Economy
UAE Central Bank Launches First Phase of Digital Dirham Strategy
The Central Bank of the United Arab Emirates (CBUAE) has announced its intention to complete the first phase of the Central Bank Digital Currency (CBDC) within the next 12 to 15 months, which will be mid-2024. In addition to the pilot launch of a central digital currency named “Digital Dirham”, it also includes a bilateral link with a country.
On Thursday, the UAE Central Bank announced a three-phase Central Bank Digital Currency (CBDC) strategy to facilitate the introduction of the digital dirham. In the first phase, “Ambridge” was launched in collaboration with the Bank for International Settlements and central banks in the United Arab Emirates, China, Hong Kong and Thailand. It aims to facilitate cross-border transactions in centralized digital currencies with real value for settlement of international trade.
For the second pillar, the UAE’s central bank will develop a proof of concept for basic bilateral centralized digital currency common bridges with India, one of the UAE’s most important trading partners. For the third pillar, the UAE regulator will work on a basic concept guide to provide local centralization covering wholesale and retail applications.
In addition, the Central Bank of Abu Dhabi revealed its partnership with local cloud services company G42 Cloud. and R3, a New York-based blockchain technology company. They were respectively designated as infrastructure and technology providers for the implementation of centralized digital currencies.
Khaled Mohamed Balami, Governor of the Central Bank of the United Arab Emirates, said: Central Bank Digital Currency (CBDC) is one of the initiatives included in the UAE Central Bank’s ‘FIT’ programme, which will help strengthen the UAE’s leading global financial position. Center.”
He added, “The launch of our centralized digital currency strategy is a key step in the evolution of money and payments in the country. The central bank digital currency will accelerate our journey to digital transformation and promote financial inclusion. We will explore the opportunities a centralized digital currency offers to the economy and society.”
The priority of the UAE Central Bank is the digital dirham
The UAE Central Bank has prioritized the issuance of the digital dirham in the 2023-2026 timeframe. However, it is not the only monetary authority in the region to prioritize CBDC. Where a central bank counterpart in Saudi Arabia is working on the same project. And a partnership agreement was signed earlier between them in this field. As a reminder, the Central Bank of Saudi Arabia and the Central Bank of the United Arab Emirates announced the success of the “Aber” program for central bank testing in 2019. The digital currency aims to explore the extent to which distributed ledger technology (blockchain) can be used to facilitate cross-border financial payments.
The two central banks launched the “Aber” project initiative with the aim of proving the principle of issuing a central bank digital currency (CBDC). Experience using distributed ledger technology through actual application. Dealing directly with these technologies to enable financial transfers between banks in both countries, guaranteeing a reduction in processing time and cost, by providing two central banks with a fully enclosed digital currency. Saudi Central Bank (SAMA) and UAE Central Bank.
Also, public policies for cryptocurrency in the UAE are very advanced. Earlier, Dubai set up a dedicated cryptocurrency regulatory body. It has already released many regulations and laws related to working in the crypto digital currency industry.
This has prompted many global cryptocurrency digital companies to set up bases in the city. Ras Al-Khaimah (RAK), one of the country’s emirates, is working to establish the first free economic zone entirely dedicated to virtual assets and digital businesses.
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Economy
Bitcoin is jumping around 10 percent on the week
Bitcoin rallied strongly this week as the world’s number one cryptocurrency hit its all-time high, with a recovery in financial assets benefiting from the dollar’s decline.
Our recommended forex brokers in the region
The prospect of an end to the Federal Reserve’s continuing monetary tightening cycle for more than a year and a half has contributed to a recovery in all financial assets, including major indices in global stock markets. Gold hit an all-time high after breaking above $2,100 an ounce, while Bitcoin rose to its highest level in 2023. This year has been one of the windiest years for the cryptocurrency as it ranks ninth. The largest assets by market value rose 166 percent to reach $860 billion.
Other reports, expectations of an end to the monetary tightening cycle, and expectations of an earlier-than-expected shift in monetary policy contributed to bitcoin’s gains. The latest expectations indicate the possibility of a rate cut in the US after the end of the first quarter of 2024, compared to previous expectations, which indicates the possibility of a rate cut at the beginning of the third quarter of the year. The most important factors fueling Bitcoin’s rise are reports of the imminent approval of Bitcoin exchange-traded funds (ETFs) submitted to major investment firms and related US bodies.
On the other hand, this year has not been without negative news for cryptocurrencies, especially the sanctions faced by one of the world’s largest cryptocurrency exchanges, Finans, which admitted early last month that it had lied in some of the allegations against it. US and private authorities were fined approximately $4.3 billion for anti-money laundering crimes, while the exchange’s founder, Changpeng Zhao, pleaded guilty and announced his resignation as CEO. Financial transfer.
Bitcoin rose 9.97% to register around $43,801 during this week’s trading. Meanwhile, Ethereum price rose 6.56% to reach $2,345.
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Economy
Digital advertising is still in a state of uncertainty
One of the golden rules in the business world is respect for the customer. This principle served Elon Musk when it came to Tesla and SpaceX. The message is if you want to drive or introduce an amazing car. Satellite to space, then Elon is what you are looking for. .
But the world’s richest man is testing the opposite side of the equation with his social media game, X, after several big companies, including Disney, Apple and IBM, have decided. Withdraw their ads from his platform. As a result of his endorsement of an anti-Semitic tweet, the world’s richest man delivered a clear message: “Go to hell.”
Advertisers seem to be taking Musk’s message seriously, and it would be easy to move to Google, TikTok or Facebook.
Platform X, formerly known as Twitter, represents a small slice of the vast digital advertising market. Media agency GroupM expects that digital advertising requires rare talent to turn a profit outside of the money fountain, but the success of “X” in this field is quite shocking.
GroupM expects the digital advertising market to grow 9.2% to $617 billion this year. The five largest global ad vendors, Google, Meta, and ByteDance, which operate TikTok, Alibaba, and Amazon, are expected to grow ad revenue by 25.4% on a combined annual basis between 2016 and 2022.
But some advertisers question how well other digital advertising platforms take care of their customers. A recent report by ad analytics service Adalytics found that ads for some major international brands and US and European government agencies continue to appear on pornographic sites and on companies in other banned countries.
After analyzing 7.2 million websites on the Internet, Adaltics found numerous examples of ads for companies including Apple, BMW, Walmart and the US Treasury appearing on questionable sites without the advertisers’ knowledge. the way It allows third-party developers to embed search engines on their own sites, presumably through Google’s search partner network.
Showing ads this way not only puts advertisers’ reputations at risk, but also performs poorly, according to Analytics. Google announced investigations into Adalytics’ allegations, but found no evidence that ad revenue was shared with recognized companies.
However, the widespread adoption of machine learning systems is allowing marketers and digital advertising platforms to deliver and deliver more targeted and personalized ads than ever before.
“It allows us to send the right message to the right customer at the right time,” says Mark Reid, CEO of WPP advertising agency. So, for example, the agency used artificial intelligence and geolocation tools in 2021. 130,000 video ads for 2,000 local stores in India, all with Bollywood star Shah Rukh Khan’s “personal” endorsement.
Ads were viewed 4 million times on YouTube and Facebook, but Reid added that advertisers expect more transparency from digital platforms and third-party verification of where and when their ads are shown.
Reed said these platforms, which are interested in gaining market share, must encourage such transparency.
Some lawmakers are calling for tougher regulatory interventions to address the problem, and U.S. Senator Mark Warner called on the Federal Trade Commission and Justice Department to investigate “digital ad brokers operating in a concentrated, fraudulent ecosystem.”
Arid Research senior analyst Richard Cramer says marketers have shown “sad negligence” by not paying enough attention while spending billions of dollars annually.
Kramer compared the digital advertising market to a vast, opaque stock market, where billions of trades are conducted daily and are subject to verification and settlement, while other trades often take place in “dark rooms.”
Kramer said Google may stop showing ads through its search and video partner networks, but the company wants to stay small, even if it’s better. He added: “None of these companies want transparency. “For big tech companies, transparency seems like a dirty word.” So, it’s time for advertisers to enforce such transparency, even if lawmakers don’t.
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Economy
Variation in weekly performance of Gulf shares… and Egyptian index rises 0.46%
Dubai: “The Gulf”
Performance of stocks in GCC countries varied during the week; Dubai Financial Market Index alone lost 0.91% to 3951.52 points and Abu Dhabi Market Index lost 1.45% to 9400.75 points in 4 sessions.
In Saudi Arabia, the main market index TASI increased the week’s trade by 0.43% to close at 11,225 points, compared to 11,177 points at the end of the previous week.
In Kuwait, the general market index rose 0.33% for the week to close at 6654.64 points, compared to 6632.47 points at the end of the previous week.
In Bahrain, the Bahrain General Index rose 0.13% on the week to close at 1942.35 points, compared to last week’s 1939.77 points.
In Qatar, the Qatar Stock Exchange Index fell 1.93% in 5 sessions to close at 9,848.15 points, compared to 10,062.64 points at the end of last week.
In the Sultanate of Oman, the Muscat Stock Exchange Index fell 1.37% during the 5-session session to close at 4594.41 points, compared to 4658.17 points at the end of the previous week.
Outside the Gulf region, the Egyptian stock market index “EGX 30” increased the week’s trade by 0.46% to end at 24,686.16 points, compared to last week’s close of 24,571.98 points.
Weekly performance:
Egypt +0.46%
Saudi Arabia +0.43%
Kuwait +0.33%
Bahrain +0.13%
Dubai 0.91% –
Oman 1.37% –
Abu Dhabi 1.45% –
Qatar 1.93% –
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