{"id":106356,"date":"2025-08-08T00:00:00","date_gmt":"2025-08-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-uae-russia-to-double-trade-dubai-licensed-crypto-firms-can-now-service-other-emirates\/"},"modified":"2025-08-08T00:00:00","modified_gmt":"2025-08-08T00:00:00","slug":"this-morning-uae-russia-to-double-trade-dubai-licensed-crypto-firms-can-now-service-other-emirates","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/08\/08\/this-morning-uae-russia-to-double-trade-dubai-licensed-crypto-firms-can-now-service-other-emirates\/","title":{"rendered":"THIS MORNING: UAE, Russia to double trade + Dubai-licensed crypto firms can now service other emirates"},"content":{"rendered":"

Good morning, friends, and happy FRIDAY. <\/strong>We close out the week with a busy issue, with several big stories to dig your teeth into. Leading the way is Emirates Global Aluminum<\/strong> reportedly tapping banks to revive its IPO<\/strong> plans, potentially paving the way for what could be one of the largest IPOs in the region. Also:<\/strong> The National Investment Corporation is developing a USD 2 bn metro project in Damascus, Syria. <\/p>\n

Earnings season has also yet to slow down: <\/strong>We have 2Q figures from Adnoc Distribution, Parkin, Spinneys, and more in today\u2019s issue. <\/p>\n

PLUS- Featuring in our My Morning Routine this morning: <\/strong>A woman who has spent nearly three decades at sea, and is now leading shipyard and servicing facilities at Gulf Craft, one of the top manufacturers of superyachts in the world, right out of the UAE. Read more about Captain Patricia Caswell below. <\/p>\n

WEATHER- This weekend could bring more rain to some areas of the country<\/strong>, with dusty winds at times, according to the National Center of Meteorology (pdf)<\/a>. Temperatures peak at 41\u00b0C in Dubai <\/strong>today, with a 33\u00b0C overnight. Abu Dhabi <\/strong>hits 40\u00b0C, before cooling to 34\u00b0C<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1-<\/strong> The UAE aims to double trade with Russia and other Eurasian countries over <\/strong>the next <\/strong>five years<\/strong>, Russian news agency Tass<\/a> reports, citing comments made by President Mohamed bin Zayed Al Nahyan during talks with Russian President Vladimir Putin in Moscow. Trade turnover with Russia has reached USD 11.5 bn, while trade with Eurasian countries totaled USD 30 bn. <\/p>\n

The two countries signed a Trade in Services and Invest<\/strong>ment Agreement (TISIA)<\/strong>, which is set to boost investments in fintech, healthcare, transport, logistics, and services, and comes on the heels of the UAE\u2019s trade and economic partnership<\/a> with the Eurasian Economic Union, state news agency Wam<\/a> reports. <\/p>\n

REMEMBER-<\/strong> Al Nahyan began a working visit to Moscow yesterday<\/a> to discuss expanded cooperation in trade, energy, and investment. <\/p>\n

ALSO-<\/strong> Putin floated the UAE as a potential venue for an upcomi<\/strong>ng meeting with US <\/strong>President Donald Trump<\/strong> aimed at brokering a breakthrough in the Ukraine war, the Associated Press<\/a> reports. The Kremlin said a summit between Putin and Trump could take place in the coming days, as Washington pushes Moscow toward a ceasefire agreement. Trump later said he\u2019d be open to meeting Putin even if Ukrainian President Volodymyr Zelenskyy does not meet him. <\/p>\n

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<\/a> #2- Dubai-licensed crypto firms can now service other emirates: <\/strong>The UAE\u2019s Securities and Commodities Authority (SCA) and Dubai\u2019s Virtual Assets Regulatory Authority (Vara) have agreed to recognize virtual asset licenses across each of their jurisdictions, marking the implementation of a 2024 MoU, Cointelegraph<\/a> reports, citing an announcement they\u2019ve seen. This means Vara-licensed firms can more easily offer their services in emirates other than Dubai, though not without caveats.<\/p>\n

It\u2019s not<\/strong> automatic passporting:<\/strong> The agreement allows a VASP licensed by one authority to be recognized by the other \u2014 but they will still be subject to coordination protocols and regulatory checks. The partnership does, however, introduce a shared registration framework, real-time data sharing, cross-jurisdictional AML\/CFT coordination, and joint supervisory protocols to streamline the process.<\/p>\n

The rationale: <\/strong>A Vara spokesperson said the agreement eliminates the need for \u201cseparate, potentially conflicting\u201d approval processes and lowers operational risk for crypto firms looking to operate nationally. \u201cIt also strengthens the UAE\u2019s global appeal as a credible, innovation-first jurisdiction with a unified approach to virtual asset oversight,\u201d they added. The SCA also approved the formation of a Legislative Review Committee with Vara to refine the UAE\u2019s crypto regulations in line with global standards.<\/p>\n

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<\/a> #3- <\/strong>Mubadala Energy closed its acquisition of a 24.1% stake in US-based, <\/strong>Kimmeridge-owned Caturus<\/strong>, formerly known as SoTex HoldCo, according to a statement<\/a>. The transaction was part of a broader capital raise led by Kimmeridge to help fund growth across Caturus\u2019 upstream operations and its planned LNG export terminal. <\/p>\n

Meet Caturus: <\/strong>The company rebranded from SoTex as it pushes ahead with plans to become a fully integrated, independent natural gas and LNG platform. It recently surpassed 600 mn cubic feet equivalent per day (MMcfe\/d) in production, with targets of hitting 1 Bcfe\/d by 2029 and 3 Bcfe\/d in the long term. The bulk of its LNG output is expected to come from the Commonwealth LNG terminal in Louisiana, which is eyeing a final investment decision later this year.<\/p>\n

REFRESHER- <\/strong>Mubadala first announced plans to acquire the SoTex stake in April<\/a>, marking its North American debut and advancing its strategy to build exposure across the gas and LNG value chain. The transaction was structured through equity, with new shares issued to Kimmeridge shareholders.<\/p>\n

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#4- Ewec opens registration for CEC: <\/strong>Emirates Water and Energy Company (Ewec) has opened registration for the 3Q auction of Abu Dhabi\u2019s Clean Energy Certificate Scheme, with applications accepted through 16 September, according to a press release<\/a>. Those looking to participate can register here<\/a>. <\/p>\n

The scheme<\/strong>, introduced by Abu Dhabi\u2019s Department of Energy, allows companies and individuals to verify their use of clean energy \u2014 solar, wind<\/a>, and nuclear \u2014 through tradable 1 MWh certificates aligned with International Renewable Energy Certification standards. The 2Q auction<\/a> was among the largest since the program\u2019s inception. <\/p>\n

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#5- <\/strong>Sharjah has established a Family and Community Council, a new umbrella <\/strong>body replacing the former Supreme Council for Family Affairs<\/strong>, state news agency Wam<\/a> reports. The move consolidates oversight of family-, youth-, and community-focused institutions under a single authority to streamline strategy, improve integration, and boost service delivery.<\/p>\n

The details: <\/strong>Chaired by Sheikha Jawaher bint Mohammed Al Qasimi, the council will coordinate policy across newly established affiliated entities, including:<\/p>\n