 2024. The financial sector remained resilient, fueled by robust banking activity, while the industrial sector posted consistent gains compared to the same period last year, driven by strength in manufacturing and construction. Despite a fresh IPO, the service sector saw a drop in profitability, as energy companies underperformed. The financial sector recorded strong growth during the year, led by a robust performance in the banking industry with further increases in lending volumes. Although Bank Muscat continued to lead the sector, posting a profit of RO 58m, up from RO 54m, Sohar Bank reported a decline in profitability, with profits falling from RO 25m to RO 21m, largely due to a drop in net interest income. Although recent U.S. tariffs may introduce greater market volatility, particularly affecting equities and interest rates, banks in Oman have stated publicly that they do not expect any direct impact on their activities or investments. The insurance sector experienced a strong recovery, led by LIVA Group's impressive turnaround, posting a profit of RO 4m compared to a loss of RO 661K in the previous year. Leasing companies, recorded modest but consistent growth in profitability. The industrial sector has shown commendable resilience compared to the previous year, marked by notable growth driven primarily by the manufacturing segment. In the construction space, Galfar Engineering reported a loss of RO 675K, a reversal from the RO 199K profit recorded in the prior year, due to reduced revenues and rising operational costs. Raysut Cement continues to face headwinds but has made progress in reducing its financial losses, posting a loss of RO 1.8m down from RO 2.6m during the corresponding period last year. Jazeera Steel and Oman Cement have remained the key pillars of profitability within the sector. The manufacturing subsector exhibited a mixed performance, with Dhofar Foods posting a strong profit of RO 475K, marking a turnaround from small loss in the prior year. Oman Refreshments, which remaining impacted by a GCC-wide consumer boycott of American products, managed to reduce its losses substantially from RO 1.5m to just RO 125K. Meanwhile, Voltamp Energy, Oman Cables, and Oman Flour Mills sustained high profitability, reinforcing their role as key pillars supporting the manufacturing sector's overall resilience and growth. The service sector, encompassing energy, oil and gas, tourism, and other diversified, recorded an overall decline of 8%, largely driven by losses in the energy industry during the first quarter amid seasonally low electricity demand. Among the few profitable entities in the subsector were Abraj Energy and Sembcorp. The Muscat Stock Exchange (MSX) witnessed a successful IPO from Asyad Shipping, which was oversubscribed 1.4 times and raised RO 128m. The company reported a quarterly profit of RO 11m, marginally lower than RO 12m in the prior period. Within the oil and gas sector, OQ Exploration & Production remained the most profitable company listed on MSX, posting a profit of RO 75m, albeit compared to RO 82m previously. Meanwhile, OQ Base Industries saw profits rise substantially to RO 13m from RO 7m. The Oman's hospitality sector experienced a 20% decline compared to the previous year, with profitability continuing to be pressured by intense competition and market saturation. [This article was written by Karl Jackson, an Audit, Assurance and ESG Partner with Crowe Oman and is based on financial data published by the Muscat Stock Exchange.]
Sharjah 24
08-05-2025
- Entertainment
- Sharjah 24
15 performances in final stage of Sharjah School Theatre Festival
Strong participation across regions He explained that the festival's preliminary stage featured strong participation, with 12 schools competing from the Central Region and 25 schools each from Sharjah City and the Eastern Region. From these, five schools from each region were selected for the final stage based on the outstanding level of their performances. Final performances and national selection Speaking to 'Sharjah 24,' Al Sayed added that the final performances will begin on Monday at the Cultural Palace, with the results set to be announced on Thursday. Five standout performances will move forward to compete at the national level. GCC-wide writing competition He also highlighted that the festival includes a parallel writing competition open to both teachers and students from Gulf Cooperation Council (GCC) countries, offering a total prize pool of AED 150,000 to be awarded to six winners. Contribution to Arab Theatre Literature He concluded by noting that the winning scripts will be published and distributed under the supervision of the Department of Culture, contributing valuable new works to the Arab theater library.
Daily Tribune
08-05-2025
- Business
- Daily Tribune
Region joins push for safe tech
TDT | Manama As governments worldwide grapple with the governance of emerging technologies, Gulf countries including Bahrain are aligning themselves with a broader international push for responsible innovation, ethical artificial intelligence, and stronger tech regulation. The Governance of Emerging Technologies Summit (GETS 2025), which concluded yesterday in Abu Dhabi, brought together over 1,000 participants from more than 20 countries. Organised under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, the summit saw ministers, regulators, academics, and industry leaders converge to outline a strategic global framework for governing AI, quantum computing, Web3, and synthetic realities. Shared Gulf Priorities For the GCC, the summit served as a critical platform to align national strategies on education, public health, industrial innovation, and cyber defence with global standards. Ministers and technologists stressed the importance of embedding AI into national curricula, establishing ethical guidelines, and building inclusive institutions that can keep pace with rapid technological change. From classroom reforms in the UAE to Bahrain's growing investments in digital public services and AI start-ups, the region is working to build resilient frameworks that balance progress with protection. Sector Focus Sessions ranged from AI in healthcare and smart manufacturing to digital content rights and quantum regulation. Speakers from the UAE Space Agency, ADIB, Honeywell, M-PESA, and global firms like PwC and Binance joined discussions on securing data, addressing cross-border cyber threats, and preparing for decentralised finance systems. The summit also spotlighted the role of youth councils from multiple emirates, signalling a GCC-wide effort to bring younger generations into policymaking on tech. Global Consensus Building GETS featured strong calls from INTERPOL, the UN Office on Drugs and Crime, and major consulting firms for international collaboration. A joint roadmap from TRENDS Research & Advisory and ASPIRE proposed accelerating global policy coordination and institutional readiness. For Bahrain and its Gulf neighbours, the summit underscored the need to collaborate on harmonised regulation, ethical standards, and public-private partnerships to govern emerging technologies. As the global tech landscape evolves, the GCC's active role in shaping cross-border governance frameworks could determine how innovation unfolds across the region in the decade ahead.
Web Release
29-04-2025
- Business
- Web Release
I Squared Capital Expands in Middle East with New Regional Platform and Riyadh Office
I Squared Capital, a leading global infrastructure investment manager, announced today a major expansion of its presence across the Gulf Cooperation Council (GCC) and the broader Middle East. The firm is building a dedicated regional investment platform to drive infrastructure investments and related activities, underscoring its long-term commitment to one of the world's most dynamic and strategically vital regions. This next phase of I Squared's regional strategy builds on the successful launch of its Abu Dhabi office in the Abu Dhabi Global Market (ADGM) and marks a significant step toward establishing a fully integrated GCC-wide platform. As part of this expansion, I Squared will open a new office in Riyadh in 2025, deepening its engagement with Saudi Arabia's Vision 2030. The Riyadh office will focus on opportunities in energy transition, digital innovation, infrastructure development, and the development of capital markets—key pillars of the Kingdom's transformation agenda. To support this expansion, I Squared is pleased to welcome Ali Mandour as Managing Director. Mr. Mandour brings extensive investment banking experience and was most recently at Evercore, where he led a broad range of strategic transactions across sectors in Europe and the Middle East. He joins a growing Middle East investment team based in Abu Dhabi, Riyadh, and Delhi. 'Scaling our platform across the GCC is a strategic priority for I Squared,' said Sadek Wahba, Chairman and Managing Partner of I Squared Capital. 'The region's strong fundamentals, bold national visions, and commitment to infrastructure modernization make it a natural fit for our model. We're not just investing—we're partnering to attract Foreign Direct Investment along with operational expertise to build smart, sustainable, and future-ready infrastructure.' Wahba emphasized I Squared's aim to support global capital investment into the Middle East, particularly from the Global South, across both core infrastructure and the development of capital markets that enable long-term financing for infrastructure assets. 'Whether it's scaling clean energy platforms, deploying digital infrastructure, or modernizing logistics, we believe our hands-on, tech-driven approach aligns perfectly with the region's ambitions,' added Harsh Agrawal, Senior Partner overseeing Asia and the Middle East. Mahmoud Mohieldin, Senior Policy Advisor at I Squared and a former Minister of Investment for Egypt and Executive Director at the IMF representing 12 middle eastern economies, reinforced the region's current momentum and promising potential: 'The Middle East is well poised for sustained economic growth in light of decisive reforms currently underway that place its countries on the path to a more resilient and inclusive economic future.'
