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Dubai to Allow Residents Pay Government Services Using Cryptocurrency

Dubai’s Department of Finance signed on Monday a new MoU with global digital asset platform Crypto.com. WAM
Dubai’s Department of Finance signed on Monday a new MoU with global digital asset platform Crypto.com. WAM
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Dubai to Allow Residents Pay Government Services Using Cryptocurrency

Dubai’s Department of Finance signed on Monday a new MoU with global digital asset platform Crypto.com. WAM
Dubai’s Department of Finance signed on Monday a new MoU with global digital asset platform Crypto.com. WAM

Dubai is preparing to allow residents to pay for government services using cryptocurrency, signaling the emirate’s intent to support the Dubai Cashless Strategy.

On Monday, Dubai’s Department of Finance (DOF) signed a new memorandum of understanding (MoU) with global digital asset platform Crypto.com, in the presence of Abdulla Al Basti, Secretary General of The Executive Council of Dubai, and Abdulrahman Al Saleh, Director General of DOF.

The initiative, formalized during the Dubai FinTech Summit, will enable seamless and secure payments for government services using stable cryptocurrencies, further strengthening Dubai’s position as a global hub for financial innovation.

Al Basti said that adopting secure cryptocurrency solutions within the Government of Dubai’s payment system reflects a proactive approach to anticipating future needs and responding to global economic and financial developments.

“We take great pride in Dubai Finance’s pivotal role in driving the Dubai Cashless Strategy and shaping a distinctive digital financial future,” said Al Saleh.

The Dubai Cashless Strategy aims to conduct more than 90% of financial transactions across both the public and private sectors through cashless methods by 2026.

“We underscore the significance of the MoU with Crypto.com in accelerating the strategy’s objective,” Al Saleh said.

President and COO of Crypto.com Eric Anziani said this initiative will enable the delivery of the first comprehensive and holistic Government-wide implementation of payment digitization.

Once the necessary technical arrangements for the agreement’s activation are finalized, individuals and businesses customers of government entities will be able to pay service fees seamlessly through Crypto.com's digital wallets.

The platform will securely convert these payments into Emirati dirhams and transfer them to Dubai Finance accounts, ensuring a streamlined, secure, and innovative payment framework.

The Dubai Cashless Strategy is expected to drive economic growth by adding at least 8 billion dirhams ($2.1 billion) annually to the economy, fueled by the development of a wide range of innovative financial technology services and the accelerated expansion of Dubai’s fintech sector.

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Business

ADES Resumes All Saudi Suspended Offshore Rigs

An ADES offshore rig. (ADES)
An ADES offshore rig. (ADES)
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ADES Resumes All Saudi Suspended Offshore Rigs

An ADES offshore rig. (ADES)
An ADES offshore rig. (ADES)

ADES Holding Company (ADES) said on Tuesday it has received resumption notices covering all of its temporarily suspended offshore drilling rigs in Saudi Arabia, marking the sustained strength of the company's offshore market fundamentals across the GCC.

ADES said in a statement to the Saudi stock exchange that the contracted jackup utilization already holding around 90% and day rates remaining firm, underscoring the continued strength of the offshore drilling market fundamentals.

The company said the temporary suspensions were event-driven rather than demand-driven and were expected to be short-term in nature. The latest development is consistent with the outlook communicated by ADES in its Fiscal Year 2026 guidance issued in March 2026.

The US-Israel and Iran conflict started on February 28 and continues despite a temporary peace plan reached in June.

Commenting on the announcement, Dr. Mohamed Farouk, CEO of ADES Holding, said the swift resumption of all temporarily suspended offshore rigs demonstrates the Group’s operational readiness and commitment to maintaining the highest standards of safety.

He emphasized that the safety of ADES personnel and assets remains the company’s highest priority and that the disciplined approach adopted during the suspension period enabled the company to preserve operational integrity and resume activities quickly once conditions permitted.

The company reiterated its 2026 EBITDA guidance range of 4.50-4.87 billion Saudi riyals, underpinned by the scale and diversification of its 123 rigs, continued conversion of Shelf Drilling synergies and supportive momentum across its international markets.

ADES Holding Company shares climbed roughly 4% to 18.26 riyals on Tuesday after the Saudi Tadawul Group listed driller announced it received the resumption notices.

Business

Riyadh to Host Global Logistics, Supply Chain Forums in November

A view of Riyadh, Saudi Arabia. (SPA)
A view of Riyadh, Saudi Arabia. (SPA)
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Riyadh to Host Global Logistics, Supply Chain Forums in November

A view of Riyadh, Saudi Arabia. (SPA)
A view of Riyadh, Saudi Arabia. (SPA)

Under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, Saudi Arabia will host the second editions of the Global Logistics Forum (GLF) and the UNCTAD Global Supply Chain Forum (GSCF) in Riyadh from November 29 to December 1, reported the Saudi Press Agency on Tuesday.

The GLF, organized by the Saudi Ministry of Transport and Logistic Services, and the GSCF, hosted in partnership with the United Nations and the Saudi Ports Authority, form a pivotal international platform bringing together global leaders, decision-makers, and experts in transport, supply chains, and international trade.

Aligning with Saudi Vision 2030, the GLF aims to solidify the Kingdom's position as a global logistics hub connecting continents while driving innovation, global connectivity, and sustainable supply chains.

The Ministry of Transport and Logistic Services stressed that the co-located forums will serve as a premier launchpad for strategic initiatives and international partnerships, inviting global specialists to participate.

The inaugural 2024 GLF in Riyadh drew over 13,000 attendees, 140 speakers, and 80 exhibitors from more than 30 countries, resulting in 67 agreements valued at over SAR16 billion ($4.3 billion).

Business

Saudi Arabia Tightens Auto Dealer Obligations to Protect Consumers, Improve Ownership Experience

People are seen at the Riyadh Motor Show. (Riyadh Season)
People are seen at the Riyadh Motor Show. (Riyadh Season)
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Saudi Arabia Tightens Auto Dealer Obligations to Protect Consumers, Improve Ownership Experience

People are seen at the Riyadh Motor Show. (Riyadh Season)
People are seen at the Riyadh Motor Show. (Riyadh Season)

Saudi Arabia’s auto market is moving toward greater discipline and competition as the Ministry of Commerce steps up oversight of dealers, seeking to strengthen consumer protection and improve compliance with after-sales service requirements.

The ministry announced it had suspended an auto dealership, barred it from importing vehicles and fined it SAR 8.12 million ($2.1 million) after recording 175 violations. These included failure to provide spare parts and replacement vehicles to customers during maintenance, as well as other breaches involving consumer rights, the Commercial Agencies Law and its implementing regulations.

The ministry investigated the violations, contacted affected consumers and followed up to ensure they received their rights and due compensation, including replacement vehicles.

It also summoned the manufacturer, oversaw corrective measures and recall campaigns, and began transferring the brand to another dealer after verifying its readiness and ability to provide the necessary services.

Mohammed Al-Farraj, chief asset management officer at Arbah Capital, told Asharq Al-Awsat that Saudi Arabia’s large auto market and sustained demand make it one of the region’s most attractive, supported by population and economic growth, expansion of the non-oil economy and mega-projects, and growth in tourism and logistics.

The availability and variety of financing options play a key role in supporting demand, particularly because cars are a necessity for a large segment of the population rather than a luxury, Al-Farraj noted.

Market performance is influenced by vehicle prices, financing costs, income levels and supply, as well as competition among brands and the quality of after-sales services.

Al-Farraj described the ministry’s tougher oversight as a positive step toward protecting consumers and improving market discipline, stressing that a dealer’s obligations do not end with a sale but extend to warranties, maintenance, spare parts and replacement vehicles when needed.

Stronger after-sales compliance should bolster market confidence and gradually shift competition toward quality and reliability rather than price alone.

Al-Farraj expects intensifying competition to push dealers to focus more on the value offered throughout vehicle ownership, including total cost of ownership and customer service.