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Binance moves Singapore chief to head Middle East

Written by The Frontier Post

RIYADH (Agencies): Binance, the world’s largest cryptocurrency exchange, appointed its Singapore CEO Richard Teng as the company’s chief for the Middle East and North Africa, according to his LinkedIn profile.
The move came after Binance Global announced an agreement with the Dubai World Trade Center Authority to establish an international virtual asset ecosystem earlier this week, Bloomberg reported.
Teng ran the Abu Dhabi Global Market’s Financial Services Regulatory Authority for six years, and joined Binance Singapore as its CEO just four months ago.
Teng is key to helping the crypto firm expand in Dubai, according to Binance Holdings CEO Changpeng Zhao.
The firm has held discussions with regulators in the UAE about a potential headquarters in the Gulf nation, according to people with direct knowledge of the matter.
The UAE is in talks with Asian firms seeking to relocate to the Gulf nation, as part of efforts to transform itself into a hub for cryptocurrencies, Bloomberg reported on Dec. 22.
“We’ve seen multinational firms right now waiting to relocate out of east Asia,” UAE Minister of State for Entrepreneurship and SMEs, Ahmad Belhoul Al Falasi, said in an interview with Bloomberg TV.
Meanwhile, Saudi Arabia’s National Building & Marketing Co. completed, on Dec. 22, the creation of Yuzhmash Industry Limited Liability Co., a joint venture with the Ukrainian aerospace company of a similar name, according to a bourse filing.
National Building holds a 55 percent stake in the new firm, Ukraine-based Southern Machine-Building Plant named after Makarov (Yuzhmash) holds a 15 percent stake and UK-based Yuzhmash, 30 percent.
The new partnership is headquartered in the Saudi capital, Riyadh, National Building said in a statement to Saudi Stock Exchange, Tadawul.
The formation of the new company comes after a visit to Ukraine by a delegation from National Building, which was shown the test bench of liquid-propellant rocket engines and the workshop of the main assembly of launch vehicles.
Yuzhmash is a Ukrainian state-owned aerospace company founded by the Soviet Union in 1954 to pursue liquid fuel technology. It produces spacecraft, launch vehicles (rockets), liquid-propellant rockets, landing gears, castings, forgings, tractors, tools, and industrial products.
The company is headquartered in Dnipro, and reports to the State Space Agency of Ukraine. It works with international aerospace partners in 23 countries.

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