分类： business

In a surprising revelation during an interview with CBS News’ 60 Minutes, former US President Donald Trump stated that he does not know who Changpeng Zhao, the co-founder of cryptocurrency giant Binance, is. This statement comes despite Trump having pardoned Zhao last month. Zhao, commonly known as ‘CZ’, had pleaded guilty to enabling money laundering in 2023, served four months in prison, and stepped down as Binance’s CEO. His companies have collaborated with firms linked to Trump, including Dominari Holdings, which is based in Trump Tower and has Trump’s sons on its advisory board. When questioned about the pardon, Trump responded, ‘I don’t know who he is,’ and claimed that Zhao was a victim of a ‘witch hunt’ by the Biden administration. Trump also emphasized the importance of the US leading in the cryptocurrency industry to prevent China and other rivals from gaining an advantage. The pardon removes restrictions on Zhao’s financial ventures, but its impact on his regulatory standing and role at Binance remains unclear. White House Press Secretary Karoline Leavitt defended the pardon, calling Zhao’s prosecution an ‘overreach’ by the Biden administration. Binance continues to be the world’s most used crypto exchange. Trump’s administration has a history of halting cases against crypto entrepreneurs, including Justin Sun and the founders of BitMEX and Silk Road.

In a landmark move to bolster its energy sector, Pakistan has awarded 23 offshore oil exploration blocks to four consortiums led by local energy companies, marking its first such bidding round since 2007. The awards, announced by the energy ministry on Friday, cover approximately 53,500 square kilometers of the country’s offshore zone. The successful bidders include state-run entities Oil and Gas Development Co. Ltd (OGDCL), Pakistan Petroleum Ltd (PPL), and Mari Petroleum, alongside privately-owned Prime Energy, backed by Hub Power Company (Hubco).

Among the foreign partners, Turkey’s national oil company, TPAO, secured a 25% stake in one of the blocks and operational rights through a joint agreement with PPL. Other international participants include Hong Kong-based United Energy Group, while local players Orient Petroleum and Fatima Petroleum also joined the consortiums. The four groups collectively committed to an initial investment of $80 million over three years, with potential total investments soaring to between $750 million and $1 billion if drilling progresses.

Pakistan’s offshore zone, spanning 300,000 square kilometers and bordering energy-rich nations like Oman, the UAE, and Iran, has seen minimal exploration since the country’s independence in 1947, with only 18 wells drilled to date. This initiative aims to unlock the region’s untapped hydrocarbon potential and reduce Pakistan’s reliance on oil imports, which currently account for half of its consumption. The move follows the exit of U.S. major Exxon Mobil after the unsuccessful Kekra-1 well in 2019, signaling a renewed effort to attract foreign investment in the energy sector.

Multiply Group is poised to redefine its position in the global investment landscape following a transformative merger that CEO Samia Bouazza heralds as ‘a whole new beginning.’ Since its listing on the Abu Dhabi Securities Exchange four years ago, the company has tripled its market capitalization, with revenues soaring from Dh300 million to Dh2 billion and Ebitda increasing eightfold. The merger, structured as a share swap, will elevate Multiply’s capital base from Dh2.8 billion to Dh8.64 billion, with total outstanding shares reaching 34.5 billion. A 39% free float is anticipated to enhance trading liquidity and improve index weightings in MSCI, FTSE, and FADX 15. The acquisition of IHC’s stakes in 2PointZero and Ghitha Holding is not merely a financial transaction but a fusion of visions, capital, and AI tools. This strategic move expands Multiply’s reach across six sectors, including consumer-focused industries and energy-driven ventures. The energy portfolio now spans the full value chain, from copper and tin mining in Zambia and Congo to renewable energy exports across 120 countries. Multiply’s consumer portfolio is equally robust, encompassing apparel, beauty, media, mobility, and packaging. Ghitha Holding adds a defensive layer with its focus on food production ‘from farm to fork,’ a sector Bouazza deems essential during economic downturns. The merger positions Multiply for stronger investor inflows and global brand expansion, with operations already spanning 85 countries. Bouazza emphasized disciplined execution in acquisitions, targeting a minimum 15% IRR and Dh1 billion in Ebitda within three years. Organic growth is also accelerating, with subsidiaries scaling across the GCC and Latin America. The merger, pending regulatory approval, is set to create one of the most dynamic energy and consumer platforms in the UAE.

The rapid expansion of artificial intelligence (AI) is driving unprecedented energy demands, prompting global leaders to call for urgent action. At the third ENACT Majlis in Abu Dhabi, convened by Adnoc, Masdar, and XRG, over 100 leaders from the energy, technology, investment, and government sectors gathered to address this critical issue. The event highlighted the dual challenges of powering AI-driven growth and meeting escalating energy needs from urbanization, data centers, and transportation. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Adnoc Managing Director, emphasized that energy and AI are the ‘twin engines’ of socioeconomic growth but warned that energy-intensive data centers are competing with other major demand drivers. He called for large-scale investments in energy infrastructure, modernized grids, pro-investment policies, and an AI-ready workforce to prepare for future challenges. The ENACT Majlis, held under the Chatham House Rule, builds on previous editions in Abu Dhabi and Washington, D.C., and follows the release of a joint report by Adnoc and Microsoft titled ‘Powering Possible: Unleashing AI for Energy and Energy for AI,’ which explores the interdependence of AI and energy systems.

In a landmark agreement, SKH Private Family Office and Rotana have unveiled a Dh500 million investment plan to acquire and redevelop The Cove Rotana Resort in Ras Al Khaimah. The partnership, formalized on December 1, 2025, will see SKH Private Family Office spearhead the property’s comprehensive transformation, while Rotana resumes full management and operations for the next 15 years. This collaboration marks a significant milestone for one of the UAE’s most iconic hospitality destinations, reflecting both parties’ confidence in the region’s thriving tourism and investment potential. The signing ceremony, attended by industry leaders, was facilitated by Rasmala Investment Bank, which acted as the financial advisor. Rotana will oversee the resort’s operations, commercial performance, and guest experience, ensuring brand consistency and exceptional value. The investment includes the renovation of guest rooms, villas, restaurants, and leisure facilities, alongside architectural upgrades and the addition of sea-view towers. The project aligns with Ras Al Khaimah’s tourism strategy, which aims to attract 3.5 million visitors by 2030. Philip Barnes, CEO of Rotana, emphasized the resort’s potential to embody the spirit of Ras Al Khaimah and the Rotana brand, while Saqr Kamal Hasan, Founder and Chairman of SKH Private Family Office, highlighted the partnership’s focus on sustainability and regional authenticity. This initiative underscores the UAE’s position as a hub for visionary hospitality developments.