Latest news with #Vara
The National
25-05-2025
- Business
- The National
Investors can now buy share of Dubai property for Dh2,000
Investors can pay as little as Dh2,000 for a slice of Dubai's tokenised real estate project after the Dubai Land Department (DLD) officially launched the pilot phase on Sunday. The sum will buy investors tokenised shares in ready-to-own properties in Dubai, with only UAE dirhams accepted for all transactions, the DLD said. Cryptocurrencies will not be accepted during the pilot phase. Currently, only Emirates ID holders will be able to invest in the project before it opens up to international investors. 'The platform is set to expand globally in the near future, with additional platforms to be integrated in later phases,' the Dubai government body said. The initiative is being implemented by Prypco Mint platform, in collaboration with Dubai's Virtual Assets Regulatory Authority (Vara), the UAE Central Bank and the Dubai Future Foundation (DFF) through the Real Estate Sandbox. Zand Digital Bank has been appointed as the banking partner for the project's pilot phase. A partnership agreement between DLD, Prypco and Ctrl Alt Solutions will focus on attracting specialised asset tokenisation companies, while safeguarding investor rights. While the pilot phase of the project includes only two authorised companies, Prypco and Ctrl Alt, there are plans to open the market to other qualified firms in the future, DLD said. The project, announced in March, focuses on converting real estate assets into digital tokens recorded on blockchain, helping to streamline the process of buying, selling and investing. Real estate tokenisation enables fractional property ownership, where each asset is divided into shares based on investors' budget and financial strategy. This allows investors to acquire a portion of a property without fully purchasing it. Dubai's real estate tokenisation market is forecast to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate's total property transactions, according to government data. Through the digital platform investors can find information about property details ranging from pricing, risk factors, and technical specifications to the minimum investment required. The real estate tokenisation project is jointly managed by the DLD, as the regulator of physical real estate assets, and Vara as the regulatory body for digital assets to ensure a transparent regulatory framework, the DLD said. During the current phase, the CBUAE will oversee the opening of corporate accounts linked to real estate tokenisation through the Client Money Account (CMA), as part of a system designed to safeguard investor funds. Under this system, an investor's money is deposited into the CMA and not transferred to the tokenisation company until the purchase process is fully completed, to ensure security and transparency. The project's initial phase is limited to ready-to-own properties, and tokenisation is allowed only through companies licensed by the Vara, while DLD is responsible for reviewing and validating the fairness of property pricing before any listing is approved. 'Investors will benefit from both rental income and capital appreciation resulting from the property's appreciation, while holding a legally documented ownership share issued by Dubai Land Department – ensuring a transparent and secure investment experience without the complexities of traditional property management,' the DLD said. The latest announcement comes as Dubai's property market continues to perform strongly amid government initiatives such as residency permits for retired and remote workers, the expansion of the 10-year golden visa programme and strong economic growth and diversification efforts. The emirate recorded real estate deals worth Dh761 billion last year, up 20 per cent compared to 2023, with the total number of transactions for the year increasing by 36 per cent to 226,000, according to data provided by the Dubai Media Office. It also achieved a record in the sale of homes valued at more than $10 million last year, real estate consultancy Knight Frank said in a report last month. The emirate recorded 435 home sales valued at more than $10 million, up from 434 home sales in 2023 in the same category, with the total value of deals reaching $7 billion.
The National
25-05-2025
- Business
- The National
For would be investors, the Dubai property market just became more affordable
Investors can pay as little as Dh2,000 for a slice of Dubai's tokenised real estate project after the Dubai Land Department (DLD) officially launched the pilot phase on Sunday. The sum will buy investors tokenised shares in ready-to-own properties in Dubai, with only UAE dirhams accepted for all transactions, the DLD said. Cryptocurrencies will not be accepted during the pilot phase. Currently, only Emirates ID holders will be able to invest in the project before it opens up to international investors. 'The platform is set to expand globally in the near future, with additional platforms to be integrated in later phases,' the Dubai government body said. The initiative is being implemented by Prypco Mint platform, in collaboration with Dubai's Virtual Assets Regulatory Authority (Vara), the UAE Central Bank and the Dubai Future Foundation (DFF) through the Real Estate Sandbox. Zand Digital Bank has been appointed as the banking partner for the project's pilot phase. A partnership agreement between DLD, Prypco and Ctrl Alt Solutions will focus on attracting specialised asset tokenisation companies, while safeguarding investor rights. While the pilot phase of the project includes only two authorised companies, Prypco and Ctrl Alt, there are plans to open the market to other qualified firms in the future, DLD said. The project, announced in March, focuses on converting real estate assets into digital tokens recorded on blockchain, helping to streamline the process of buying, selling and investing. Real estate tokenisation enables fractional property ownership, where each asset is divided into shares based on investors' budget and financial strategy. This allows investors to acquire a portion of a property without fully purchasing it. Dubai's real estate tokenisation market is forecast to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate's total property transactions, according to government data. Through the digital platform investors can find information about property details ranging from pricing, risk factors, and technical specifications to the minimum investment required. The real estate tokenisation project is jointly managed by the DLD, as the regulator of physical real estate assets, and Vara as the regulatory body for digital assets to ensure a transparent regulatory framework, the DLD said. During the current phase, the CBUAE will oversee the opening of corporate accounts linked to real estate tokenisation through the Client Money Account (CMA), as part of a system designed to safeguard investor funds. Under this system, an investor's money is deposited into the CMA and not transferred to the tokenisation company until the purchase process is fully completed, to ensure security and transparency. The project's initial phase is limited to ready-to-own properties, and tokenisation is allowed only through companies licensed by the Vara, while DLD is responsible for reviewing and validating the fairness of property pricing before any listing is approved. 'Investors will benefit from both rental income and capital appreciation resulting from the property's appreciation, while holding a legally documented ownership share issued by Dubai Land Department – ensuring a transparent and secure investment experience without the complexities of traditional property management,' the DLD said. The latest announcement comes as Dubai's property market continues to perform strongly amid government initiatives such as residency permits for retired and remote workers, the expansion of the 10-year golden visa programme and strong economic growth and diversification efforts. The emirate recorded real estate deals worth Dh761 billion last year, up 20 per cent compared to 2023, with the total number of transactions for the year increasing by 36 per cent to 226,000, according to data provided by the Dubai Media Office. It also achieved a record in the sale of homes valued at more than $10 million last year, real estate consultancy Knight Frank said in a report last month. The emirate recorded 435 home sales valued at more than $10 million, up from 434 home sales in 2023 in the same category, with the total value of deals reaching $7 billion.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
New fintech trends reshape digital finance as cryptos gain traction
The global cryptocurrency landscape is undergoing a seismic transformation, driven by fintech innovations such as blockchain, decentralised finance (DeFi), artificial intelligence (AI), and central bank digital currencies (CBDCs). At the heart of this revolution, the UAE has emerged as a global leader, leveraging progressive regulations, a tech-savvy population, and strategic government initiatives to redefine the role of digital assets. With a projected fintech market value of $3.56 billion by 2025 and $6.43 billion by 2030, the UAE is not only a regional powerhouse but also a global model for harmonising innovation with regulatory trust, offering lessons for economies worldwide. The global embrace of cryptocurrencies is accelerating, with over 60% of financial institutions exploring blockchain solutions for enhanced transparency and efficiency, according to Deloitte. Major corporations and banks are integrating crypto services, signaling confidence in digital assets as they transition from speculative investments to mainstream financial instruments. In the UAE, this trend is amplified by a 210% surge in crypto adoption in 2025 — the highest globally — driven by user-friendly platforms and growing retail participation, evidenced by a 41% increase in crypto app downloads in 2024. The UAE's rise as a top-10 global crypto hub is underscored by $30 billion in crypto investments in 2024, fuelled by its business-friendly environment. Major exchanges and fintech startups are flocking to Dubai and Abu Dhabi, attracted by tax incentives, low startup costs, and free zones like the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM). 'Fintech isn't just changing finance in the UAE — it's redefining how and where investors make decisions,' says George Naddaf, managing director of eToro Mena. With 39.1% of UAE residents expected to use crypto by 2025, the nation is on track to realise its vision of a cashless, blockchain-powered economy. The UAE's regulatory framework is a cornerstone of its crypto success. The Dubai Virtual Assets Regulatory Authority (Vara) and ADGM's DLT Foundations Regulation provide legal clarity, fostering trust among investors and businesses. Vara's comprehensive licensing framework has attracted global players, while ADGM's regulations support blockchain innovation. 'The UAE's regulatory sandboxes allow fintechs to test AI-driven solutions safely,' notes Nadeem Ladki, Global Head of Bitpanda Technology Solutions. This balance of innovation and oversight contrasts with regions like China, where stringent policies stifle growth, or Singapore and Switzerland, which also promote progressive frameworks but lack the UAE's rapid adoption rates. Regulation remains a double-edged sword globally. As Chris Brummer, a fintech law professor at Georgetown University, observes, 'Regulators are walking a fine line between protecting consumers and allowing innovation to flourish.' The UAE's approach—clear guidelines without stifling creativity —has created a stable environment, encouraging startups and established firms to innovate. In 2024, UAE-based startups raised $1.1 billion across 207 deals, leading the Mena region and fueling advancements in blockchain and AI. DeFi is revolutionising traditional banking by offering intermediary-free lending, borrowing, and trading. Globally, the total value locked in DeFi protocols exceeds $150 billion in 2024, with platforms like MakerDAO and Compound leading the charge. 'DeFi democratizes access to financial services, providing an alternative to the often exclusionary traditional banking system,' says blockchain expert Laura Shin. In the UAE, DeFi adoption is growing, supported by regulatory sandboxes that allow fintechs to test decentralized solutions. The UAE's focus on financial inclusion aligns with global trends, particularly in emerging markets where 1.7 billion adults remain unbanked, according to the World Bank. Mobile-based crypto platforms are bridging this gap, and the UAE's tech infrastructure positions it to lead in mobile DeFi solutions. By integrating DeFi with its Digital Dirham, the UAE aims to enhance accessibility and reduce transaction costs, particularly for underserved communities. The UAE is at the forefront of CBDC development with its Digital Dirham, set to launch in Q4 2025. This blockchain-based currency will streamline cross-border payments, enhance financial inclusion, and combat financial crime, according to Khaled Mohamed Balama, Governor of the Central Bank of the UAE. The Digital Dirham enables innovative products like conditional payments and fractional asset ownership, unlocking liquidity in real estate and commodities. With 10% of global GDP projected to be tokenized on blockchain by 2027, the UAE's CBDC positions it as a leader in this transformative shift. Globally, CBDCs are gaining traction as governments seek to modernize financial systems. The UAE's proactive approach contrasts with slower adoption in some developed economies, offering a blueprint for integrating CBDCs with private-sector innovation. The Digital Dirham's ability to automate complex transactions, such as multi-party settlements, enhances the UAE's appeal as a fintech hub. Artificial intelligence is reshaping fintech by improving fraud detection, regulatory compliance, and customer personalisation. The UAE's 'Universal Blueprint for AI' aims to position Dubai as a global AI hub, with initiatives like DIFC's AI and Web3 incubator fostering innovation. AI-powered analytics are critical for real-time fraud prevention in crypto transactions, and the UAE's regulatory sandboxes provide a safe space for testing these solutions. Globally, AI is enhancing blockchain scalability and privacy. Layer 2 solutions like Optimism and Arbitrum address transaction speed and cost issues, making crypto viable for everyday use. In the UAE, AI-driven compliance tools are helping fintechs navigate VARA's regulations, ensuring secure and efficient operations. This synergy of AI and blockchain is a key driver of the UAE's fintech growth, projected at a 12.56% compound annual growth rate through 2030. The rise of non-fungible tokens (NFTs) and metaverse integrations is creating new digital economies. Platforms like OpenSea and Decentraland enable users to monetise virtual assets, a trend gaining traction in the UAE's tech-savvy market. The UAE's investment in Web3 technologies, supported by DIFC's incubator, positions it to lead in these emerging spaces. NFTs and metaverse applications are expanding crypto's utility beyond finance across the globe, with the UAE poised to capitalise on this shift through its innovation-friendly ecosystem. The UAE's fintech surge is reshaping its economy, with a robust project pipeline and government policies attracting foreign direct investment. Arif Amiri, CEO of DIFC, highlights the UAE's dynamic ecosystem — featuring an independent regulator, efficient judicial system, and international stock exchange — as a springboard for fintech expansion. The country's competitive edge, including low startup costs and business-friendly free zones, is driving a startup boom, with fintechs leading regional and global innovation. Fintech is a key driver of financial inclusion and stability, as noted by Christine Lagarde, President of the European Central Bank. The UAE's model demonstrates how innovation can coexist with regulatory safeguards, ensuring resilience. By prioritising education and accessibility, as emphasised by eToro's Naddaf, the UAE is sustaining its crypto momentum, with nearly 40% of residents projected to adopt digital assets by 2025. Despite its successes, the UAE faces challenges, including the need to balance regulation with innovation and address cybersecurity risks in crypto transactions. Globally, geopolitical tensions and varying regulatory approaches — such as China's crackdowns — highlight the complexities of crypto adoption. The UAE's proactive stance mitigates these risks, but ongoing investment in cybersecurity and regulatory adaptability will be crucial. Looking ahead, the UAE's fintech leadership offers a roadmap for other economies. By integrating AI, DeFi, CBDCs, and Web3 technologies, the country is setting a benchmark for digital finance. As Nick Cooke, CEO of Atmos, notes: 'In the UAE, crypto drives a fully digitised economy.' With global fintech evolving rapidly, the UAE's ability to harmonise innovation, regulation, and consumer adoption positions it as a beacon for the future of cryptocurrency.
Hans India
05-05-2025
- General
- Hans India
Free admission at Vedic School in Sangareddy dist
Hyderabad: The Dattagiri Maharaj Vedic School in Bardipur village of Jharasangam mandal of Sangareddy district has called applications for free admission into Vedic Pathashala. In a press statement, Maha Mandaleshwar Peethadhipati Dr Siddeshwarananda Giri Maharaj and Dattagiri Charitable Trust Alladi Veeresham Gupta said that there were no restrictions and people from any caste can apply for admissions, which will be offered for free. The students who have passed class 5 and are below the age of 14 are eligible. Everyone who is interested in Vedas, regardless of caste, is eligible. They said that currently 90 students were studying various courses in Krishna Yajurveda in the ashram school. Free teaching, food and accommodation are provided to the students studying Vedas in the ashram. They said that the students will be trained for six years. There will be teaching on the knowledge of Vedas in Pravesh, Vara and Pravara courses (Archaka, Paurohitya Shodasa Samskara Vidya). Alladi Veeresham. Students would have classes in Vedanta, Nyaya, Yoga Darshan, Meditation, Bhajan, ad book reading under the guidance of Siddheshwaranandagiri Maharaj. Currently, three teachers are working in the school. He explained that the application process has already started. The oral examination will be held on May 29. He highlighted that admissions will be held on June 5 and classes will begin with Linga Deeksha on June 12. Those interested can contact the Dattagiri Ashram office or call 91772 59329, 86392 58008 for more information.
New York Times
14-04-2025
- Entertainment
- New York Times
A Memoir of What A.I. Giveth, and What It Taketh Away
Vauhini Vara was in high school when she learned that her charismatic older sister, Deepa, had a type of cancer called Ewing sarcoma. The cancer went into remission and Deepa left to study at Duke, where she took an interest in public policy. Her cancer came back in her junior year. Deepa returned to the family's house on Mercer Island, a suburb of Seattle, close to where her father worked as a physician for Boeing. Vara took a leave of absence from her freshman year at Stanford to be with her sister. Within a few months, Deepa was dead. You have a memory to look back on today, Facebook likes to (creepily) tell us. For Vara, Deepa's death is the memory that needs no reminder; it is one she cannot shake. It marked the beginning of her expulsion from Eden. Her parents soon divorced, and her family as she'd known it ceased to exist. After graduating from Stanford, Vara turned to word work. She was on the staff of The Wall Street Journal, covering Oracle and Facebook, and then she joined The New Yorker to write and edit for the business section of its website. She wrote two books of fiction, the novel 'The Immortal King Rao,' which was a finalist for the 2023 Pulitzer Prize in fiction, and a story collection, 'This Is Salvaged.' For many readers, she is best known for a piece of experimental writing titled 'Ghosts,' in which she uses an A.I. chatbot, a precursor to ChatGPT called GPT-3, to push her sister's story past the usual boundaries. 'Ghosts' ran in The Believer in 2021; it was anthologized in the Best American Essays series and was adapted for audio by 'This American Life.' 'Ghosts' moves in mesmerizing fits and starts, as Vara feeds GPT-3 her own sentences and asks the borg to pick up from there. At moments it is as if she is moving a heart-shaped planchette across a Ouija board. What spooks Vara is that A.I. writes what are possibly her essay's most piercing lines. 'Here, then, is something else,' one paragraph begins. 'We were driving home from Clarke Beach, and we were stopped at a red light, and she took my hand and held it. This is the hand she held: the hand I write with, the hand I am writing this with.' The awkward fact about these intolerably beautiful sentences is that this event never happened. GPT-3 served it up, à la carte. Vara writes, in sentences that drive her new book, 'Searches: Selfhood in the Digital Age': 'Searches' is a complicated and many-sided book. In part it's a memoir, one that pays special attention to Vara's early years on the internet in the 1990s. (She was born in 1982.) She recalls trying on different identities, and the anxiety-inducing sounds — 'a long, staticky screech, punctuated by a series of sharp beeps, as if the machine were hyperventilating' — of dial-up. Paul Allen, a co-founder of Microsoft, lived on Mercer Island, and Jeff Bezos had a house in a neighboring suburb. Vara's coming-of-age felt inextricably linked with the tech world's own. This sense doubled when she arrived at Stanford in the fall of 2000. Larry Page and Sergey Brin had just dropped out to start Google. Stanford was the third campus to get a sexy new website, Facebook, and Vara edited the first article about it for The Stanford Daily. Sam Altman, the wonder boy of A.I., was a freshman when she was a senior. Many of Vara's friends went on to work for one or more of these prosperous companies. Threaded through this story are short, sharp sections that, for example, list her searches on Google and investigate her order history on Amazon. (She is as sickly addicted to the latter as I am. Will the company send flowers to our funeral services?) She lingers for pages over the dark sides of these companies, and of Facebook, and her complicity in their successes. Is it possible that everything the internet gives you it takes back twice over? Picking up from her experiments in 'Ghosts,' Vara feeds chapters of this book to a chatbot as she goes along, asking for feedback, and she prints its responses and paraphrases. Some of the replies are smart and uncanny but there is no way around it: Reading A.I. summaries of and commentaries on what you have just read is, after a while, a pulverizing bore. Perhaps a better phrase is terrifying bore. A.I.'s language is a sort of dead but high-flown managerial bureaucratese — the sound, you begin to feel, that our digital oversouls will make when condemning us to death. 'Searches' has many things to recommend it. Vara has a congenial style and, her nose to the zeitgeist, good stories to tell. The book's word-drenched cover is exceptionally beautiful. All the same, the book is diffuse. It has little forward momentum. Most of its wisdom feels conventional; she is down the middle about so much. The gifted novelist Tony Tulathimutte, who is unmentioned in this book but who attended Stanford at roughly the same time Vara did, is also preoccupied with exploring what he called, in his 2016 novel 'Private Citizens,' the 'obscene entitlement of a Stanford degree.' So hallowed are our elite universities that Paul Fussell, writing in his book 'Class,' could not help admiring the cheek of the young person who cut apart the letters of a STANFORD rear-window sticker so that they read SNODFART. 'Searches' might have profited from more of that sort of mischievous humor. At its best, though, 'Searches' projects a lonely intelligence that, facing off against the machines, leaves you with a singular case of the dreads.
