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HuaweiSheikh Hamad Salem becomes a MaskEX shareholder to develop smart city in the UAE
Sheikh Hamad Rakadh Salem Hamad Alameri, well-known sovereign wealth fund (SWF) member of the Royal Family in Abu Dhabi, has officially become a MaskEX shareholder following the signing of a memorandum of understanding (MOU) to develop a smart city in Dubai.
Hamad Alameri is a big supporter of Abu Dhabi’s 2030 Vision by directly contributing to the emirate’s social and human development and creating a sustainable, knowledge-based nation. MaskEX is a Canadian company. It has successfully fulfilled the requirements of the MSB compliance programme and is now fully prepared to comply with the regulations in the SCA and VARA compliance programme in Dubai. The company has developed a payment system based on the principle of ‘Your Wallet, Your Way’, which aims to make life easier for residents by providing a convenient and secure way to make payments and manage financial transactions. In addition to these, the system also uses advanced security measures to protect users' personal and financial information from fraud and identity theft.
In the past year, the company garnered a lot of attention from traders and investors in the UAE market, which led to extensive research and the idea of developing a new concept of a smart city in the UAE. MaskEX will use its innovative technology to improve the quality and access to services and increase efficiency and sustainability. In addition to this, MaskEX is now collaborating with a BIG 4 audit firm to protect the ecosystem and blockchain infrastructure.
After completing its strategy and implementation for the UAE market, MaskEX plans to expand to the MENA region to serve people and help them adapt to smart cities. Due to the MENA region's popularity as a tourism destination and its diverse community of expatriates, MaskEX will be able to attract investors from different industries.
To fully realise the potential of smart cities, MaskEX will work with lifestyle retailers. For now, the company has already signed multiple MoU’s with merchants in various countries, enabling customers to pay for products, services, and even living expenses with a simple scan of their wallet.
Eric Yang, CEO at MaskEX, said: "The smart city concept covers a lot of sectors such as healthcare, manufacturing, and many more. The most important is the absolutely new concept with our solutions. We are going to be contributing largely to the realisation of this vision."
With the support of MaskEX's new shareholder, Sheikh Hamad Bin Rakad Bin Salem Bin Rakad, MaskEX expects to create a unique environment in the UAE market to attract more FDI in the region and create innovative solutions on the market. Consequently, MaskEX will move its headquarters from Canada to the UAE. The MaskEX app now provides users with access to various digital industry services, which can be accessed through the app.