Latest news with #ShorooqPartners
Yahoo
21-04-2025
- Business
- Yahoo
UAE doubles down on crypto despite $5B token crash and regulatory heat
It's inevitable in the world of crypto: increased adoption leads to more risk. Last week, a token issued by a Hong Kong blockchain company backed by Abu Dhabi's Shorooq Partners plunged 90% in just a few hours, wiping out $5 billion in market value. The company had previously signed a $1 billion tokenization deal with Dubai property developer DAMAC Group. Around $250 million worth of the token was sold in the week leading up to the crash — Shorooq denied selling, news site AGBI reported. Just days earlier, Abu Dhabi regulators fined crypto platform Hayvn $12.5 million and banned its CEO for 'unlicensed financial services activity.' No client funds were lost. Still, the UAE remains bullish on the space. MGX — backed by Mubadala and AI firm G42 — recently invested $2 billion in the world's largest crypto exchange Binance. And Abu Dhabi-based DWF Labs disclosed a $25 million purchase of tokens tied to US President Donald Trump's crypto venture, becoming one of its biggest holders. Sign in to access your portfolio
CairoScene
28-02-2025
- Business
- CairoScene
Saudi-Based CQR Secures $3 Million in Funding Led By Shorooq Partners
CQR raised funding to scale AI-powered cybersecurity solutions for OT, protecting sectors like oil, gas and smart cities. Feb 28, 2025 CQR, a Saudi-based firm specialising in Operational Technology (OT) cybersecurity, has raised $3 million in funding, led by Shorooq Partners. The investment will allow CQR to enhance cybersecurity for critical infrastructure like oil and gas, power plants, and smart cities. CQR is shifting OT cybersecurity from the traditional service-based model to a scalable, AI-powered, product-centric solution. This new approach comes at a critical time as the convergence of IT and OT increases cyber threats to national infrastructures. CQR's flagship product aims to protect operations from cyber risks by integrating AI for threat detection, risk scoring and automated responses. 'Cyber threats in OT environments are evolving rapidly, and traditional security models are no longer enough. At CQR, we are reengineering cybersecurity for industrial operations-building innovative, product-driven solutions that make OT security accessible, efficient, and highly scalable,' said Naser Aldossary, Founder & CEO of CQR. The funding will allow CQR to expand its capabilities and enhance its product offerings, making OT cybersecurity more accessible, efficient and scalable.
