The 100: Munaf Ali, Board Member, Co-Founder and Group Managing Director, Phoenix Group The 100: A Definite Guide to Success
By Entrepreneur Middle East Staff Edited by Tamara Pupic
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Munaf Ali is a visionary entrepreneur with over 20 years of experience in capital markets, previously holding executive roles at Citigroup in London and the UAE. His career has been dedicated to building billion-dollar enterprises across diverse sectors, including hospitality, leisure, and, most recently, blockchain.
As the co-founder of Phoenix Group, Ali, alongside Bijan Alizadehfard, built the company from the ground up. Their early hands-on experience, constructing mining farms in the UAE and North America, gave them a unique perspective on the transformative power and potential of Bitcoin and cryptocurrencies. This foundation enabled Ali to become a leading figure in the blockchain space, driving Phoenix Group's evolution into a global powerhouse.
Phoenix Group is now one of the largest Bitcoin mining operations worldwide, boasting a competitive advantage rooted in its deep knowledge of the UAE ecosystem—recognized as a global hub for blockchain innovation—and its expansive international footprint. As the first blockchain company listed on the Abu Dhabi Securities Exchange (ADX), Phoenix Group has cemented its status as a trusted industry leader. Its recent partnership with Tether, the world's largest producer of stablecoins, to create a dirham-pegged stablecoin exemplifies its commitment to innovation and practical solutions benefiting businesses and individuals across the Middle East.
Ali highlights the importance of diversification in Phoenix Group's strategy, "We made an early decision to diversify beyond mining, enabling us to achieve strong financial results even when other mining focused companies were struggling. Our investments in M2, the UAE's homegrown crypto exchange, Rekt Studios, Lyvely, and partnerships with companies like Tether position us perfectly for continued innovation and growth without dependency on a single revenue stream."
Looking ahead, Ali sees immense opportunities for Phoenix Group and blockchain technology:
"The future is just beginning. With only 8.5% of Bitcoin left to mine, its scarcity value will increase alongside growing demand and utility. We plan to expand our mining operations globally while focusing on the broader potential of blockchain. Over the next five years, we aim to firmly establish Phoenix Group as a leader in the blockchain and cryptocurrency sectors, both in the UAE and internationally. Blockchain adoption will increase dramatically as its real world benefits become evident, improving transparency, security, and operational efficiency."
Ali adds, "Crypto can seem complicated due to its rapid evolution, but that's where we come in. At Phoenix Group, we aim to be your trusted partner and guide, helping you navigate this rapidly changing world with confidence and expertise."
Through his leadership and forward-thinking approach, Munaf Ali continues to drive Phoenix Group's growth and innovation, shaping the future of blockchain and cryptocurrency on a global scale.
