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- UAE Remittances in Stablecoin?; Etihad Rail Faces Delays; Qanooni Secures $2M for LegalTech Push
UAE Remittances in Stablecoin?; Etihad Rail Faces Delays; Qanooni Secures $2M for LegalTech Push
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Saturday, June 14, 2025
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Circle, the issuer of USD Coin (USDC), is eyeing the UAE’s $44 billion remittance corridor as it begins talks with local money-transfer firms to embed its stablecoin into cross-border payment systems, CEO Heath Tarbert told AGBI. Meanwhile, Etihad Rail has extended the deadline for key construction tenders on its Abu Dhabi-Dubai passenger line, raising fresh questions about project timelines. In the startup space, UAE-based LegalTech firm Qanooni has secured $2 million in pre-seed funding to expand its AI-powered platform across the UAE and UK. These three developments highlight the region’s fast-moving fintech, infrastructure, and startup investment landscape.
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Circle Eyes UAE’s $44 Billion Remittance Market With USDC Integration Push: CEO tells AGBI
What is it about?
Circle, the issuer of USD Coin (USDC), is in early discussions with remittance firms in the UAE to integrate its stablecoin into cross-border money transfers.
The move comes after Circle’s blockbuster $1 billion IPO on the New York Stock Exchange, which saw its shares surge over 160% on debut.
Circle’s USDC is the world’s second-largest stablecoin, with a market cap of $60 billion, backed by cash and short-term U.S. Treasuries held by BNY Mellon and managed by BlackRock.
Why it matters
The UAE is home to 9 million expatriates who send over $44 billion in remittances each year—making it one of the busiest remittance corridors globally.
Traditional remittance channels are costly and slow, with average fees of 6.45% in the Middle East, and banks charging up to 13.64%, per World Bank data.
Circle claims USDC can reduce remittance costs by up to 100x, settling transactions in seconds for fractions of a cent—a major disruption to legacy systems.
The push comes as fintech competition intensifies, with local exchange houses like Al Ansari already reporting profit declines and raising fees.
USDC already accounts for over 50% of all crypto transactions in the UAE, the highest market share globally, according to Chainalysis.
What’s next
Circle has received in-principle approval from Abu Dhabi Global Market (ADGM) to operate as a money-services provider in the UAE.
The company aims to expand USDC’s role in cross-border payments and dollar access, especially in regions where correspondent banking is limited.
If adopted, USDC could become a key alternative dollar channel in fragile economies and a low-cost transfer tool in stable Gulf markets.
As the stablecoin market heads toward a projected $3 trillion by 2030 (Citigroup), Circle’s UAE move could set the stage for broader regional and global adoption.
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Etihad Rail Delays Tender Deadline, Raising Questions Over Passenger Line Timeline
What is it about?
The submission deadline for key construction tenders on the Etihad Rail passenger line between Abu Dhabi and Dubai has been extended from May to August 1, with commercial proposals due a month later, by September 1, per Meed.
The tenders relate to civil works and station design for the high-speed passenger line, which was originally tendered in January 2025.
Etihad Rail, the government-owned developer, has not provided an official comment on the delay.
Why it matters
The extension could signal potential delays in the delivery of the UAE’s highly anticipated intercity high-speed rail network, slated for completion by 2030.
The rail link promises to transform regional mobility, slashing travel time between Abu Dhabi and Dubai to 30 minutes via 320km/h trains.
With five planned stations—including Al Jaddaf, Yas Island, Al-Zahiyah, Saadiyat Island, and Abu Dhabi Airport—the project is a key part of the UAE’s transport infrastructure strategy.
The delay may affect investor and public confidence, particularly given the project's strategic and economic importance.
What’s next
Bidders now have until August 1 to submit technical proposals, and until September 1 for commercial bids.
Progress updates on contract awards and construction timelines will be closely watched as the UAE pushes toward its Vision 2030 mobility goals.
Industry observers will monitor whether this delay impacts the project's overall delivery schedule or signals further adjustments in scope or execution.
Qanooni Raises $2 Million Pre-Seed Round To Build AI-Powered LegalTech Platform
What is it about?
UAE-based legal technology startup Qanooni has secured a $2 million pre-seed funding round.
The round was backed by a mix of global and regional investors, including Village Global, Salica Investments’ Oryx Fund, TA Ventures, and several strategic angel investors.
Founded by Anuscha Iqbal, Ziyaad Ahmed, and Karim Shiyab, Qanooni is developing an AI-powered platform that integrates directly with Microsoft Outlook and Word, allowing lawyers to work within familiar tools.
Why it matters
Unlike conventional LegalTech, Qanooni eliminates friction by embedding AI into the existing workflows of legal professionals.
The platform helps lawyers draft, review, and manage documents faster and more accurately, while maintaining their tone, style, and standards.
With rising demand for regulatory and legal automation tools, Qanooni is well-positioned in a growing regtech and LegalTech market in MENA and Europe.
The startup is attracting attention from influential investors such as Ben Casnocha, Sri Batchu, and Josh Rodger, signaling confidence in the team and vision.
What’s next
Qanooni plans to use the funding to expand its footprint across the UAE and UK.
The team will also focus on enhancing its proprietary legal AI engine to better serve the needs of law firms and legal departments.
As AI adoption accelerates across professional services, Qanooni aims to be a category-defining product in legal transformation.
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