Saudi Arabia's PIF opens subsidiary company office in Paris
"The new office reflects PIF's approach to engaging closely with local partners, leading businesses and institutional investors," the statement said.
(Reporting by Tala Ramadan Editing by Ros Russell)
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UAE: Stablecoin regulations encourage more users explore digital assets safely
Experts are optimistic the recent signing by US President Donald Trump of the Genius Act — creating a regulatory regime for dollar-pegged cryptocurrencies known as stablecoins — will not only give users the confidence to explore digital assets safely but will also draw more users in the UAE, especially newcomers, to crypto by making stablecoins safer and more mainstream for payments and decentralised finance (DeFi). The stablecoin market, which crypto data provider CoinGecko said is valued at more than $260 billion (Dh954 billion), could grow to $2 trillion (Dh7.3 trillion) by 2028 under the new law. It's a milestone that could pave the way for digital assets to become an everyday way to make payments and move money, experts told KT LUXE. The regulatory framework is also seen as a big leap from the time of 'speculative chaos' when stablecoin first came into being back in 2009. The UAE has also moved forward with regulations of AED stablecoins, noted Meera Judge, director, regulatory licensing and policy at Binance. 'When people feel safe, they're more likely to participate. Clear rules create room for innovation — and that's where we see real adoption start to take shape,' she said. Regulations serve as important guardrails, with enhanced transparency serving as the key factor in consumer protection. They build confidence and encourage people who might have been hesitant to explore crypto as a real option for diversifying their finances. In December last year, AE Coin secured the final Central Bank of the UAE (CBUAE) licence it needed to launch. It was developed under the CBUAE's digital payment token services framework for instant, secure, stable, innovative, low-cost, and efficient payment experience. 'The UAE's AED-backed stablecoin is a really exciting milestone. It shows how seriously the UAE is taking decentralised finance and its future role in global financial innovation. This isn't just about creating another stablecoin, it's a clear signal of the UAE's commitment to building a regulated, forward-thinking crypto ecosystem that can compete on the world stage,' Judge said. A constant Stablecoins are designed to maintain a constant value. For the UAE, its focus on a local fiat-backed stablecoin also reflects a regional ambition to diversify beyond the dominance of the USD stablecoins, which have long been the industry's gateway. This is very positive for the country as it is not only about necessity but also about creating opportunity. Judge explained: 'Local fiat stablecoins (like AE Coin) reinforce the seriousness with which countries are approaching crypto regulation and innovation. They help tailor financial tools to regional needs, supporting local businesses and consumers while promoting financial inclusion. 'Moreover, having a wider range of fiat-backed stablecoins contributes to a more diverse and resilient ecosystem, a key step toward making crypto relevant and accessible to people everywhere, not just in dollar-dominated markets,' Judge added. Gracy Chen, CEO of Bitget, shared the same analysis, and optimism that stablecoins will draw more users, especially newcomers. She told KT LUXE: 'The UAE's AED stablecoin regulations, effective June 2025, focus on local currency stability and centralised oversight by the Central Bank, while the US Genius Act targets USD-pegged stablecoins with a dual federal-state framework. Regional trade 'Both aim to enhance trust and adoption, but the UAE emphasises regional financial sovereignty, unlike the USD-centric US approach. Non-USD stablecoins like AED-backed tokens are crucial for regional trade, reducing USD reliance, and catering to local markets, driving global crypto diversity. Supporting AED stablecoins can attract MENA users, while USD stablecoin compliance ensures broader market access,' Chen explained. She added bank-backed USD and AED stablecoins promise faster, cheaper transactions, boosting liquidity, but may challenge existing tokens like USDT (Tether), increasing compliance costs for exchanges. 'This could lead to market concentration, potentially limiting innovation, while subjecting exchanges to stricter regulatory scrutiny.' Chen also pointed out the entry of major US banks (JPMorgan, Bank of America, Citigroup, Wells Fargo) and UAE banks (FAB, MBank, Zand Bank) into the stablecoin market will enhance crypto legitimacy, driving adoption and trading volumes on exchanges.
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United States Energy Association (USEA) Chief Executive Office (CEO) Mark W. Menezes to Bring United States (U.S.) Energy Expertise to African Energy Week (AEW) 2025 Stage
Mark W. Menezes, President and CEO of the United States Energy Association (USEA), joins a roster of high-level speakers at this year's African Energy Week (AEW): Invest in African Energies 2025 conference – taking place from September 29 to October 3 in Cape Town. Bringing decades of experience bridging public and private sector energy leadership, Menezes's participation at AEW: Invest in African Energies 2025 underscores the U.S.'s enduring commitment to supporting Africa's energy transformation through strategic partnerships, technical assistance and investment facilitation. At the helm of the USEA, Menezes oversees the Energy Utility Partnership Program (EUPP), a flagship initiative supported by the U.S. Agency for International Development, which supports national utilities and energy institutions across sub-Saharan Africa in expanding access to electricity, integrating renewable energy, improving grid stability and strengthening institutional capacity. The USEA currently operates in more than a dozen African countries, with long-standing partnerships in Uganda, Kenya, Tanzania, Senegal, Djibouti and Ethiopia as well as across regional power pools like the Southern African Power Pool (SAPP), Eastern Africa Power Pool and the West Africa Power Pool. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. In Uganda, the USEA has partnered with the country's Uganda Electricity Generation Company, the Uganda Electricity Transmission Company and major distribution companies including Umeme and the Uganda Electricity Distribution Company. Through a wide-ranging support program, USEA has delivered significant results including the development of a national Energy Mix Diversification Strategy, the certification of asset management personnel and significant cost savings by replacing foreign contractors with locally trained hydropower maintenance teams. Meanwhile, in Kenya, the USEA supports utilities including the Kenya Electricity Transmission Company and other public and private entities through the East Africa Regional Transmission Planning Program. The initiative has helped develop the region's first integrated load flow planning model to strengthen cross-border energy planning between Ethiopia, Kenya, Tanzania, Rwanda and Burundi. The USEA has also been deeply engaged in Senegal since 2015, supporting the country's national electricity company SENELEC in managing a growing portfolio of energy projects through technical assistance in project management, procurement and power system modeling. In Ethiopia, the USEA played a key role in the drafting and passage of the country's Geothermal Resource Development Proclamation, which created the legal foundation for private investment in Ethiopia's vast geothermal potential. The USEA also helped Ethiopia Electric Power secure a $7.7 million grant through the African Union Commission's Geothermal Risk Mitigation Facility to advance development of the Alalobeda geothermal field. Meanwhile, the USEA, in collaboration with the SAPP, facilitated executive exchanges, helped reform governance bylaw and supported the development of regional frequency and environmental guidelines aligned with international standards. As such, AEW: Invest in African Energies 2025 is set to serve as a critical platform for the USEA to deepen its partnerships with African utilities, regulators and private sector stakeholders. As Africa continues to balance the urgent need for energy access with long-term sustainability and industrialization goals, the USEA's technical support, training programs and planning tools offer frameworks for reform and investment readiness. 'Through the USEA and programs like EUPP, African countries are building stronger, smarter and more resilient energy systems. AEW: Invest in African Energies 2025 will provide the ideal forum to accelerate this momentum,' states Tomás Gerbasio, VP of Commercial and Strategic Engagement, African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber. About Mark W. Menezes: Mark W. Menezes is President and CEO of the United States Energy Association, representing 150 members across the U.S. energy sector. A former U.S. Deputy Secretary and Under Secretary of Energy, he managed a $34 billion budget and oversaw national labs, nuclear programs, and major energy initiatives. Menezes has held senior roles at Berkshire Hathaway Energy, in Congress as Chief Counsel for the House Energy&Commerce Committee, and as a partner at Hunton&Williams LLP. He founded Global Sustainable Energy Advisors and teaches energy law at Georgetown. He holds degrees from LSU and is licensed in D.C., Texas, and Louisiana.
