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    Tuesday, November 28

    Abu Dhabi’s IHC Ventures into Cryptocurrency with Phoenix Group Stake

    OwaisBy Business No Comments2 Mins Read
    Abu Dhabi's IHC Ventures into Cryptocurrency with Phoenix Group Stake
    Abu Dhabi's IHC Ventures into Cryptocurrency with Phoenix Group Stake
    • Abu Dhabi’s International Holding Company (IHC) is set to acquire a 10% stake in Phoenix Group, a cryptocurrency company, through one of its subsidiaries.
    • Phoenix Group, a technology conglomerate, focuses on retailing cryptocurrency mining hardware and operating facilities.
    • The acquisition is expected to significantly impact the cryptocurrency industry and the UAE.

    Abu Dhabi’s International Holding Company (IHC), a prominent conglomerate in the MENA region, is poised to make a transformative move in the cryptocurrency industry by acquiring a stake in Phoenix Group, a cryptocurrency company, through one of its subsidiaries.

    International Holding Company

    International Tech Group, a wholly-owned subsidiary of IHC, has recently inked a definitive agreement to purchase a 10% stake in Phoenix Group, as revealed on the Abu Dhabi Securities Exchange (ADX) last Friday. The company is currently in the process of finalizing the transaction by completing all necessary procedures and obtaining regulatory approvals.

    Phoenix Group is a technology conglomerate with a primary focus on retailing cryptocurrency mining hardware and operating mining facilities. They specialize in bitcoin mining and offer services related to the distribution and hosting of crypto-mining equipment. Phoenix Group manages a portfolio of mining facilities across the Middle East, Europe, the United States, and Canada.

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    IHC’s acquisition holds significant implications, suggesting governmental involvement in the mining sector and carrying great importance for both Phoenix Group and the broader cryptocurrency industry.

    In addition to this acquisition, Phoenix Group has strategically decided to broaden its reach beyond the United Arab Emirates (UAE) and encompass the entire MENA region. The company is currently engaged in a substantial venture in Oman, where they are in the process of developing a significant 150-megawatt mining facility in Salalah. Notably, last August, Phoenix Group announced a partnership with Oman-based Green Data City, a company possessing all the required permits and government approvals, to establish a $300 million crypto-mining farm. This move reflects Phoenix Group’s commitment to expanding its operations and influence in the region.

    Owais is a skilled professional with a strong background in web editing and social media marketing. As a Web Editor, he possesses a keen eye for detail and a flair for crafting engaging online content. Additionally, Owais leverages his expertise as a Social Media Marketer to effectively promote brands and drive audience engagement. Having completed his Bachelor's degree in BA from Karachi University, Owais gained a comprehensive understanding of various subjects within the humanities. This educational foundation, combined with his passion for digital media, has allowed him to excel in his role as a Web Editor and Social Media Marketer. With a focus on delivering captivating and impactful content, Owais consistently strives to enhance the online presence of brands and effectively communicate their messages to a wide audience. Through his strategic approach and creative insights, he has successfully built and managed social media campaigns that have generated significant reach and engagement. Owais's ability to effectively leverage digital platforms and optimize content for online consumption has proven invaluable in the ever-evolving landscape of web editing and social media marketing. His dedication to staying up-to-date with the latest trends and techniques ensures that he remains at the forefront of digital strategies, enabling him to drive meaningful results for clients and brands.

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