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BMW To Test Its iX5 Hydrogen Model In The Middle East

In spring 2023, BMW will debut the small-series hydrogen-powered demonstrator vehicle with a view to enabling carbon-free mobility in the region.

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bmw to test its ix5 hydrogen model in the middle east
BMW

The BMW Group has begun the manufacture of a small-series hydrogen-powered car, known as the iX5 Hydrogen model, with work taking place at the firm’s Munich Research and Innovation Centre.

The car will be the first Sports Activity Vehicle (SAV) to feature this futureproof fuel source after a successful round of intense hydrogen fuel cell testing in demanding conditions. Once ready, the iX5 Hydrogen will head to the Middle East in the spring of 2023, where it will become a technology demonstrator of carbon-free mobility.

As for the car itself, the iX5 Hydrogen features an electric motor and high-performance battery positioned in the rear axle, using the same BMW eDrive technology that can also be found in the company’s electric and plug-in hybrid models.

bmw ix5 hydrogen engine

Across the Middle East, clean energy adoption has become a strategic priority, with several countries aiming for net-zero emissions targets by 2050. As part of a more significant push into alternative energy sources, the region aims to capture a large portion of the global hydrogen market.

Also Read: Netskope Predicts Future Middle East Cybersecurity Trends

“Hydrogen is a versatile energy source that has a key role to play as we progress towards climate neutrality,” says Frank Weber, board member of BMW AG.

The charging infrastructure for typical electric vehicles isn’t uniformly spread across the Middle East, where, for obvious reasons, petrol still dominates as a fuel source. BMW’s hydrogen fuel cells are highly desirable in these kinds of scenarios, as they allow faster fueling and longer ranges than a typical EV could achieve.

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Binance Receives Virtual Assets License To Operate In Dubai

As its user base nears 200 million, CEO Richard Teng believes crypto adoption will soar over the next half of the decade.

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binance receives virtual assets license to operate in dubai

Global crypto exchange Binance has been granted a full operational license in Dubai, in a move that’s expected to accelerate digital asset adoption and strengthen the UAE’s regulatory landscape.

The virtual asset service provider license (VASP) was granted by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow Binance to extend its current range of services to retail investors, the company announced yesterday.

The move by Dubai authorities will be critical to Binance’s strategy of growing its user base globally. The crypto exchange expects to pass the 200 million user mark “quite shortly”, according to Richard Teng, the company’s CEO.

Once that milestone is achieved, Binance will have around twice as many users as rival platform Coinbase. Meanwhile, Crypto.com, another popular exchange with 80 million users, received a Dubai VASP license last week.

“We’re seeing much greater institutional adoption and institutional money coming into this space [along with] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investor classes,” Binance’s Richard Tang explained, adding: “As of now, we stand at about 5% crypto adoption globally, but that will become much faster moving forward”.

Also Read: Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

Dubai and the UAE are extremely supportive of technologies like digital assets, and have already launched initiatives to boost adoption. The UAE has ambitious plans to become a world leader in the crypto economy of the future, with Dubai in particular being noteworthy for passing a new law to regulate virtual assets to support investors and exchanges.

“Global crypto regulation is currently showing diverging signs. Some developed countries have long suffered from crypto-related frauds and illegal exchanges. On the other hand, emerging nations like the UAE and Singapore have enacted crypto laws at faced pace,” said Vijay Valecha, chief investment officer of Dubai-based Century Financial.

As the UAE gears up to become one of the fastest-growing crypto capitals worldwide, investors and talent are flocking to places like Dubai. During 2023, the Emirates as a whole realized $204 million in capital gains from cryptocurrency investments, according to blockchain data analysts Chainalysis.

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