Latest news with #DMCC
Khaleej Times
9 hours ago
- Business
- Khaleej Times
Enduring brilliance: Challenging misconceptions about the value of natural diamonds
It was with immense pride and indeed, a profound sense of purpose, that DMCC Authority recently welcomed Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence of the UAE and Chairman of the Dubai Executive Council, to Almas Tower. Amongst the various stops, Sheikh Hamdan was given a tour of the Dubai Diamond Exchange (DDE), the largest diamond tender facility in the world, which recently surpassed the milestone of one billion carats traded over the past five years at a value of $153.7 billion. In acknowledging Dubai's ascendency from almost no trade to the world's diamond capital in just under two decades, Sheikh Hamdan later remarked that the exchange was one of his favourite points in the tour – a powerful acknowledgement of Dubai's meteoric rise as the undisputed nexus of the global diamond industry. As an industry that has uniquely achieved more than almost any other commodity in terms of financial contribution, built environment and exclusivity, questions surrounding the future value of diamonds are common, however, on this particular day I found myself being questioned by a senior member of the entourage about whether diamonds had any intrinsic value at all. Such a statement, uttered in the world's tallest diamond tower in one of the industry's three global centres is not only ironic, but poorly timed, and admittedly the motivation for this Op-ed. In an age increasingly defined by access to information and artificial intelligence, ignorance is no longer an excuse. Informed discourse, grounded in data and understanding, is paramount. For this, we must call for reasoned debate, not flippant dismissals that undermine significant global industries. If only the individual in question had just asked AI, it would have clarified that diamonds are considered one of the most valuable and sought-after commodities in the world, with their value stemming from a combination of natural rarity, physical qualities, and enduring desirability. While some may think of pearls when it comes to gifting a timeless present for a loved one, there is no doubt that diamonds have the more enigmatic story in terms of their creation, history and lasting social impact, particularly when benchmarked against other commodities such as gold and silver. Indeed, DMCC's origins can be traced back to a $200 million sukuk which was used to develop Almas, Gold and Silver towers, and the beginning of its legacy, while over in the States, The International Gem Tower on 50 West 47th Street, New York stands as the city's only commercial condominium designed specifically for the global diamond, gem and jewellery industry. In brief, the evidence of the diamond industry's impact is very much upfront and present in a way that other commodities are not. The intrinsic value: More than just a gem To claim that diamonds lack value is to ignore centuries of human aspiration and desire. Diamonds remain, and indeed still dominate, as potent aspirational symbols of love, success, and legacy. Their cultural status is undeniable, cemented in the glittering allure of Hollywood, the bold statements of pop culture, the cutting edge of global fashion, and, most enduringly, in the cherished marriage traditions spanning continents and cultures. The very act of gifting a diamond is an acknowledgement of something precious and deeply meaningful – a sentiment that transcends mere material worth. Recent data only reinforces this enduring demand. The Natural Diamond Council's reports consistently highlight the resilience and continued growth in key markets, driven by renewed consumer appreciation for their unique story and rarity. As David Kellie, CEO of the Natural Diamond Council, states, 'No other stone holds the emotional currency of a diamond. It remains one of the few timeless assets that are bought with the heart but backed by real value.' Looking to the future, and beyond their aesthetic and symbolic appeal, diamonds are increasingly being recognised as critical minerals that will enable next-generation technologies. Their unparalleled hardness, thermal conductivity, and unique electrical properties make them indispensable in applications ranging from advanced computing and quantum technology to medical devices and sustainable energy solutions – and while lab-grown diamonds will more likely take a practical role in this field due to cost efficiency, the distinct, functional value of natural diamonds remains unchanged. The human impact: Millions of livelihoods at stake Beyond their symbolic and technological significance, the global diamond industry is a colossal economic engine, directly impacting millions of livelihoods around the world. Indeed, the sheer scale of its human contribution is often overlooked in flippant dismissals of its value. Consider India, where approximately 90 per cent of the world's diamonds are cut and polished. This massive undertaking employs hundreds of thousands of skilled individuals in the bustling cities of Surat and Mumbai, providing economic stability and opportunity for entire communities. Further upstream, nations such as Botswana, Namibia, Angola, the Democratic Republic of Congo (DRC), and Zimbabwe rely heavily on diamond revenues. These critical resources fund essential infrastructure, establish and maintain schools, and provide vital healthcare services, literally transforming nascent economies and uplifting populations. Specifically in Botswana, diamonds represent 80 per cent of its exports and account for a third of its fiscal revenue, significantly contributing to the nation's GDP and development. To claim diamonds are worthless is to erase the economic contribution of entire nations and to undermine the livelihoods of millions across India and Africa. Beyond the direct economic impact of mining and cutting, the downstream segment of the diamond industry – encompassing jewellery manufacturing, design, and retail – extends its influence to countless more individuals globally. From master artisans to dedicated sales professionals and logistics specialists, the industry supports a vast and intricate network of skilled labour and entrepreneurship. It is in this final stage where the diamond's journey culminates in consumer purchase, sustaining a global ecosystem that thrives on aspiration, artistry, and robust supply chain management — and at the heart of it, Dubai. Dubai's rise as the global diamond hub Aside from the Dubai Diamond Exchange, the UAE, and Dubai are deeply embedded in the very fabric of the diamond industry, not only in terms of trade, but monitoring, development, certification, and discussion. Chairing the Kimberley Process for a second time, the UAE leads positive change in the UN-mandated organisation that continues to be the only successful effort to stem the flow of conflict diamonds. As a business hub, DMCC is home to the 68-storey Almas Tower, the world's tallest diamond tower, a record it has held for the past 16 years. It also continues to boast unmatched, dedicated infrastructure, while remaining consistently overbooked by an extensive range of industry stakeholders. DMCC is also the base for a wide variety of major diamond businesses including IGI, and the Gemological Institute of America (GIA), the latter of which occupies two floors in Uptown Tower. As a destination for congregation and debate, DMCC continues to host a broad range of events including the LGD Symposium and KP Plenary later this year, while the Dubai Diamond Conference, which returns for a seventh time in 2026, consistently draws industry leaders such as De Beers' CEO Al Cook and Zimbabwe's Winston Chitando, Minister of Mines and Mining Development. DMCC is also a leading destination for other industry authorities, including but not limited to the World Diamond Council and The World Federation of Diamond Bourses. In continuation of its global success as the global centre for rough, having overtaken Antwerp several years ago, Dubai is also actively vying for the top spot in polished diamond trading, with recent milestones including Rapaport's 50,000 carat auction, Dhamani's unveiling its exclusive collection of Dubai Cut Diamonds, and the display of multi-million-dollar stones by global powerhouses like Sotheby's. Facts vs. opinions in the age of AI When an opinion is aired publicly, particularly by an individual of influence, and it flagrantly ignores verifiable facts, the livelihoods of millions of people, and the economic contribution of entire nations, then it ceases to be a mere personal viewpoint, but a statement that must be challenged. Following the recent World Federation of Diamond Bourses' President's Meeting, I am reminded of a quote from Martin Rapaport: 'Diamonds are a store of value. Not so much as an investment, although I do believe diamonds will be an incredible investment once we establish sufficient markets for them.' As someone who I would consider as a consumer's best friend, I would highlight that Martin's RapNet is an extremely useful tool that clearly illustrates diamond value, before luxury consumer jewellery brands add their markups, albeit yet another example of how important storytelling is in terms of B2C sales. Ultimately, the value of diamonds is real, tangible, and profoundly impactful, and thanks to Dubai's visionary leadership, an integral part of the city's enduring legacy.
Wamda
2 days ago
- Business
- Wamda
Byzanlink secures $1 million backed by Outlier Ventures
UAE-based RWA tokenisation platform Byzanlink has closed a $1 million private funding round backed by Outlier Ventures, NTDP Saudi Arabia, Smart IT Frame, Sensei Capital, and other angel investors. Founded in 2024 by Anbu Kannappan, Byzanlink operates from DMCC in Dubai, building infrastructure to tokenise traditional financial assets, offering institutional and retail investors broader access, enhanced transparency, and operational efficiency through blockchain rails. The new capital will fuel product development, expand ecosystem integrations, and strengthen regulatory alignment. Byzanlink aims to offer professionally managed, yield-bearing digital instruments, anchoring itself as a core compliance-ready infrastructure layer in the emerging global tokenised asset economy. Press release: Byzanlink, a real-world asset (RWA) tokenisation platform bridging traditional finance and decentralised finance (DeFi), has raised $1 million in a private funding round. The raise attracted a group of early supporters, including Outlier Ventures, NTDP Saudi, Smart IT Frame, Sensei Capital and angel investors Murali Kulala (CEO, Smart IT Frame), Salman Butt (Co-founder, Salla), and Christopher, a seasoned fintech investor, along with several other prominent angel backers. Based in Dubai's DMCC, Byzanlink is building infrastructure to modernise access to institutional-grade investment opportunities through blockchain-based tokenisation. The platform is designed to bring greater transparency, operational efficiency, and broader accessibility to financial assets that have traditionally remained out of reach for many investors. 'Support from such a diverse and forward-thinking group of partners is a strong signal for what we're building,' said Anbu Kannappan, Founder and CEO of Byzanlink. 'We believe the next generation of financial infrastructure will be powered by transparency, automation, and access. We're committed to building that foundation.' With this new capital, Byzanlink will accelerate product development, deepen ecosystem integrations, and strengthen the operational frameworks that support regulatory alignment and institutional adoption. The platform aims to align traditional investment structures with modern financial rails, creating a foundation where capital moves faster, more openly, and with greater programmability. As the tokenisation of real-world assets gains global momentum, Byzanlink is positioning itself as a core infrastructure layer supporting compliant, yield-bearing financial products for institutions, fintechs, and digital-native treasuries. The company's approach centres on a multi-asset model, with plans to support a range of professionally managed, blockchain-native financial instruments. While exact offerings are under development, the platform will prioritise security, liquidity, and real-time transparency. This funding milestone marks a significant step in Byzanlink's journey to reshape how capital is allocated, managed, and accessed in the digital economy.
Khaleej Times
3 days ago
- Business
- Khaleej Times
Dubai's Omining unveils first African site in Kenya's Special Economic Zone
Omining, a crypto infrastructure company based in Dubai and operating under the DMCC ecosystem, has expanded operations into Kenya. The company's newly established facility in the Kenyan Special Economic Zone (SEZ) makes it one of the first large-scale Web3 deployments in East Africa by a UAE-based entity. The company's entry comes as global technology players, including Microsoft, expand into Kenya's SEZ framework, with Google and Amazon reportedly completing due diligence for future presence in the region. Omining's new facility will serve as its operational hub, with a 90-megawatt capacity currently being expanded to 200 megawatts. It leverages Kenya's stable electricity costs, investor-friendly regulation, and growing global relevance. Naivasha, where the plant will run, offers other key advantages: a year-round temperate climate ranging from 6 to 30 degrees Celsius, a 100% tax-free regime within the SEZ, and a currency whose value is closely aligned with the US dollar - much like Dubai. 'We're witnessing the beginning of a revolutionary era - the democratization of cryptocurrency mining. By enabling anyone to mine a currency without government control, we're participating in a groundbreaking movement that's reshaping the world's financial landscape,' said Francesco Colucci, Managing Partner at Omining. In under-electrified markets, crypto mining operations can play a broader role. Kenya has made significant strides in renewable energy generation, yet in rural areas, grid expansion often remains economically infeasible due to low demand. Omining's consistent, large-scale energy consumption and investments in the region can help stabilize long-term revenue for utility providers. This, in turn, adds to the long-term health of both infrastructure and access. 'The infrastructure we're building is about more than just scale,' said Lorenzo Calligaris, CTO at Omining. 'You need to be in environments that understand what you're doing and let you move fast, but responsibly. That's what we've had in Dubai, and now we're applying that playbook in Kenya.' Kenya's SEZ has emerged as a pragmatic alternative to more saturated destinations. Situated near Nairobi but free of its congestion, it is supported by strong logistics infrastructure. These fundamentals, combined with investor-friendly policies and reliable power supply, are beginning to shift how international firms perceive the region. Kenya's positioning as an SEZ destination is rapidly gaining traction across multiple industries because of a skilled labor pool, and growing integration with global digital trade systems. Recent public commentary from Kenneth Chelule, CEO of the SEZ Authority, referenced the potential of crypto mining firms like Omining to contribute to SEZ employment and energy monetization. The early links between Dubai and destinations like Kenya are expected to evolve into deeper, more sustained digital-economic relationships. Omining's move is an early example of what those relationships could look like in practice.
Time Business News
25-06-2025
- Business
- Time Business News
Business Setup Creative City Fujairah
Starting a business in the UAE is a dream for many entrepreneurs due to the country's booming economy, strategic location, and investor-friendly regulations. If you're considering expanding your business or establishing a new one, options like Creative City Fujairah, DAFZA (Dubai Airport Free Zone Authority), and DMCC (Dubai Multi Commodities Centre) are among the top choices. This article focuses on Business Setup in Creative City Fujairah Fujairah Free Zone company registration, and also explores business setup in DAFZA and DMCC, including their respective costs and benefits. Creative City Fujairah is a thriving hub for media, consulting, education, and creative businesses. It offers a cost-effective and flexible platform for entrepreneurs looking to enter the UAE market without heavy infrastructure investment. Business Setup in Creative City Fujairah Fujairah Free Zone company registration is especially suitable for freelancers, small businesses, and companies focused on digital, design, and creative sectors. 100% foreign ownership No personal or corporate income tax Full repatriation of profits and capital No currency restrictions Fast-track business registration and licensing With simplified documentation and quick registration processes, business setup in Creative City Fujairah has gained significant traction among startups and SMEs. DAFZA is one of the most prestigious free zones in the UAE. Situated next to Dubai International Airport, it offers unparalleled logistics and connectivity. Ideal for aviation, logistics, IT, and trading businesses 100% foreign ownership Zero customs duties on imports and exports Strategic proximity to Dubai airport Business setup in DAFZA is a smart choice for companies involved in international trade and high-value operations. The ecosystem is tailored for efficiency and growth. Setting up a company in DAFZA involves specific costs depending on the business activity, license type, and office space. Here's a general breakdown: License fee: Starts from AED 15,000 annually Office rent: From AED 30,000 per year for executive desk packages Registration fee: Approximately AED 5,000 (one-time) Share capital requirement: Minimum AED 1,000 (varies by activity) While the business setup in DAFZA cost might appear higher than other zones, the premium infrastructure and global exposure offer exceptional value. When you register a business in DAFZA, the registration fee is a one-time cost that covers company incorporation, documentation, and approval processes. The business setup register in DAFZA cost is usually around AED 5,000, excluding license and office rental charges. Entrepreneurs benefit from a professional environment designed for smooth operations and scalability. DMCC is another top-tier free zone located in the heart of Dubai. It's especially known for commodity trading, though it supports a wide range of business activities including tech, consultancy, and finance. Voted 'Global Free Zone of the Year' multiple times Access to world-class infrastructure High credibility and prestige Multiple business activity licenses available Business setup in DMCC Free Zone provides a platform for growth with access to a large business network and international market. The business setup in DMCC Free Zone cost depends on the license type, number of visas, and office space. Here's a rough estimate: License fee: From AED 10,000 annually Flexi-desk: Around AED 16,000/year Registration fee: AED 9,000 (one-time) Office rent: From AED 20,000/year for Flexi-desk packages Though pricing varies, the investment in DMCC offers high returns through brand credibility, location advantages, and investor confidence. Free Zone Best For Starting Cost (AED) Creative City Media, Consultancy, Education 10,000 DAFZA Aviation, IT, Trading 15,000+ DMCC Commodities, Finance, Tech 10,000+ Each of these free zones has its unique advantages. Your choice should depend on your business nature, budget, and long-term goals. If you are looking to establish your footprint in the UAE, Business Setup in Creative City Fujairah Fujairah Free Zone company registration is an excellent starting point. With minimal startup costs, efficient registration processes, and access to the UAE's dynamic market, this option is particularly attractive for startups and freelancers. Meanwhile, business setup in DAFZA and business setup in DMCC Free Zone offer unmatched prestige and logistics benefits for businesses aiming for high growth and global reach. Whether you are evaluating business setup in DAFZA cost, business setup register in DAFZA cost, or comparing it with business setup in DMCC Free Zone cost, it's essential to align your decision with your business model. Make the smart move today and explore the immense opportunities awaiting you in these premium UAE free zones. What is the minimum cost for business setup in Creative City Fujairah? The starting cost is around AED 10,000, making it an affordable option for startups and freelancers. Is DAFZA suitable for e-commerce businesses? Yes, DAFZA supports e-commerce, especially if logistics and air freight are essential to your model. What is included in the DMCC Free Zone cost? It typically includes license fees, office space (flexi-desk or full office), registration, and visa eligibility. Can I get a visa with my company in Creative City Fujairah? Yes, Creative City offers visa packages based on your office type and license. Which free zone is best for tech startups? DMCC and DAFZA are both excellent choices due to their infrastructure, location, and access to global markets. In conclusion, Business Setup in Creative City Fujairah Fujairah Free Zone company registration, business setup in DAFZA, and business setup in DMCC Free Zone present excellent opportunities for entrepreneurs to thrive in the UAE's dynamic business environment. TIME BUSINESS NEWS
Tahawul Tech
25-06-2025
- Business
- Tahawul Tech
Dubai's Omining unveils first African site in Kenya's Special Economic Zone
The DMCC-registered firm brings operational capacity and long-term planning to East Africa Dubai — Omining, the crypto infrastructure company based in Dubai and operating under the DMCC ecosystem, has expanded operations into Kenya. The company's newly established facility in the Kenyan Special Economic Zone (SEZ) makes it one of the first large-scale Web3 deployments in East Africa by a UAE-based entity. The company's entry comes as global technology players, including Microsoft, expand into Kenya's SEZ framework, with Google and Amazon reportedly completing due diligence for future presence in the region. Omining's new facility will serve as its operational hub, with a 90-megawatt capacity currently being expanded to 200 megawatts. It leverages Kenya's stable electricity costs, investor-friendly regulation, and growing global relevance. Naivasha, where the plant will run, offers other key advantages: a year-round temperate climate ranging from 6 to 30 degrees Celsius, a 100% tax-free regime within the SEZ, and a currency whose value is closely aligned with the US dollar – much like Dubai. 'We're witnessing the beginning of a revolutionary era – the democratisation of cryptocurrency mining. By enabling anyone to mine a currency without government control, we're participating in a groundbreaking movement that's reshaping the world's financial landscape,' said Francesco Colucci, Managing Partner at Omining. In under-electrified markets, crypto mining operations can play a broader role. Kenya has made significant strides in renewable energy generation, yet in rural areas, grid expansion often remains economically infeasible due to low demand. Omining's consistent, large-scale energy consumption and investments in the region can help stabilize long-term revenue for utility providers. This, in turn, adds to the long-term health of both infrastructure and access. 'The infrastructure we're building is about more than just scale,' said Lorenzo Calligaris, CTO at Omining. 'You need to be in environments that understand what you're doing and let you move fast, but responsibly. That's what we've had in Dubai, and now we're applying that playbook in Kenya.' Kenya's SEZ has emerged as a pragmatic alternative to more saturated destinations. Situated near Nairobi but free of its congestion, it is supported by strong logistics infrastructure. These fundamentals, combined with investor-friendly policies and reliable power supply, are beginning to shift how international firms perceive the region. Kenya's positioning as an SEZ destination is rapidly gaining traction across multiple industries because of a skilled labor pool, and growing integration with global digital trade systems. Recent public commentary from Kenneth Chelule, CEO of the SEZ Authority, referenced the potential of crypto mining firms like Omining to contribute to SEZ employment and energy monetisation. The early links between Dubai and destinations like Kenya are expected to evolve into deeper, more sustained digital-economic relationships. Omining's move is an early example of what those relationships could look like in practice.
