Global Pulse

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  • UAE’s crypto lead unmasked: Here’s why investors are ahead

    UAE’s crypto lead unmasked: Here’s why investors are ahead

    The United Arab Emirates (UAE) has solidified its position as a global frontrunner in cryptocurrency adoption, with recent data highlighting its exceptional growth and investor enthusiasm. According to a 2025 wealth-insights report by Avaloq, 39% of affluent to ultra-high-net-worth individuals in the UAE hold crypto assets, surpassing the global average of 30%. This trend is further underscored by a 210% year-on-year growth in crypto adoption and a remarkable 25.3% ownership rate, earning the UAE a near-perfect score of 98.4 out of 100 on a leading adoption index.

    Several factors contribute to this surge. Regulatory clarity stands at the forefront, with Dubai’s Virtual Assets Regulatory Authority (Vara) and tax-friendly policies creating an investor-friendly environment. The UAE’s commitment to digital economy development has also fostered a fertile ground for both retail and institutional crypto activity. Notably, Abu Dhabi-based MGX Fund Management’s $2 billion investment in Binance in March 2025 exemplifies the institutional momentum driving the market.

    Infrastructure development further bolsters the UAE’s crypto leadership. The country’s exchange market generated nearly $1 billion in revenue in 2023 and is projected to grow to $5.35 billion by 2030, reflecting a compound annual growth rate of 27.1%. Demographics also play a crucial role, with a tech-savvy, youthful population showing significant interest in digital assets. Studies reveal that 74% of UAE residents aged 25-34 are actively engaged with cryptocurrencies, and 21% plan to trade within the next year.

    Despite these advancements, challenges persist. Market volatility, lack of knowledge, and distrust of exchanges remain barriers for some investors. Additionally, competition among wealth managers is intense, with 63% of UAE investors considering or having changed advisors due to cost, transparency, and trust issues. Analysts emphasize the need for education and robust infrastructure to sustain growth.

    Akash Anand, Avaloq’s regional director, remarked, ‘The UAE’s investor appetite for crypto is ahead of the global trend. It’s not just about buying digital coins but harnessing a broader digital-asset ecosystem to build future wealth.’ As the UAE continues to lead the crypto race, its blend of regulatory support, institutional backing, and demographic advantages positions it as a key player in the evolving digital asset landscape.

  • NBQ’s net profits rise 16% to Dh465 million in 9 months

    NBQ’s net profits rise 16% to Dh465 million in 9 months

    The National Bank of Umm Al Qaiwain (NBQ) has announced a robust financial performance for the first nine months of 2025, with net profits soaring by 16% to Dh465 million compared to the same period in 2024. The bank’s total assets witnessed a significant 32% increase, reaching Dh21.8 billion as of September 30, 2025, up from Dh16.5 billion a year earlier. This growth was driven by a 20% rise in net loans and advances to Dh8.7 billion and a 45% surge in customer deposits to Dh14.7 billion. Shareholders’ equity also expanded by 10% to Dh6.4 billion. NBQ’s capital adequacy ratio stood at 33.75%, well above the minimum threshold set by the Central Bank of the UAE in line with Basel III guidelines. The non-performing loans ratio improved dramatically, dropping by 338 basis points to 0.85% from 4.23% in September 2024. Non-interest income grew by 48% to Dh233 million, while the cost-to-income ratio remained efficient at 22%. Impairment coverage, including collateral, stood at an impressive 459%. Adnan Al Awadhi, CEO of NBQ, attributed the bank’s success to its ongoing digital transformation, customer-centric solutions, and sound risk management practices. He emphasized NBQ’s commitment to operational excellence, regulatory compliance, and sustainability, which he believes will drive further expansion.

  • UAE’s e-commerce boom spurs business transformation amid soaring digital transactions

    UAE’s e-commerce boom spurs business transformation amid soaring digital transactions

    The United Arab Emirates is experiencing a transformative wave in consumer behavior, with digital transactions surpassing $60 billion in 2025, reflecting a nationwide embrace of e-commerce. Data from the UAE Central Bank reveals that retail transactions under the UAE Funds Transfer System (UAEFTS) surged by 22.57% in 2024, totaling 109.7 million transactions worth Dh7.4 trillion (approximately $2 trillion). This represents a 20.63% increase in transaction value compared to the previous year, highlighting the country’s accelerating digital transformation. Projections indicate that digital payment transaction values will grow at a compound annual growth rate (CAGR) of 14.4%, reaching nearly $118 billion by 2030. By then, the number of e-commerce users in the UAE is expected to hit 10.63 million, according to Statista. This digital boom is not only reshaping consumer habits but also compelling businesses to adapt. Blue Ocean Global Group, a Dubai-based distribution leader representing over 25 regional and international brands, has significantly reduced its offline retail operations to focus on becoming a fully technology-driven e-commerce distribution platform. Shahzad Ahmed, Chairman of Blue Ocean Global Group, noted that the company’s e-commerce distribution business has grown by 40% year-on-year, managing inventories for over 550 SKUs to meet rising demand for consumer and electronic goods online. Ahmed attributed this shift to the preferences of millennials and Gen Z consumers, who are driving the digital revolution. The company has also invested heavily in enhancing its supply chain, leveraging emerging technologies like Artificial Intelligence, Robotics, and Machine Learning to streamline B2B operations. Rohit Savara, CEO of Blue Ocean Global Group, emphasized that embracing the Fourth Industrial Revolution is essential for staying competitive in today’s rapidly evolving business landscape.

  • Gold retreats after record rally, on track for biggest daily drop since 2020

    Gold retreats after record rally, on track for biggest daily drop since 2020

    Gold prices experienced a significant downturn on Tuesday, marking their steepest daily decline in five years. This follows a record-breaking rally that saw the precious metal reach an all-time high of $4,381.21 per ounce on Monday. Spot gold fell by 5.5% to $4,115.26 per ounce, its lowest level in a week, while US gold futures for December delivery dropped 5.7% to $4,109.10 per ounce. The sharp decline comes after gold gained approximately 60% this year, driven by geopolitical tensions, economic uncertainty, and expectations of US interest rate cuts. Analysts attribute the sudden drop to profit-taking by investors and improved risk appetite in the market. The dollar index also rose by 0.4%, making gold more expensive for holders of other currencies. Meanwhile, other precious metals, including silver, platinum, and palladium, also saw significant declines. Silver dropped 7.6% to $48.49 per ounce, while platinum and palladium fell by 5.9% and 5.3%, respectively. Traders are now awaiting the delayed release of the US consumer price index report for September, expected to show a 3.1% year-on-year rise. Markets anticipate a 25-basis-point interest rate cut by the Federal Reserve at its upcoming policy meeting, which could further influence gold prices. As a non-yielding asset, gold typically benefits from a low-interest-rate environment, but recent volatility suggests a period of consolidation may be ahead.

  • Viral video of West Bank settler attack sparks outrage and accusations of US hypocrisy

    Viral video of West Bank settler attack sparks outrage and accusations of US hypocrisy

    American journalist Jasper Nathaniel has publicly criticized the US embassy in Israel for failing to protect him after he was targeted by Israeli settlers while reporting in the occupied West Bank. Nathaniel described the incident as an ambush, which occurred during his coverage of the olive harvest in Turmus Ayya, northeast of Ramallah. The attack, which left dozens injured, including an elderly Palestinian woman and international activists, was captured on video and has sparked widespread outrage online. Nathaniel’s posts on X (formerly Twitter) have drawn attention to the escalating violence by Israeli settlers, with the United Nations recording 71 incidents of settler violence against Palestinians in just seven days. Despite being escorted by the Israeli military, Palestinian farmers were reportedly led into an ambush, raising questions about the military’s role in these attacks. Nathaniel’s text exchange with the US embassy revealed that the embassy declined to intervene, citing Israel’s responsibility as the host nation. The incident has intensified scrutiny of the US embassy’s role in the region and highlighted the ongoing violence faced by Palestinians under occupation. Social media users have condemned the lack of international attention to these attacks, with many pointing out the disparity in media coverage when Palestinians are the victims. The incident underscores the broader issue of settler violence and the challenges faced by journalists and activists in the region.

  • Holiday declared for schools in Chennai amid heavy rains, waterlogging

    Holiday declared for schools in Chennai amid heavy rains, waterlogging

    In response to severe weather conditions, schools in Chennai will remain closed on Wednesday, October 22, as heavy rains continue to batter the region. The decision, announced by Chennai District Collector Rashmi Siddharth Jagade on Tuesday, is a precautionary measure to ensure the safety of students and staff. This closure extends the Diwali holidays, which were initially set to end on Tuesday. The torrential downpour, caused by a low-pressure system over the Bay of Bengal, has resulted in widespread waterlogging, disrupting daily life and making commutes across the city extremely difficult. The adverse weather conditions are expected to persist, with other parts of Tamil Nadu also bracing for heavy rainfall. Deputy Chief Minister Udhayanidhi Stalin has inspected infrastructure projects aimed at improving water drainage in Chennai and its surrounding areas to mitigate the impact of such extreme weather events. Authorities are urging residents to exercise caution and stay updated on weather advisories.

  • Dubai’s property market enters a phase of selective growth

    Dubai’s property market enters a phase of selective growth

    Dubai’s real estate market is undergoing a significant transformation, transitioning from rapid expansion to a more measured, segment-driven growth phase, as revealed by Q3 2025 data. According to a report by Betterhomes, the city recorded 55,280 property transactions worth Dh139.7 billion, marking an 18% year-on-year increase in both volume and value. However, the market’s trajectory is far from uniform, with distinct trends emerging across different property types. Apartments, particularly off-plan units, emerged as the standout performers, with sales surging 35% quarter-on-quarter—the highest jump ever recorded. Studios and one- to two-bedroom units dominated 80% of apartment transactions, driven by investor demand for liquidity and rental returns. In contrast, the villa and townhouse segment experienced a downturn, with villa sales dropping 22% year-on-year and off-plan villa transactions plummeting 69%. Louis Harding, CEO of Betterhomes, noted that villas, especially off-plan ones, face pricing and design challenges that require recalibration. Meanwhile, Dubai’s rental market remained robust, with leasing transactions nearly doubling year-on-year (+92%). Apartments led the charge with a 42% quarter-on-quarter increase, while townhouses rose 36%. The average annual rent stood at Dh196,000, with apartments averaging Dh145,000. Investor activity continued to dominate, accounting for 63% of all purchases, up from 58% in Q2. Mortgage-backed transactions eased slightly to 51%, reflecting a balanced buyer mix. Christopher Cina, Director of Sales, highlighted the market’s strength and depth, with volumes surging 11% despite a 6% dip in values from Q2 highs. The average price per square foot reached Dh1,664, nearly double the 2020 level. Over 28,500 units were delivered in 2025, with 250,000 more scheduled through 2027, underscoring Dubai’s long-term development momentum. As Q4 begins, the market is expected to focus on mid- to upper-mid products, particularly apartments, while luxury property transactions show signs of pause. Harding concluded that the market’s narrative is shifting from runaway growth to realignment, with Q4 set to test the stability of these trends.

  • Hamas says dealt ‘severe blow’ to group it says collaborated with Israel

    Hamas says dealt ‘severe blow’ to group it says collaborated with Israel

    The Palestinian movement Hamas announced on Tuesday that its newly established Radea security unit had successfully targeted and dismantled an armed group accused of collaborating with Israel in the Gaza Strip. The operation, carried out in the early hours of Tuesday morning in southern Gaza, focused on the militia led by Yasser Abu Shabab, a fugitive leader whose group Hamas alleges has been involved in subversive activities. According to a statement released by Hamas, the Radea unit arrested several members of Abu Shabab’s Popular Forces and seized military equipment used in their operations. The Radea unit, whose name translates to ‘deterrence,’ was recently created by Hamas with the stated purpose of enforcing order and combating treasonous activities. This recent operation follows clashes last week in Gaza City’s Shujaiya neighborhood between the Radea force and various armed groups, including Abu Shabab’s militia, which Hamas accuses of looting and receiving weapons from Israel. Abu Shabab’s group initially operated in Gaza’s southern Rafah governorate and has been accused of aid looting. In July, Abu Shabab claimed his group had the freedom to operate in areas under Israeli military control and communicated their activities in advance. Israeli authorities acknowledged in June that they had armed Palestinian groups opposed to Hamas, though they did not specifically name Abu Shabab’s militia. The recent operation is part of Hamas’ broader efforts to reassert control over Gaza following the October 10 ceasefire agreement with Israel. Last week, Hamas’ official television channel broadcast footage of the execution of eight alleged collaborators in Gaza City, further underscoring its efforts to eliminate perceived threats. Israeli Prime Minister Benjamin Netanyahu reiterated on Saturday that the war in Gaza would not end until Hamas disarms, as stipulated in the US-brokered ceasefire deal. Hamas has yet to directly address the disarmament issue since US President Donald Trump presented the plan two weeks ago.

  • Australian PM defends US ambassador after Trump run-in

    Australian PM defends US ambassador after Trump run-in

    A recent meeting at the White House between former U.S. President Donald Trump and Australia’s Ambassador to the U.S., Kevin Rudd, has drawn significant attention due to a candid and somewhat contentious exchange. During the encounter, Trump openly expressed his dislike for Rudd, referencing critical tweets the ambassador had posted about him prior to his diplomatic appointment. Rudd, a former Australian Prime Minister, acknowledged the tweets, prompting Trump to retort, ‘I don’t like you either,’ which elicited laughter from the room. Despite the tense moment, Trump later softened his stance, telling Rudd, ‘all is forgiven.’

    Australian Prime Minister Anthony Albanese has staunchly defended Rudd, praising his dedication and effectiveness as ambassador. Albanese emphasized Rudd’s tireless efforts, particularly in advancing key bilateral initiatives such as the AUKUS submarine deal and a significant $8.5 billion rare earths agreement. At a Friends of Australia breakfast attended by U.S. politicians, Albanese lauded Rudd’s work, stating, ‘If there’s a harder working ambassador on The Hill, then please let me know.’ Republican Congressman Michael McCaul also commended Rudd, humorously noting his relief that the ambassador remained ‘gainfully employed.’

    However, the incident has not been without controversy. Australia’s opposition leader, Sussan Ley, called for Rudd’s dismissal, citing the ambassador’s past criticisms of Trump. Rudd, who was appointed in 2023 for a four-year term, has been a polarizing figure in U.S.-Australia relations, particularly given his 2020 description of Trump as the ‘most destructive president in history’ and a ‘traitor to the West.’ Despite these challenges, Rudd’s role in strengthening ties between the two nations has been widely recognized, underscoring the complexities of diplomatic relationships in the face of personal and political differences.

  • Deepika Padukone, Ranveer Singh drop first photos of daughter Dua on Diwali

    Deepika Padukone, Ranveer Singh drop first photos of daughter Dua on Diwali

    On the festive occasion of Diwali, Bollywood’s celebrated couple Deepika Padukone and Ranveer Singh shared the first-ever photographs of their daughter, Dua, sending waves of excitement across social media. The images, posted on Deepika’s official account, showcased the family in traditional Indian attire, radiating warmth and joy. Deepika and Dua were seen in vibrant red outfits, while Ranveer complemented the look with a cream kurta-pyjama and a gold necklace. The heartwarming pictures captured the mother and daughter sharing a tender moment, with Ranveer standing proudly beside them. The post quickly went viral, amassing over 1.2 million likes within just 30 minutes. The couple, who welcomed their daughter in September 2024, had maintained a private stance regarding their family life until this grand reveal. Fans and followers flooded the comments section with messages of love and admiration, celebrating the family’s Diwali festivities. This rare glimpse into their personal life has further cemented their status as one of Bollywood’s most beloved couples.