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Donald Trump has declared on social media that the United States and China have finalised a trade agreement, pending formal sign-off from both himself and Chinese President Xi Jinping. The accord ensures China will supply rare earth minerals and magnets “up front” to the U.S., while the U.S. will honour its commitments, including allowing Chinese students to study at American universities. Trump also highlighted a tariff arrangement favouring the U.S., imposing a total of 55 per cent, against China’s 10 per cent.

Negotiators in London laid the groundwork for this framework during two days of discussions aimed at restoring the Geneva truce first reached in May, which had faltered amid export restrictions on critical minerals. U.S. Commerce Secretary Howard Lutnick described the outcome as putting “meat on the bones” of the Geneva agreement by addressing China’s curbs on rare earths and magnets. Both governments intend to present the framework for approval by Trump and Xi.

China controls a significant share of the world’s rare earth minerals, essential for manufacturing electronics, electric vehicles and defence technologies. Export licences recently granted to Chinese firms meeting U.S. demand reinforce China’s commitment to the agreement. The shortage of these minerals had previously disrupted global supply chains and limited U.S. access to critical components.

Alongside rare earth supplies, the agreement addresses educational exchanges by reaffirming that Chinese students will continue to access American universities. Trump emphasised this pledge in his social media announcement. Although the U.S. has criticised visas for students in sensitive fields, the deal appears to restore earlier norms.

Trump presented the tariff structure as a win for American interests: 55 per cent U.S. tariffs versus 10 per cent Chinese tariffs. These adjustments mark a shift from the extreme tariff stances of earlier this year, which had peaked at triple-digit levels.

Stock markets responded cautiously to the news: global indices displayed measured optimism as investors awaited details and official approvals. Analysts warned that markets remain fragile, with movement dependent on implementation and trust between the two nations.

Beijing’s participation was led by Vice Premier He Lifeng and Commerce Minister Wang Wentao, who conveyed the deal as a balanced step toward reviving the Geneva pact. The U.S. delegation included Commerce Secretary Lutnick, Treasury Secretary Scott Bessent, and Trade Representative Jamieson Greer. President Trump and President Xi had previously spoken by telephone on 5 June, building momentum for these discussions.

Despite this progress, experts caution that deep-seated mistrust and unresolved disputes remain. Non‑tariff barriers, such as technology export restrictions and visa policies, continue to loom. Chinese officials emphasised the deal’s provisional nature, awaiting “balanced” steps by both sides.

Analyst Ian Bremmer of Eurasia Group observed that while restarting the Geneva truce is a step up from breakdown, achieving a durable U.S.-China trade relationship will require sustained engagement and policy alignment. The role of rare earths as leverage underscores China’s global strategic advantage.

President Trump signalled confidence that approval could occur swiftly: Lutnick suggested sign-off might happen within days, as early as Wednesday or Thursday, after which implementation could begin. However, both governments have set a firm deadline of 10 August to negotiate a broader accord, before tariffs revert to higher levels.

With economic growth at risk from disrupted supply chains and tense trade anomalies, both the White House and Beijing face pressure to deliver tangible results. The World Bank recently warned that heightened tariff uncertainty could drag down global growth to an estimated 2.3 per cent in 2025.

While the deal hasn’t resolved core security‑driven trade issues—such as semiconductor and aviation export controls—it marks a notable thaw in tensions. Trump labelled his relationship with Xi as “excellent”, while both leaders exchanged invitations for state visits, signalling a diplomatic openness that has been absent from U.S.-China relations.

The World Bank has raised its forecast for the UAE’s gross domestic product to 4.6 percent in 2025, marking a notable upward revision of 0.6 percentage points from its January outlook. The renewed projection is driven by strong momentum in non‑oil sectors—tourism, construction, transportation and finance—while the phased easing of OPEC+ production cuts is expected to support oil output growth.

Overall GCC growth is also tipped to rise to 3.2 percent in 2025, climbing further to 4.5 percent in 2026 and 4.8 percent in 2027. Globally, however, the World Bank projects a slowdown to 2.3 percent in 2025, the weakest expansion outside recessions since 2008 — due mainly to elevated trade tensions and policy uncertainty.

Within the UAE, the non‑oil sector is poised to expand by roughly 4.9 percent in 2025, outpacing oil‑based growth. This upturn reflects robust activity in tourism, real estate, transport, and financial services. The first nine months of 2024 saw non‑oil GDP rise by 4.5 percent, a stronger contributor than the 1.5 percent growth recorded in oil GDP.

Analysts point to the UAE’s strategic economic diversification as central to this trajectory. Public investment in infrastructure and tech industries, alongside governance reforms aimed at enhancing the business environment, have significantly boosted competitiveness. Free‑zone facilities and logistics integration—especially in Abu Dhabi—are improving supply chain efficiency, while the nation’s Comprehensive Economic Partnership Agreements are broadening international trade links.

OPEC+ adjustments remain influential. The group is implementing a gradual withdrawal from voluntary oil output limits between May 2025 and September 2026, which the World Bank says will bolster oil GDP amid global price pressures. The UAE’s oil GDP is thus anticipated to gain ground after a lull, providing a stabilising complement to the diversification agenda.

Risks persist, including uncertainty around global trade, fluctuating energy prices, and regulatory slowdowns. The World Bank notes that logistics sectors across the GCC could be affected by broader trade disruptions. Meanwhile, lower oil revenues may limit fiscal flexibility, even as sovereign buffers remain robust.

In Abu Dhabi, economic diversification efforts are visibly gaining traction. The non‑oil sector there grew by 6.2 percent in 2024, representing over half of the emirate’s GDP at AED 644.3 billion. Large‑scale initiatives—such as new business districts, enhanced transport infrastructure, and collaborative zones linking academia with private industry—are expanding economic capacity.

Despite global headwinds, the UAE’s fiscal position remains sound. The 2024 fiscal surplus stood at approximately 4.6 percent of GDP, supported by counter‑cyclical spending and healthy sovereign reserves. Inflation has moderated to near 2.3 percent, with the Central Bank maintaining supportive liquidity without compromising price stability.

Employment is also expected to benefit. The International Labour Organization projects job growth to remain around 3.3 percent in 2025, with unemployment steady at roughly 2.1 percent. Nonetheless, structural issues—such as high youth unemployment and gender disparities—persist, particularly among younger and female cohorts.

Looking ahead, the UAE is on track to sustain growth above 4 percent through 2027, with oil and non‑oil sectors contributing in tandem. Yet, global vulnerabilities underscore the need for continued diversification, fiscal prudence and trade resilience.

Air India has partnered with blockchain-based loyalty specialist Loyyal to allow Maharaja Club members to earn points on everyday purchases across key brands in the United States and the United Kingdom. The collaboration enables members to accrue Maharaja Points on shopping at major retailers such as Walmart, Victoria’s Secret, New Balance, GAP, Victorinox and Alamo – marking a significant expansion of the airline’s loyalty programme.

Members now earn up to 99 Maharaja Points per USD 100 spent at Walmart, 310 points per GBP 100 at Victoria’s Secret, 300 points at Victorinox, 45 at New Balance, 180 at GAP and 64 points at Alamo. These offerings are accessible via the Maharaja Club Partner Offers page on Air India’s website, where members can select a brand and follow on-screen prompts to initiate their purchases.

Shailesh Kumar Singh, Head of Loyalty at Air India, commented that the alliance with Loyyal “makes it easier for our members to earn Maharaja Points on everyday essentials and shopping, without needing to fly frequently”. Meanwhile, Loyyal CEO Ashish Kumar Singh noted that the initiative “significantly boosts the earning potential for Maharaja Club’s members,” adding that it enriches daily experiences and complements travel benefits.

The partnership follows a broader revamp of the Maharaja Club, which adopted a simplified tier structure, updated identity and enhanced customer features. Air India has added more than 50 non-airline partners over the last 18 months, supporting its transformation under the Vihaan.AI strategy and leveraging its Star Alliance membership.

The move aligns with global loyalty trends, where airlines increasingly engage shoppers via retail partnerships. By enabling points accrual through non-travel spend, loyalty programmes become more relevant to everyday consumer behaviour, fostering engagement beyond flight activity. Consumers, meanwhile, gain tangible value even during non-travel periods.

Maharaja Club’s integration with Star Alliance further enhances its value proposition. As noted by Air India’s own commentary, elite-tier members benefit from worldwide priority check-in, lounge access at over 1,100 locations, extra baggage allowance, and the ability to accrue and redeem points across the alliance’s 25 carriers. These features remain central to the programme’s repositioning.

Industry analysts highlight that Loyyal’s blockchain-based platform offers secure, transparent point tracking and easier integration of diverse partners. Though Air India and Loyyal have not disclosed technical details publicly, Loyyal’s existing reputation in travel loyalty schemes supports confidence in seamless implementation.

Under the agreement, Air India continues to broaden access to Maharaja Points across shopping categories. The move targets customers traveling abroad or residing outside India, reinforcing Air India’s global outreach following its Tata Group-led transformation. In support, the programme emphasises that points can be redeemed for award flights and cabin upgrades through Air India or Star Alliance partners.

The timing of the launch coincides with Air India’s widened network with new interline agreements and route expansions, such as recent pacts with airlines like airBaltic, Cyprus Airways and Uzbekistan Airways, aimed at increasing global connectivity. As passengers gain more travel options, the value of earning and using loyalty points is projected to grow.

As more household and lifestyle brands are added to the programme, members could diversify their point accrual even further. Air India has indicated that additional partners will be announced in due course, though specifics have not yet been released.

Maharaja Club members benefit from streamlined user experience with clearly stated earning rates for each participating brand. For example, spending at Victoria’s Secret yields 310 points per GBP 100, while spending at Victorinox delivers 300 points per USD 100 – figures that are prominently showcased on the shopping portal.

Air India’s alignment with Loyyal fits within its hospitality-driven repositioning under Vihaan.AI, along with fleet modernisation, training investments, new routes, and enhanced premium services. The airline aims to appeal to international leisure and business travellers – particularly those based abroad – by offering points that can accrue through both travel and lifestyle spending.

Industry commentators suggest that Loyyal’s blockchain solution offers underlying benefits including transparent audit trails, fraud reduction and easy tracking of reward accrual from non-travel sources. This increases both partner and consumer confidence in the integrity of the loyalty ecosystem.

OpenTrade, a London-based fintech infrastructure provider, has closed a £5.5 million funding round, led by Notion Capital and Mercury Fund, raising its total capital to around £8.5 million since inception. The investment is earmarked to scale its build-out of real-world asset-backed stablecoin yield services across high-inflation markets in Latin America and Europe.

OpenTrade embeds “yield-as-a-service” into fintech apps, allowing users to earn interest on USD and EUR stablecoins—rates that significantly outperform traditional banking options. Fintech clients such as Criptan in Spain and Littio in Colombia now offer yields up to 9%, compared with local bank APRs of under 0.5%.

Co-founders Dave Sutter, Jeff Handler, and Tom Niermann have close links to USDC’s Centre consortium and hold decades of digital assets experience. They launched OpenTrade in early 2024 to address demand from emerging markets, where inflation erodes savings and dollar-denominated banking returns are negligible. The platform has since managed approximately $47 million in assets and processed nearly $200 million in transaction volume, growing at an average of 20% month-over-month.

The round also saw participation from a16z crypto, AlbionVC, and CMCC Global, reflecting continued investor confidence. OpenTrade intends to direct the funds towards enhancing its technological capabilities, supporting growth in client-facing applications, and broadening its product suite to include a wider range of real-world asset-backed instruments.

The company’s timing aligns with a broader surge in stablecoin infrastructure. Globally, stablecoin transaction volumes now exceed $20 trillion annually—outpacing conventional payment systems such as Visa, Mastercard, and PayPal. For fintech firms in emerging economies, embedding stablecoin yields into everyday platforms is reshaping perceptions of crypto, transforming digital currencies from purely transactional tools into accessible savings vehicles.

Argentina and Colombia exemplify this shift. Dollar accounts are rare, and where available, yields are negligible. In Colombia, dollar-denominated APRs are below 0.4%, while Littio users, through OpenTrade, attract up to 6%. Spain’s Criptan offers up to 9% in EUR stablecoin returns—generating user traction by outperforming traditional savings products.

Despite the rapid uptake of stablecoins, mainstream users in many regions face roadblocks: regulatory frameworks for safe yield generation have lagged behind adoption. OpenTrade bridges this gap by offering compliant real-world asset backing and embedded yield capabilities, supporting regulatory alignment while extending market reach.

This funding arrives amid a regulatory pivot in Europe. The Financial Conduct Authority plans to unveil discussion papers on stablecoin issuance and custody in Q4 2025, aligning with the EU’s Markets in Crypto-Assets framework. OpenTrade’s growth strategy demonstrates fintechs’ ambition to navigate both innovation and regulation in stablecoin infrastructure.

Fintech founders view embedded stablecoin yield as essential for financial inclusion. Sutter has emphasized that stablecoins have become crypto’s “killer app” and that over a third of Latin American consumers have used them for purchases. OpenTrade is positioned as an enabler: the platform supports deposits, withdrawals, and yield generation directly within existing fintech interfaces.

Investor sentiment adds context. Notion Capital’s Itxaso del Palacio remarked that the $240 billion stablecoin market needs robust infrastructure. Mercury Fund’s Samantha Lewis described OpenTrade as “core financial infrastructure for the next generation of fintech”. These endorsements highlight confidence in both OpenTrade’s leadership and market relevance.

Looking ahead, OpenTrade aims to expand its reach over the next 12–18 months. Key areas include launching new yield products, incorporating diverse asset classes, and enhancing the user experience for fintech clients. The vision is to become the go-to partner for compliant stablecoin yield solutions, competing across developed and emerging economies where rising inflation, currency volatility, and limited access to traditional deposits persist.

MediLink Therapeutics Ltd. is preparing to launch an initial public offering in Hong Kong, having secured China International Capital Corp., JPMorgan Chase & Co. and Morgan Stanley as its lead advisers, according to people with knowledge of the matter. The move comes as the clinical-stage biotech firm seeks to capitalise on growing investor interest in advanced tumour-targeting therapies and consolidate its platform of antibody‑drug conjugates.

Founded in 2020 and headquartered in Suzhou with R&D operations in Shanghai and Boston, MediLink has developed a proprietary ADC technology known as TMALIN®. The platform facilitates precise delivery of cytotoxic agents to tumour cells, with the intention of widening therapeutic windows for solid tumour treatments. Its pipeline includes programs that have advanced to clinical stages in both China and the United States, supported by a Series B financing round of approximately USD 70 million in 2022.

MediLink’s strategic engagement of three underwriters reflects heightened confidence in anchor investors and broader syndication. China International Capital Corp. brings deep roots in Chinese capital markets and extensive IPO experience in the biotech sector. JPMorgan and Morgan Stanley add global banking heft and access to international investors.

CICC itself is emerging as a top-tier sponsor for Hong Kong listings. It led or co-led 19 IPOs for Chinese corporates last year, raising USD 3.84 billion, positioning it as a dominant force amid market revival. The engagement of internationally renowned banks alongside CICC is likely aimed at boosting MediLink’s valuation and widening investor interest both locally and abroad.

While IPO details remain confidential, analysts suggest MediLink could seek a valuation in the mid‑to‑high hundreds of millions of dollars. That would reflect both the advanced stage of its pipeline and prevailing market multiples for ADC developers. Comparable biotech flotations in Hong Kong and the U.S. have reflected growing appetite for oncology-focused platforms.

Alongside listing ambitions, MediLink continues to advance its clinical and licensing goals. In March it unveiled preclinical data at the American Association for Cancer Research annual meeting; earlier in the year it received FDA clearance for its IND application for YL217, its lead candidate. YL201, another programme, received Breakthrough Therapy Designation in January for treatment of recurrent/metastatic nasopharyngeal carcinoma.

The company has also pursued strategic licensing agreements with global pharmaceutical firms to expand development and commercialisation capabilities. A licensing deal under discussion ahead of the IPO is believed aimed at enhancing distribution reach while reinforcing MediLink’s balance sheet.

The IPO effort is part of a broader resurgence in biotech listings in Hong Kong, where authorities have eased regulations to attract innovation-driven offerings. CICC and other banks have ramped up support for ADC and gene therapy companies, signalling a turning point after a lull in listings.

MediLink’s choice of banks aligns with a wider trend: CICC has co-sponsored blockbuster floats including the forthcoming mega‑IPO of CATL, while banks like Goldman Sachs and Morgan Stanley have also participated. In this context, MediLink is positioning itself to tap both deep domestic networks and international capital.

Stakeholder sentiment appears optimistic. MediLink’s management team, comprised of co‑founders Tony Xue and Jiaqiang Cai alongside C‑suite leaders experienced in drug development and financial strategy, has overseen steady progress in its ADC pipeline and established global partnerships. Jason Li’s appointment as CFO in 2023 reportedly strengthened the company’s capital market readiness.

Market observers highlight challenges ahead. ADC development remains capital-intensive, clinical risks high, and competition fierce among domestic and international peers. Success will hinge on late‑stage data and licensing traction. At the same time, geopolitical tensions and volatility in Hong Kong equity markets may affect investor sentiment.

MediLink must also navigate post‑IPO obligations, including regulatory reporting and corporate governance under Hong Kong’s Main Board requirements. Mitigating execution risk will be critical, underscoring the role of its chosen bankers in underwriting diligence and market support.

Analysts describe the listing as a pivotal moment: it offers the backing to fund Phase II/III efforts while elevating MediLink’s corporate profile. For banks, it reinforces Hong Kong’s appeal as a biotech capital market when compared with established centres like Nasdaq.

With its IPO process underway, MediLink now awaits market timing and regulatory clearances before formally filing a prospectus. The company is expected to continue advancing clinical data, strengthening licensing ties, and preparing investor materials aligned with regulatory requirements.

Dubai master developer Emaar Properties has introduced VYOM, a digital resale platform designed to streamline the sale of Emaar homes through secure, transparent and user‑controlled processes. Available now to global users, the platform enables homeowners and investors to manage listings, upload images, set prices and handle inquiries—all within an integrated, intuitive interface.

Mohamed Ali Alabbar, Emaar’s founder, emphasised that VYOM reflects a shift towards autonomy, trust and speed in the property market. “VYOM is more than a platform—it’s a new way of thinking about property resale,” he said, adding that it places control firmly in the hands of customers. The move addresses persistent inefficiencies in traditional resale methods, including pricing opaqueness, communication delays and fragmented processes.

VYOM emerges as part of Emaar’s broader digital transformation strategy. The platform aims to reduce friction in resale transactions, allowing direct buyer‑seller interactions without intermediaries. For users, the result is a streamlined experience: creation of personalised listings, real‑time updates, and enhanced transparency across the transaction journey.

Analysts suggest the launch positions Emaar ahead in a market increasingly adopting digital property solutions. Industry commentary notes that VYOM could prompt competitors—such as Damac Properties—to roll out similar digital resale or even rental platforms. One real estate expert reflected, “With Damac launching its e‑commerce property site, a trend is underway”—a transformation likely driven by rising online demand.

Emaar views VYOM as the first stage of a phased rollout. Future enhancements include integrated rental management and expanded analytics tools, offering marketing insights and valuation support to users. The initial launch focuses on resale, but the roadmap points to a full‑cycle platform guiding owners from purchase through resale and rental.

Market conditions in Dubai reinforce the appeal of digital platforms. Transaction volumes remain buoyant, and buyers are increasingly seeking end‑to‑end online clarity. Traditional resale has been hampered by agents’ commissions and uneven quality, often leaving sellers and buyers without real‑time updates or direct communication. VYOM seeks to bridge these gaps.

Emaar’s track record lends weight to this evolution. The company has been steadily digitising its portfolio, incorporating virtual tours, property management apps and smart home integrations in key UAE developments. VYOM aligns with these investments, reinforcing Emaar’s image as a tech‑forward developer.

Technology infrastructure behind VYOM is built on robust security and data‑protection standards, ensuring user authenticity, encrypted communications, and verified listings. This digital-first model is expected to reduce instances of fraud and misinformation that sometimes plague secondary property markets.

Investor sentiment appears optimistic. Although Emaar has not disclosed specific growth targets, experts believe VYOM could significantly boost customer retention and retention rates for repeat domestic and overseas investors. A senior property economist commented that such platforms “elevate resale liquidity and deepen buyer confidence in the Emaar brand”.

The Dubai Land Department, while not officially commenting, has previously expressed support for digitisation in property services and title registration. Platforms like VYOM may dovetail with government efforts to digitalise real estate transactions across the emirate, including escrow reforms and blockchain‑enabled land registry trials.

Homeowners who have previewed VYOM report an improved experience. One early user noted that the ability to revise prices instantly and manage viewings through the platform eliminated delays often caused by agent coordination. The user highlighted how features such as buyer messaging templates helped standardise and speed up negotiations, while integrated market insights assisted pricing strategies.

Emaar has also invested in training programmes for sales teams and customer‑care staff to ensure consistent support for VYOM users. This back‑end readiness suggests the platform will do more than merely exist online; it will be backed by human expertise and service continuity.

Financial analysts underscore the commercial implications. VYOM can retain undisclosed resale transaction fees and promote secondary market activity within Emaar’s ecosystem. Over time, data harvested from user behaviour could feed predictive tools, generating new revenue through ancillary services such as refinancing, renovation or interior design partnerships tied to resale activity.

While VYOM’s earliest phase targets the resale of Emaar properties—off‑plan and completed—broader implications may follow. Market watchers consider the platform a bellwether for digital transformation in real‑estate heavyweights, signalling a shift towards owner-empowered brokerage and vertical integration.

Gulf Navigation Holding PJSC has signed a definitive agreement to acquire the assets and subsidiaries of Nasdaq‑listed Brooge Energy for AED 3.2 billion, a move set to significantly expand its midstream oil and gas capacity. The transaction spans a blend of cash, share issuance, and mandatory convertible bonds, with completion anticipated by the close of the third quarter of 2025, subject to regulatory and shareholder approvals.

The bulk of the deal involves taking over Brooge Petroleum and Gas Investment Company FZE, its Phase III FZE entity, and BPGIC Phase 3 Limited—each operating advanced crude, fuel oil, and refined petroleum storage facilities in Fujairah. These strategically located assets will double GulfNav’s existing infrastructure, reinforcing its footprint at a key UAE bunkering and storage hub.

Under the structured settlement, GulfNav will allocate 358.8 million new shares at AED 1.25 each to Brooge Energy, enforceable with a 12‑month lock‑up period. It will also issue AED 2.336 billion in mandatory convertible bonds convertible at the same share price and restricted similarly. Existing shareholders have access to AED 500 million in MCBs at AED 1.10 per share, with major investors covering any unclaimed portion. Additionally, AED 460 million will be disbursed in cash.

Chief Executive Ahmad Kilani described this acquisition as transformational, explaining that integrating Brooge’s storage infrastructure with GulfNav’s maritime services will “unlock operational synergies, enhance storage capacity and drive long‑term value for shareholders.” Incoming facilities in Fujairah are expected to enhance logistical efficiency, lower costs, and broaden GulfNav’s revenue mix.

This move aligns with GulfNav’s strategy to transition from a legacy maritime operator to a diversified energy‑logistics conglomerate. The firm’s board was authorised in March 2025 to proceed with the asset acquisition, capital increase, and issue of MCBs, all in light of its shareholders’ approval. Regulatory processes and amendments to the company’s articles of association—particularly regarding foreign ownership—are now underway.

Brooge Energy has previously attracted scrutiny. In December 2024, U.S. investors filed a fraud claim against auditor Ernst & Young, alleging that revenues were overstated by between 30% and 80% during 2018–2020. The firm reached a $5 million settlement with the U.S. Securities and Exchange Commission over irregular accounting practices. Despite these concerns, GulfNav maintains the deal offers strategic value, citing diligence and planned regulatory housekeeping prior to close.

Analysts note the landmark nature of this deal; GulfNav’s storage assets are poised to surge, positioning it as a key player in the region’s rapidly evolving energy-logistics ecosystem. Fujairah’s strategic location outside the Strait of Hormuz means its terminals are well placed to serve global crude oil logistics, with Brooge’s high-tech blending capabilities offering an edge in operational efficiency.

Transaction conditions encompass customary requirements: shareholder approvals, regulatory consents, debt settlements, and commercial registration. GulfNav expects to finalise the share and bond issuance in tandem with regulatory clearance, with the goal of closing by end‑Q3 2025. After completion, the Brooge Energy shareholders and bondholders will receive equity in GulfNav under lock‑up terms.

Post-acquisition, GulfNav’s board plan includes integrating Brooge’s board representatives to ensure continuity and operational alignment throughout the transition. Integration is expected to elevate GulfNav’s EBITDA margins and open fresh revenue streams via enhanced storage, blending, and bunkering services.

Although GulfNav navigates complexities from Brooge’s previous accounting controversies, analysts emphasise the strategic benefits—particularly the ability to offer complete maritime-to-storage and product blending services from a single platform. The expanded Fujairah facilities will allow GulfNav to capitalise on growing crude export flows, further supported by Abu Dhabi’s energy growth ambitions.

With conventional execution risk low, attention now shifts to securing regulatory and legal clearances, along with capital-raising for the MCB component. Successful completion will mark GulfNav’s transformation into a fully integrated energy logistics powerhouse, ready to meet regional demand while delivering enhanced returns to investors.

Sixty per cent of Fortune 500 companies are now engaged in blockchain initiatives, according to the second-quarter “State of Crypto” report from Coinbase. The survey, conducted among executives of America’s largest firms, reveals that blockchain is no longer peripheral but central to corporate strategy across sectors.

The survey also highlights a dynamic surge in stablecoin use, with supply growing 54 per cent year-on-year. Small and medium-sized US businesses are following suit: about one-third currently use crypto, a share that has doubled since 2024. Among SMBs not yet involved, 46 per cent plan to adopt crypto within the next three years, and 82 per cent view it as a remedy for key financial challenges.

Institutional interest remains robust, with over 80 per cent of large investors planning to expand crypto exposure this year. Furthermore, a fifth of Fortune 500 executives perceives on‑chain blockchain efforts as integral to long-term strategy.

The report underscores a notable shift in corporate attitudes: 83 per cent of Fortune 500 executives familiar with crypto or blockchain confirm their companies have launched or are planning initiatives. Of these, the lion’s share—approximately 60 per cent—have progressed from pre-launch to live status since 2022.

Tech, finance and retail dominate these efforts. Data collection and management rank as leading use cases, followed by infrastructure concerns. Experts describe blockchain as “foundational” for enhancing transparency and automating operations. Larry Fink, chair and chief executive of BlackRock, noted that blockchain could “change the whole ecosystem” of securities trading by enabling “instantaneous settlement” and complete transparency of ownership.

Stablecoins, deemed a ‘killer application’ by Jose Fernandez da Ponte, SVP of Blockchain, Crypto and Digital Currencies at PayPal, have gained traction for facilitating global payments and preserving the dollar’s reserve status. BlackRock’s tokenised Treasury fund, BUIDL, has outpaced Franklin Templeton, now standing at approximately US $382 million, and is routinely used by hedge funds as collateral.

Yet regulation remains a critical concern. According to Coinbase’s findings, 90‑plus per cent of surveyed executives insist on the need for new rules specifically tailored to crypto and blockchain technologies rather than adapting obsolete frameworks. Eighty-seven per cent assert that clearer regulation is essential for preserving US leadership in the global financial system.

This regulatory environment has significant implications. Coinbase warns the US risks losing up to one million web3 developer jobs and three million related non‑technical positions by 2030 if regulatory ambiguities persist. Its share of global crypto development has already dropped from 40 to 29 per cent over the past six years.

Executives also cite talent shortages: nearly one in three identify insufficient skilled personnel as a major barrier, surpassing concerns about regulation. Among small businesses, half intend to seek finance, legal or tech professionals with crypto expertise in their next hiring round.

Despite headwinds, many companies push ahead. JPMorgan Chase executed its first DeFi transaction on a public blockchain, while ExxonMobil piloted crypto‑mining operations powered by excess gas. Retailer Lowe’s implemented blockchain and NFTs to combat theft by tracking stolen tools, and Nike integrated apparel NFTs into video games through a collaboration with EA Sports.

On the SMB front, crypto usage has grown dramatically. One in three US small and medium enterprises is already harnessing crypto for payments, payroll or treasury functions, up from one in six last year. Among those not yet using crypto, almost half aim to adopt it within three years. Four in five believe crypto could alleviate financial pain points such as transactional delays and steep fees.

The report indicates a tipping point. On‑chain U.S. Treasury holdings have topped $1.29 billion, representing a tenfold increase since early 2023. Total assets under management in spot Bitcoin ETFs now exceed $63 billion, and the U.S. stablecoin market cleared $10 trillion in annual transaction volume last year.

With blockchain moving from pilot to scale, traditional institutions like PayPal and Stripe are making stablecoin integration simple for merchants and users. Stripe now enables USDC payments across Ethereum, Solana and Polygon, with fiat conversions handled automatically. PayPal supports cross‑border stablecoin transfers in around 160 countries, eliminating transaction charges typically levied by remittance services.

These developments coincide with a broader surge in Web3 infrastructure investment. Total value locked in tokenised real‑world assets—ranging from fixed income to environmental credits—is approaching $2.4 billion, with US tokenised Treasuries alone surpassing US $1.2 billion in Q1 2024. Global institutional adoption continues apace, and tokenised assets are projected to reach US $16 trillion by 2030—equivalent to the EU’s GDP.

U.S. law enforcement has seized approximately 145 darknet and clearnet domains, along with cryptocurrency holdings linked to BidenCash, a notorious carding marketplace that facilitated the distribution of stolen credit card data and personal information. Since its inception in March 2022, the platform served over 117,000 users and trafficked more than 15 million payment card records, reportedly generating at least $17 million in illicit revenue.

BidenCash gained traction by periodically publishing stolen data sets—for example, offering 3.3 million credit card records free of charge between October 2022 and February 2023—as a marketing tactic to lure new buyers. These leaks included full card numbers, expiry dates, CVV codes, account holder names, addresses, email IDs and phone numbers. Beyond carding, the platform also traded compromised credentials which could be used for unauthorised computer access.

By court order, U.S. authorities have seized cryptocurrency wallets used by BidenCash to collect illicit proceeds. On‑chain intelligence from Arkham Intelligence indicates that around $43,000 in USDT was transferred to wallets designated as “Seized Funds”, although the total seizure remains undisclosed.

Visitors to the seized domains are now automatically redirected to servers controlled by U.S. law enforcement and are greeted with official seizure banners bearing logos of the Department of Justice, FBI, U.S. Secret Service and involved international partners.

The dismantling of BidenCash resulted from a joint operation involving the U.S. Attorney’s Office for the Eastern District of Virginia, the Secret Service, the FBI and international partners including the Dutch National High Tech Crime Unit, the Shadowserver Foundation and Searchlight Cyber. While no arrests have been confirmed publicly, the takedown highlights expanded cooperation between U.S. and European agencies.

Cybersecurity analysts warn that some traces of BidenCash remain active. As of early June, researchers such as Vmprotect identified at least seven live domains tied to the marketplace, illustrating the inherent challenges in fully eradicating darknet infrastructure.

Experts highlight that even expired credit cards and outdated personal data can fuel phishing schemes, identity theft and account takeovers, underscoring the enduring risks for victims.

The crackdown on BidenCash forms part of a broader escalation by global law enforcement in their fight against cybercrime malign platforms. Recent operations have targeted malware-as-a-service networks, counter‑antivirus services and other darknet commerce sites. Yet analysts caution that such efforts often spark rapid migration of criminal activity to new domains and platforms.

Investigators are now focusing on tracing the individuals behind the BidenCash operation and pursuing further legal actions to freeze remaining assets. Analysts emphasise that the success of this takedown will depend on follow‑through investigations and the dismantling of successor networks.

The UAE Ministry of Finance convened an impactful awareness session in Shanghai for Emirati students pursuing studies in China, spotlighting pathways into international financial institutions and multilateral development bodies. The event, held at the Shanghai headquarters of the New Development Bank, marked a central component of the UAE’s “UAE Global Cadres” initiative aimed at preparing nationals for careers in global finance.

Attended by prominent figures including H.E. Muhannad Sulaiman Al Naqbi, Consul General in Shanghai; Thuraiya Hamid Alhashmi, Director of International Financial Relations; and Qiangwu Zhou, Vice‑President and CAO of the NDB, the session featured detailed presentations on recruitment, training mechanisms, and institutional roles in multilateral settings. Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations, highlighted the Ministry’s commitment to “creating an interactive environment that brings together young Emirati talent with influential international organisations”.

With a focus on introducing students to specific roles within institutions such as the New Development Bank, the discussion covered NDB’s core mission of financing infrastructure and sustainable development projects across member countries. Students were provided an in-depth look at the Bank’s internal functions, including strategic planning, project financing, and administrative operations—areas in which career prospects are steadily rising. Qiangwu Zhou shed light on NDB’s expansion and strengthening of its global talent pipeline, reinforcing the UAE’s active role in its leadership and operations.

The session formed part of a wider programme under the “UAE Global Cadres” framework, which seeks to empower Emirati youth with the knowledge and contacts necessary for onboarding into premier international financial institutions. The initiative offers customised introductions, tailored knowledge development, and structured partnerships with organisations like the NDB alongside other global bodies.

Ahli Emirati scholars heard how the Ministry actively forges linkages with multilateral entities, not only to open doors for internships and secondments but also to embed nationals within strategic policy and operational roles. Students were briefed on specific entry requirements, including academic credentials, language proficiency, internship prerequisites, and application timelines. The Ministry emphasised its role as a facilitator, guiding candidates from initial interest through to successful placement.

The Shanghai session aligns with similar outreach efforts previously held in London and Washington, forging a consistent global strategy. In London, Home Office-led seminars engaged Emiratis studying in the UK, while in Washington, the Ministry together with representatives from the World Bank and IMF provided insights into recruitment and professional development frameworks.

Officials confirmed that up to 100 Emirati students participated in the Shanghai event. These attendees represent a cross-section of postgraduate candidates in disciplines such as economics, finance, development studies, and public policy. The Ministry has underlined its ambition for the programme to scale further, expanding to additional locations and engaging larger cohorts.

By nurturing talent domestically and internationally, the UAE aims to enhance its representation within global financial institutions and multilateral banks. This strategy dovetails with broader national goals: positioning Emiratis as influential actors on the world stage and ensuring the nation’s contribution to international finance is both substantive and sustainable.

Strategic partnerships with institutions like the NDB are vital in this respect. Established by BRICS nations in 2014, the NDB is undergoing rapid growth, investing in global operations while seeking multilingual professionals with cross-cultural acumen. For UAE nationals, the Bank offers a rare opportunity to join a rising multilateral institution from an early stage in its trajectory. According to NDB’s Vice-President Zhou, Emirati contributions at organisational and governance levels are steadily increasing.

Students raised questions about the logistics of recruitment, including timelines, evaluation methodologies, and integration approaches. Officials emphasised the importance of early engagement, noting that securing internships during or immediately after academic studies is critical. They also recommended building competencies in project management, negotiation, and multicultural teamwork. Ministry representatives expressed that the goal extends well beyond securing roles—it is about training a generation of Emiratis capable of navigating and shaping global finance policies.

The session also included interactive elements such as Q&A panels and breakout discussions, enabling direct engagement with senior practitioners from the NDB and the Ministry. This format allowed participants to seek personalised advice on career planning, CV refinement, and interview techniques.

The broader economic context for this effort is clear: as global development finance pivots towards sustainable and inclusive projects, multilateral institutions are broadening their hiring strategies to include more diverse nationalities. Countries like the UAE are responding by investing in preparatory programmes that align local talent pipelines with evolving international demand.

This engagement echoes the Ministry’s participation in high-level forums; last August, UAE delegates attended the ninth Annual Meeting of the NDB Board of Governors in Cape Town. Thuraiya Hamid Alhashmi represented the nation on the Board alongside representatives from Egypt and Bangladesh, underscoring the UAE’s growing strategic engagement with the Bank.

Officials described the Shanghai session as “a landmark opportunity for Emirati students to learn first-hand about global finance careers” and signposted further events planned in Europe and North America. The Ministry stressed that participation is not limited to finance graduates—disciplines including law, environmental policy, and engineering are also relevant to multilateral institution operations.

The new wave of global finance, driven by sustainability goals and digital transformation, requires professionals with a hybrid skill set: technical competence, policy insight, cultural intelligence, and legal understanding. The Ministry’s programme aims to sculpt Emirati candidates who meet these multifaceted demands, thereby positioning them as competitive contenders in the international talent ecosystem.