UAE In-Focus – Taaleem Holdings eyes IPO; China’s grid giant expands to GCC

DUBAI: Taalem, a Dubai-based school operator, will proceed with its initial public offering plans following approval from shareholders on Aug. 29, according to a statement.

Al-Arabiya reported that the company will be converted into a public entity from a private joint stock company.

After the Dubai government announced plans to list 10 state entities last year, the Dubai Financial Market has seen several high-profile IPOs this year.

Amid a global share sales slump, the Gulf region has seen an unprecedented IPO boom as high oil prices and equity inflows boosted local markets, Al-Arabiya added.

Crude and regional indexes have been weighed down by concerns that the economy is slowing as a result of aggressive monetary policy tightening.

China’s grid giant advances GCC energy transition with DIFC expansion

China’s State Grid Corp. has expanded to the Gulf region and established an office in the Dubai International Financial Center.

The is the Chinese state-owned electric utility corporation’s first office in the UAE, according to a statement.

Virtuzone to accept crypto payments 

Virtuzone, a Dubai-based provider of business formation services, will now accept cryptocurrency payments through Binance Pay, according to CoinDesk.

“Virtuzone’s decision to accept cryptocurrency payments and integrate Binance Pay into its systems raises the bar for innovation and demonstrates the way forward when it comes to setting up businesses in the UAE,” said Nadeem Ladki, executive director of Business Development and Strategic Partnerships at Binance, in a statement.

In addition to bitcoin, Ethereum, and USD coin, Binance Pay, a contactless cryptocurrency payment service developed by Binance, supports more than 40 cryptocurrencies. By eliminating third-party transaction fees, the platform will enable instantaneous international money transfers and user-to-user transfers, CoinDesk added.

As part of its efforts to become a crypto hub, Dubai recently established a Virtual Assets Regulatory Authority and adopted some crypto-friendly laws.

The emirate’s push to license cryptocurrency exchanges has led to companies adopting crypto payments across the emirates as a result of the development.

JA Resorts and Hotels, Majid Al Futtaim, and luxury property developer Damac are among the other UAE-based businesses that have adopted Binance Pay, CoinDesk said.

Deliveroo to reduce use of plastic bottles

Deliveroo joins the Dubai Can initiative to reduce single-use plastic water bottles. Deliveroo distributes reusable water bottles to agency riders across Dubai as part of its environmental, social, and governance strategy.

This sustainability initiative was launched by Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al-Maktoum in February 2022 to empower communities to reduce the usage of single-use plastic water bottles.

Over 40 stations are currently available to residents, with an additional 10 to be installed by the end of 2022.

Deliveroo aims to reduce the use of single-use plastic bottles by at least 1 million by using reusable bottles.