Vara gives the greenlight to more firms + UAE firm makes moves in Egypt

Firms get green light from Vara

Daman’s virtual asset arm secures Vara license: Dubai’s Virtual Assets Regulatory Authority has handed out several virtual asset broker-dealer licenses — one to Daman Virtual Asset Brokerage, the virtual assets arm of Dubai-based asset manager Daman Investments, and the other to Bahrain’s ARP Digital, according to press releases here (pdf) and here. Daman is planning on launching its crypto platform in mid-May and is eventually eyeing expansion outside the UAE, while the move marks ARP Digital’s first expansion out of Bahrain.

UAE firm makes industrial moves in Egypt

A new UAE-backed factories complex in Egypt in the pipeline: UAE-based investment firm Alpha Smart inked an agreement with Egypt’s Suez Canal Economic Zone to develop a USD 100 mn integrated industrial complex spanning 500k sqm in Egypt’s Ain Sokhna area, according to a statement.

The details: The project, to be implemented in two phases over six years, is expected to attract an additional USD 150 mn in industrial investments. The complex will offer fully equipped factory units that allow companies to begin operations within 90 days, alongside logistics, administrative, and commercial facilities. It’ll also include a 25 MW power facility.

Citadel is heading to DIFC

US-based multinational hedge fund Citadel has received the regulatory green light to start operating from the Dubai International Financial Centre (DIFC), Bloomberg reports, citing unnamed sources it says are familiar with the matter. The firm — which manages USD 67 bn in assets — first revealed plans to move to the emirate late last year. Citadel had indicated that its fixed income and macro teams would be the first to set up shop in the Dubai outpost.