Another AED-backed stablecoin incoming + one more luxury hospitality firm sets up HQ in Dubai

Another one: The AED-backed stablecoin DDSC will be available on Virtual Assets Regulatory Authority-regulated (VARA) trading platforms after it secured the green light from the UAE Central Bank, Wam reports.

More on DDSC: The stablecoin is pegged 1:1 to the AED, and was developed through a partnership between First Abu Dhabi Bank, Sirius International Holding, and International Holding Company. It settles on the ADI Chain blockchain.

IN CONTEXT- The move reflects the UAE’s wider strategy to create AED-backed stablecoins to use for a host of purposes, from trading to retail. AE Coin was the UAE’s first CBUAE-licensed stablecoin and has already been integrated onto payment rails for several firms based in the Emirates. Zand Bank secured approval for Zand AED, Rakbank is developing its own stablecoin, and IHC, ADQ, and FAB are teaming up for one as well.

Soneva relocates global headquarters to Dubai

Luxury hospitality group Soneva, best known for operating luxury hotels in the Maldives, has relocated its global headquarters to Dubai, adding to a list of multinational companies establishing regional bases in the UAE, Hotelier reports. The group said the relocation will help deepen partnerships, enhance talent acquisition, and improve access to key markets.