UAE crypto trading platform BitOasis sold to India’s CoinDCX

UAE virtual asset trading platform BitOasis has been bought for an undisclosed amount by India’s largest trading platform, CoinDCX.

Founded in 2016 by Ola Doudin, Tarek Kaylani and Daniel Robenek, BitOasis is MENA’s first and largest crypto asset exchange, available in 15 countries across the region for users to buy, hold and sell over 60 cryptocurrencies.

The company has processed over $6 billion in trading volume and raised more than $40 million in funding from CoinDCX and other investors including the UAE’s Wamda Capital; U.S. VC funds Jump Capitaland Pantera Capital; and Berlin-based Global Founders Capital.

CoinDCX will gain market entry into MENA with its acquisition, “capitalizing on its mature market and the population’s keen interest in crypto investment,” Sumit Gupta, Co-Founder of CoinDCX, said.

Startup exits are on the rise in the region. Forty-three were sold in 2023, up from 15 in 2015, according to funding platform Magnitt. 

The Daily Circuit: Gulf gas hunt reaches Australia + Arab space investment

👋 Hello from the Middle East!

Today in The Daily Circuit, we’re looking at Gulf astronauts and the region’s $272 billion investment in space exploration, the buyout of Dubai-based BitOasis by India’s CoinDCX, Mubadala-backed fashion retailer Shein’s new partner in Mumbai and U.S. Sen. Cory Booker’s chat with MBS in Jeddah. But first, an Australian LNG company draws interest from Gulf energy giants.

Demand for new sources of natural gas as a cleaner alternative to oil is leading top Gulf energy companies to look at acquisition prospects in Australia. Most recently, both Saudi Aramco and UAE-owned ADNOC have considered making separate bids for Adelaide-based Santos Ltd., the country’s No. 3 producer of liquified natural gas, Bloomberg reports.

While none of the three companies confirmed discussions about a potential purchase, shares of Santos on the Australian Securities Exchange jumped as much as 6.5% after Wednesday’s report, boosting its market value to $17.9 billion. In the past, Santos has rejected takeover bids from U.S. and Australian competitors, as well as offers to buy just its LNG business.

Saudi Energy Minister Prince Abdulaziz bin Salman announced on Tuesday that Aramco has discovered two natural gas fields and two natural gas reservoirs within the kingdom. The company said last week that it signed contracts worth more than $25 billion to expand its gas business.

Trade from Mediterranean gas fields, meanwhile, could be interrupted if the conflict between Israel and Lebanon’s Hezbollah turns into full-scale war, The National reports. Abu Dhabi-based Mubadala Energy is a partner in Israel’s offshore Leviathan gas field, along with U.S.-based Chevron Corp.

BUSINESS OF SPACE

Gulf countries have poured more than $272 billion into the space industry during the past decade and are generating some $10 billion in revenue, GCC Secretary-General Jasem Al Budaiwi said at the International Space Forum on Tuesday in Manama, Bahrain. Reviewing the region’s major achievements, Al Budaiwi noted the UAE’s 2021 Mars mission in which an unmanned probe was sent into orbit to study the planet’s atmosphere, the Kuwait News Agency reports. He also hailed the Saudi and Emirati astronauts who have worked in recent years aboard the International Space Station. The World Economic Forum announced in April that it plans to open the Centre for Space Futures in Riyadh later this year with the aim of facilitating discussions on space collaboration between governments and the private sector.

CRYPTO EXIT

UAE virtual asset trading platform BitOasis has been bought for an undisclosed amount by India’s largest trading platform, CoinDCX. Founded in 2016 by Ola Doudin, Tarek Kaylani and Daniel Robenek, BitOasis is MENA’s first and largest crypto asset exchange, available in 15 countries across the region for users to buy, hold and sell over 60 cryptocurrencies. The company has processed over $6 billion in trading volume and raised more than $40 million in funding from CoinDCX and other investors including the UAE’s Wamda Capital; U.S. VC funds Jump Capitaland Pantera Capital; and Berlin-based Global Founders Capital. CoinDCX will gain market entry into MENA with its acquisition, “capitalizing on its mature market and the population’s keen interest in crypto investment,” Sumit Gupta, Co-Founder of CoinDCX, said. Startup exits are on the rise in the region. Forty-three were sold in 2023, up from 15 in 2015, according to funding platform Magnitt.

💲 Sovereign Circuit

Mubadala: Chinese fast fashion retailer Shein, which counts Mubadala as an investor, is preparing to launch in India via billionaire Mukesh Ambani’s Reliance Retail Ventures, selling products on both the conglomerate’s app and brick-and-mortar stores, The Economic Times reported. Shein plans to float an IPO in Hong Kong if its plan to list in London at a $63 billion valuation falls apart, the Financial Times reported last week. Meanwhile, Spanish oil and gas company Cepsa, owned by Mubadala and the Carlyle Group, has reached an agreement with PreZero Spain, part of the environmental division of German supermarket group Lidl’s owner Schwarz Group, to develop biomethane plants using organic waste.

Public Investment Fund: More Saudi professional soccer clubs are up for privatization after the PIF’s purchase of majority stakes in the four top teams sparked a billion-dollar spending spree on foreign stars, Barron’s reports.

Qatar Investment Authority: The QIA has tapped Kevin Zhu as Acting Chief of Investment Strategy, it said in a statement on Wednesday. Zhu will be supported in his role by Donald Raymond, who will transition from his current position as QIA’s Chief of Investment Strategy to an advisory position.

Abu Dhabi Investment Authority: Advent International is in talks with ADIA and other potential partners about a potential bid for Sanofi SA’s $20 billion consumer health division, Bloomberg reports. The discussions come as private equity firms Bain Capital and Cinven also explore a potential joint bid for the unit of the French drugmaker.

↪↩ Closing Circuit

💰 Raising Capital: Dubai-based KHK & Partners is launching Ayala Capital, a new unit that will focus on raising funds in the MENA region, with investors that include Guangzhou, China-based ShoreVest Partners, and France’s Tikehau Capital.

🐣 Poultry Purchase: Abu Dhabi-based Ghitha Holding signed an agreement through its livestock subsidiary Al Ain Farms to buy out Saudi Arabia’s Arabian Farms Investments for $65 million.

🖨️ 3D Printers: Nano Dimension, an Israeli 3D printing company, signed an agreement to acquire its U.S. competitor Desktop Metal for $183 million in an all cash deal.

💵 Tech Fund: Forestay Capital, a European venture capital firm based in London, Dublin and Geneva, said it raised $220 million for a tech fund that will invest primarily in Europe and Israel.

🗣 Circuit Chatter

🕌 Sharia Derivatives: Demand for financial derivatives compliant with Islamic law – including profit-rate swaps and forward-exchange contracts – has been increasing among investors in Muslim-majority countries, Fitch Ratings says in a report.

☕ Coffee City: Saudi Arabia is seeking investment to establish a “coffee city” in its southwestern governorate of Qalwah, aiming to stoke the local industry with a massive tree-planting campaign.

📬 In the Mail: 7X, the company that runs the UAE’s postal service, announced expansion plans on Wednesday aimed at strengthening services such as express mail and currency exchange by adding new customer service centers across the country.

🇲🇦 Startup Lab: The Italian Trade Agency is supporting a new program called Lab Innova to help Moroccan tech startups expand internationally, with 24 early-stage companies selected for the first cohort.

🌍 Power Circuit

Saudi Arabia’s Crown Prince Mohammed bin Salman met in Jeddah with U.S. Sen. Cory Booker (D-NJ) on Wednesday to discuss relations between the two countries. Others at the meeting included Princess Reema bint Bandar, the Saudi ambassador to the U.S.; Musaed Al-Aiban, the Saudi National Security Adviser, and Michael Ratney, the U.S. Ambassador to the kingdom.

➿ On the Circuit

Ahmed Kouchouk, a former World Bank economist, was sworn in on Wednesday as Egypt’s new Finance Minister, succeeding Mohamed Maait. Karim Badawi, a longtime executive at U.S. oil service company Schlumberger, was installed as Energy Minister. 

Leah Cotterill was named CEO for Cigna Healthcare’s Middle East and Africa division, heading the insurance company’s across the region with the exception of  Saudi Arabia.

Abdullah Al-Swaha, Saudi Arabia’s Minister of Communications and Information Technology recently met with Meta CEO Mark Zuckerberg during a visit to the U.S., according to the Saudi Press Agency. Al-Swaha also met with Ruth Porat, CFO of Alphabet and Google, as well as with Groq CEO Jonathan Ross.

🎶 Culture Circuit

👗 Kids Couture: Emirati designer Shatha Essa Al Mulla has been given a dedicated space to showcase her childrenswear label at Harrods, the luxury London department store highly frequented by shoppers from the Gulf. Shatha Essa Kids, which includes pieces for toddlers and girls up to the age of 14, will be displayed in a playfully designed space on the fourth floor.

⚾ Air Base Baseball: Members of the Washington Nationals are scheduled to appear at the Al Udeid Air Base in Qatar today for a live simulcast of the team’s July 4 home game at Nationals Park in Washington D.C., against the New York Mets. The game is being streamed by the Major League Baseball Network and American Forces Network.

📷 Photo of the Day

🗓️ Ahead on The Circuit

July 2-Aug. 25, Riyadh, Saudi Arabia: Esports World Cup. An international competition for professional gamers with a $60 million prize pot. Boulevard City.

July 10-11, Riyadh, Saudi Arabia: Global EV and Technology Forum. The inaugural summit in Saudi Arabia bringing together policymakers, companies and investors focused on sustainable urban mobility solutions. Riyadh International Convention & Exhibition Center.

July 15-26, Granada, Spain: ADIA Lab International Summer School. A course of lectures and case studies to explore the critical role of trust and safety in AI, examining the ethical, technical and societal implications of AI applications. University of Granada. 

Aug. 12-15, Riyadh, Saudi Arabia: Saudi Food Expo. One of the kingdom’s largest trade shows for the food & beverage industry. Riyadh Front Exhibitions. 

Sep. 30-Oct. 2, Dubai, UAE: Future Hospitality Summit. The global conference for leaders in the hospitality industry expands this year at a new location with dedicated space for ESG planning, country pavilions and a larger exhibition area. Madinat Jumeirah.