🇦🇪 UAE to Soon Get its Own Dirham-Pegged Stablecoin!

Marhaba folks! 🌟 In today’s edition we will cover,

• 💼 ADX-listed Phoenix Group PLC and Tether to Launch UAE Dirham-Pegged Stablecoin 💰

• 🇦🇪 Emirati Workforce in UAE’s Private Sector Surpasses 113,000 🚀

• ✈️ Emirates to Buy Five Airbus A380-861 Aircrafts from Doric Nimrod Air Two for $200 Million 💼

Let’s dive in! 🚀

💼 ADX-listed Phoenix Group PLC and Tether to Launch UAE Dirham-Pegged Stablecoin 💰

What is it about?

• Phoenix Group PLC, listed on ADX, partners with Tether to launch a stablecoin pegged to the UAE Dirham.

• Supported by Green Acorn Investments Ltd, this stablecoin aims to enhance the digital economy.

• The stablecoin will be built on a secure, transparent blockchain platform, ensuring stability and reliability.

Why It Matters

• The global stablecoin market is projected to grow from $150 billion to $2.8 trillion by 2028.

• This Dirham-pegged stablecoin bridges traditional finance and the digital economy.

• It offers a stable, secure option for investors, businesses, and consumers in an unpredictable market.

What’s Next?

• The stablecoin will be accessible globally, rooted in the UAE’s economic strength.

• It aims to facilitate seamless transactions, reduce foreign exchange risks, and provide a reliable store of value.

• The UAE's progressive regulatory framework supports this innovation, positioning the UAE as a global leader in the digital economy.

📈 Markets

🇦🇪 Emirati Workforce in Private Sector Surpasses 100,000 for the First Time 🚀

What is it About?

• For the first time, over 100,000 Emiratis are now employed in the private sector.

• This milestone reflects the success of the UAE's Emiratisation efforts, especially through the Nafis program.

• More than 70,000 Emiratis have joined private companies in the past two and a half years.

Why It Matters

• The Nafis program, launched in September 2021, aims to have 10% of private-sector jobs filled by Emiratis by 2026.

• The program is backed by Dh24 billion in funding and legislative incentives, showcasing the UAE’s commitment to boosting Emirati employment.

• The new policy prioritizing government jobs for those with private-sector experience further strengthens the Emiratisation strategy.

What’s Next?

• The UAE plans to create an additional 100,000 jobs for Emiratis over the next three years.

• Targets are set to increase Emirati private sector employment to 6% by 2024, 8% by 2025, and 10% by 2026.

• The government continues to drive this momentum, ensuring sustained growth in Emirati workforce participation in the private sector.

Quote of the day
“The secret of change is to focus all of your energy not on fighting the old but on building the new” – Socrates

✈️ Emirates to Buy Five Airbus A380-861 Aircrafts from Doric Nimrod Air Two for $200 Million 💼

What is it about?

• Doric Nimrod Air Two Ltd. is selling five Airbus A380-861 aircraft to Emirates for $200 million.

• The aircraft are currently leased to Emirates and will be transferred when their leases expire between October 1 and November 30, 2024.

• Each aircraft will be sold for £30.71 million ($40 million).

Why It Matters

• This sale follows the previous sale of two Airbus A380 aircraft to Emirates in 2023 after their lease terms ended.

• The transaction highlights Emirates' strategy to expand and renew its fleet of wide-bodied aircraft.

• For Doric Nimrod Air Two, the sale aligns with its investment strategy of purchasing, leasing, and eventually selling aircraft.

What’s Next?

• The aircraft will be officially transferred to Emirates upon lease expiration in late 2024.

• Doric Nimrod Air Two will continue to manage its aviation assets and may pursue similar transactions as part of its long-term strategy.

• Emirates' fleet expansion supports its growth plans and strengthens its position as a leading global airline.

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