{"id":94976,"date":"2024-08-21T00:00:00","date_gmt":"2024-08-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adgm-publishes-draft-regulations-for-stablecoins-uae-mulling-the-acquisition-of-hsbcs-south-african-unit\/"},"modified":"2024-08-21T00:00:00","modified_gmt":"2024-08-21T00:00:00","slug":"adgm-publishes-draft-regulations-for-stablecoins-uae-mulling-the-acquisition-of-hsbcs-south-african-unit","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/08\/21\/adgm-publishes-draft-regulations-for-stablecoins-uae-mulling-the-acquisition-of-hsbcs-south-african-unit\/","title":{"rendered":"ADGM publishes draft regulations for stablecoins + UAE mulling the acquisition of HSBC\u2019s South African unit?"},"content":{"rendered":"

Good morning, friends. <\/strong>The news cycle has picked up since we last wrote to you, with a lot more startup news and activity in the finance sector. Plus: we have fresh data on the top 10 banks\u2019 financial performance in 2Q 2024. <\/p>\n

HAPPENING TODAY- <\/p>\n

#1- The <\/strong>World ESG Summit<\/a><\/strong> kicked off yesterday and runs until today at Dusit Thani in <\/strong>Dubai.<\/strong> The two-day business conference will gather public and private sector players from key sectors like energy, utilities finance, and manufacturing to explore ESG integration across all industries. <\/p>\n

#2- The Dubai Chambers will host the Dubai Business Forum in Beijing, China today and tomorrow. <\/strong>The event will gather over 50 Dubai-based companies and 350 Chinese firms to explore potential investments in sectors like green tech, AI, healthcare, and renewable energy, president and CEO of Dubai Chambers Mohammad Ali Rashed Lootah told the National<\/a>. <\/p>\n

#3- Rex Fuels will host the <\/strong>Global Bitumen, Petrochemicals & Petroproducts Conference<\/a><\/strong> at <\/strong>the JW Marriott Marquis Hotel in Dubai today and tomorrow<\/strong>. The conference will bring together bitumen and petroleum producers, suppliers, and traders, to network and discuss trends and challenges in the industry.<\/p>\n

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PUBLIC SERVICE ANNOUNCEMENTS-<\/p>\n

<\/a> Abu Dhabi tenants now have a rental index: <\/strong>The Abu Dhabi Real Estate Centre<\/a>, Abu Dhabi\u2019s real estate watchdog, has rolled out its official rental index<\/a>, providing indicative quarterly rental pricing and data on residential, commercial, and industrial properties in the emirate, according to a statement<\/a>. <\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/a> #1- Is the UAE eyeing HSBC\u2019s South Africa unit?<\/strong> HSBC is considering selling its South African assets, with potential bidders including banks from Africa, the UAE, and China, Bloomberg<\/a> reported, citing people it says are familiar with the matter. The plan comes as the bank shifts its focus to the Asian market. The details on the transaction have yet to be finalized, sources said. <\/p>\n

IN CONTEXT-<\/strong> HSBC has been cutting costs down and simplifying its operations under its new CEO Georges Elhedery<\/a>. The bank has been making a push in the region, recently hiring<\/a> 100 bankers to grow its private banking business in the UAE, Saudi Arabia, and Qatar. <\/p>\n

<\/a> #2- Abu Dhabi proposes draft regulations for stablecoins:<\/strong> The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market issued a consultation paper (pdf)<\/a> proposing new rules to allow the issuance of fiat-referenced tokens, also known as stablecoins, according to a statement<\/a> from the financial center. Feedback on the proposal is open until 3 October 2024.<\/p>\n

SOUND SMART-<\/strong> FRTs are a type of stablecoin whose value is pegged to a traditional fiat currency.<\/p>\n

REMEMBER<\/strong>- <\/strong>The Dubai Financial Services Authority recently eased<\/a> regulations around unrecognized crypto tokens and stablecoins, while the Central Bank of the UAE\u2019s board greenlit the introduction of a licensing and regulatory system for stable cryptocurrencies. UAE-based Paxos International, an affiliate of Paxos, launched<\/a> a yield-bearing stablecoin regulated by the ADGM\u2019s FSRA in June, offering holders daily yield from US securities and cash equivalents. USDL will offer holders an annual yield of approximately 5%, Bloomberg<\/a> writes<\/p>\n

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#3- The Women's T20 World Cup will take place in the UAE instead of Bangladesh on 3-20 <\/strong>October<\/strong>, following recent political turmoil and violence in Bangladesh, according to a statement<\/a> from the International Cricket Council. The world cricket's governing body cited travel advisories from several participating countries as reasons for the relocation of the event, which is scheduled from 3-20 October. Bangladesh will retain hosting rights for future ICC events, the ICC said.<\/p>\n

ICYMI-<\/strong> Bangladeshi Prime Minister Sheikh Hasina fled to India earlier this month<\/a> after stepping down following weeks of violent anti-government demonstrations. <\/p>\n

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DATA POINTS-<\/p>\n

#1- Dubai\u2019s Burj Khalifa area has reeled in AED 11.2 bn in sales since the start of 2024, <\/strong>with over 2.6k transactions for residential units and land, Al Bayan<\/a> reports. Ready sales of residential units comprised the lion\u2019s share of total sales at 65.3%, collectively pooling AED 7.19 bn across 1.8k transactions. Meanwhile, off-plan sales made up 34.7% of total sales with some 775 transactions worth a collective AED 3.82 bn.<\/p>\n

Units got more expensive: <\/strong>The average price per sqft for residential apartments in the area rose to over AED 3.3k as of July, marking the highest in Dubai, driven by heightened demand for luxury properties in the area. A standard apartment in the area is now priced at AED 3.1 mn, up 17.9% y-o-y. <\/p>\n

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<\/a> #2- Airports in the UAE saw passenger traffic increase 14.2% y-o-y in 1H 2024 to 71.8 mn <\/strong>passengers<\/strong>, Wam<\/a> reports. Transits accounted for 30.4 mn of passengers, while departures accounted for 21.1 mn, and arrivals made up 20.3 mn. Air traffic movements rose 11.8% y-o-y to 499.8k during 1H. <\/p>\n

Meanwhile, air cargo traffic stood at 2.2 mn tonnes, <\/strong>comprising 528.4k tonnes of imports, 245.2k tonnes of exports, and 1.4 mn tonnes of transit cargo. National carriers handled 68% of the cargo.<\/p>\n

More growth ahead? <\/strong>\u201cThe GCAA is working with federal and local partners, as well as national carriers, to explore and develop cooperative relationships in air transport,\u201d focusing on both existing markets and entering new markets, General Civil Aviation Authority Director-General Saif Al Suwaidi said. The authority has inked air transport agreements with over 90% of the world\u2019s countries.<\/p>\n

\n

THE BIG STORY ABROAD- <\/p>\n

The US is reminiscing about 2008:<\/strong> Former US President Barack Obama took the stage at the Democratic National Convention (DNC) in his hometown of Chicago just a few minutes before we hit \u201csend\u201d on this morning\u2019s issue, as he endorses Democratic nominee Kamala Harris. Some are drawing parallels between Obama\u2019s \u201chard-fought\u201d presidential election bid in 2008, \u201cwith party faithfuls hoping that Harris\u2019 race against Donald Trump will assemble the same broad coalition that could deliver a commanding win.\u201d The story is emblazoned across the front pages everywhere in the international press this morning (Reuters<\/a> | Bloomberg<\/a> | Politico<\/a> | Financial Times<\/a> | Wall Street Journal<\/a> | New York Times<\/a> | Washington Post<\/a>)<\/p>\n

MEANWHILE-<\/strong> US Secretary of State Antony Blinken wrapped up his tour of the Middle East without clearly securing a ceasefire agreement between Hamas and Israel. Blinken, who was in Cairo and Doha yesterday, secured Israeli Prime Minister Benjamin Netanyahu\u2019s agreement to a bridge proposal that would ensure a ceasefire in Gaza, but Hamas has yet to formally accept or reject the terms of the proposal. Ceasefire talks are still scheduled to happen in Egypt this week, although it remains unclear when. (Reuters<\/a> | Bloomberg<\/a>)<\/p>\n

AND-<\/strong> Morgan Stanley International Chairman Jonathan Bloomer and British tech b\u2019naire Mike Lynch are both missing and presumed to be dead after a yacht hit a storm and sank off the coast of Italy earlier this week. Four others onboard the yacht are also missing, while one \u2014 a chef on board the yacht \u2014 was found dead, and 15 passengers were rescued. (CNBC<\/a> | Financial Times<\/a>)<\/p>\n

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\n

CIRCLE YOUR CALENDAR- <\/p>\n

The inaugural <\/strong>Dubai AI & Web3 Festival<\/a><\/strong> will take place on 11 and 12 September<\/strong> at Madinat Jumeirah, according to a statement<\/a> from Dubai International Financial Centre (DIFC). The festival, which is organized by DIFC\u2019s Dubai AI Campus, aims to spotlight AI\u2019s role in driving economic development, focusing on global economics, generative AI, funding trends, and benefits for public and private sectors. It will feature a pitch competition for startups, dubbed FutureTech World Cup, offering startups licensing support, mentorship, and global exposure.<\/p>\n

On the invite list: <\/strong>Over 5k tech experts, decision-makers, and innovators, as well as 500 investors and 100 exhibitors from over 100 countries. Leading figures from over 20 global unicorns and 20 government ministries and enterprises will also participate as speakers.<\/p>\n

Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: UAE airports see higher traffic in 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