More focus on homegrown food, Kraken makes its comeback as Al Mazaya wants out, EFG launches liquidity services

A buyer for Abu Dhabi’s farmers

Fresh produce trader AG Group plans to buy 60-100 tons of vegetables a day from Emirati farmers this growing season, under an agreement with the Abu Dhabi Agricultural Club, AG Group’s parent Abu Dhabi National Investment and Development said in a statement (pdf). The plan covers eight vegetable categories grown on c. 249 hectares between December and May, adding up to roughly 11-18k tons over the season. Purchases are conditional on supply, quality standards, and contract terms, so this is a framework for buying rather than a firm commitment.

BACKGROUND- The agreement comes a week after Abu Dhabi set a target to produce 70% of its basic food commodities at home by 2040, more than double the 30% it manages today, as we’ve reported. Getting farmers a committed buyer is part of that push: in May, the Abu Dhabi Agriculture and Food Safety Authority launched a program to link the emirate’s more than 25k farms to food manufacturers.

3iQ moves closer to ADGM license

Canada-based digital asset manager 3iQ’s UAE arm 3iQ Middle East secured in-principle approval for a Category 4 license from ADGM’s Financial Services Regulatory Authority, according to a press release. The company still needs final regulatory clearance before it can operate under the license.

It’s not starting from scratch: 3iQ ran its BTC Fund, the first crypto vehicle to list in the Middle East, on Nasdaq Dubai for four years before delisting it in July 2025 after deciding that maintaining it had become too costly. It has since launched a digital asset hedge fund with UAE-based Further Asset Management, backed by USD 100 mn in seed capital from institutional, family-office, and sovereign investors.

IN CONTEXT- ADGM is attracting more institutional crypto players. Digital asset infrastructure firm Copper ME received preliminary approval in June to expand into custody, settlement, and other services, while US financial services giant BNY partnered with IHC-linked Finstreet and ADI Foundation in May to develop institutional digital asset custody infrastructure in Abu Dhabi.

Kraken makes a comeback

US-based crypto exchange Kraken is targeting a UAE launch in the coming weeks after its parent company Payward secured full market approval from Dubai’s Virtual Assets Regulatory Authority (Vara), according to a press release. The license covers broker-dealer services and management and investment services and marks Kraken’s return to the UAE’s regulated market more than three years after it wound down its Abu Dhabi operations. Vara has issued 18 licenses so far this year, according to its public registry, including to Daman and ARP Digital.

REMEMBER- Kraken’s first UAE venture ended in retreat. The company secured a license to establish a crypto trading platform in Abu Dhabi in 2022 before closing its local office and discontinuing AED funding in 2023, as the firm made cuts across its international workforce.

What’s next: Kraken says derivatives and new yield products could follow in 2026-2027, subject to regulatory approval. Dubai’s derivatives framework requires explicit Vara approval, and Nomura’s Laser Digital — which holds the same two licensed activities as Payward — became the first to offer client-facing crypto options under a separate limited pilot license.

Al Mazaya wants off DFM

Kuwait-based real estate company Al Mazaya Holding’s board recommended delisting the company’s shares from the Dubai Financial Market (DFM) and transferring them to Boursa Kuwait, according to a company disclosure (pdf). The move still needs shareholder approval at the company’s general assembly.

This is a listing consolidation, not a take-private. Al Mazaya is already listed in Kuwait, so the proposal would concentrate trading on its home exchange rather than remove the company from public markets altogether. Management says the delisting itself is not expected to have a financial impact.

IN CONTEXT- Al Mazaya sees thin trading on the DFM, averaging c. 7.4k shares a day over the past month, worth roughly AED 6.7k, for a company valued at c. AED 472 mn. Trading has been somewhat choppy this year, with the DFM shedding 16.4% of its value at the end of March, though it has recently recovered, with trading volume almost doubling in September to 6.7 bn shares. It’s still down around 3.5% YTD.

EFG Hermes launches liquidity services on DFM

Our friends at EFG Hermes UAE are rolling out market making and liquidity services on the DFM, according to a press release (pdf). The investment bank is looking to offer continuous quotes on DFM-listed securities to deepen order books, tighten bid-ask spreads and support price discovery for securities. The services will be rolled out to both institutional and retail clients.

For the DFM, the move points to the growing role of liquidity provision on the exchange to help support trading on the exchange, according to chief operating officer Khalifa Rabba.