New fintech startup offers chance to jump on property ladder from $544

New fintech startup offers chance to jump on property ladder from $544
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Stake is based in the FinTech Hive in the Dubai International Financial Center (DIFC). (File/AFP)
New fintech startup offers chance to jump on property ladder from $544
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Manar Mahmassani, a co-founder of Stake and a former Managing Director at Falcon Group and Vice President at Deutsche Bank. (Supplied)
New fintech startup offers chance to jump on property ladder from $544
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Rami Tabbara, a co-founder of Stake and a former Senior Vice President of Sales at developer DAMAC. (Supplied)
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Updated 01 June 2021

New fintech startup offers chance to jump on property ladder from $544

New fintech startup offers chance to jump on property ladder from $544
  • Stake is based in Dubai but backed by Saudi money and aiming to expand into the Kingdom soon

DUBAI: A new Dubai real estate fintech startup, which is being backed by a Saudi national, is aiming to offer investors the chance to get on the property ladder from as little as 2,000 dirham ($544).

Launching today, Stake is based in the FinTech Hive in the Dubai International Financial Center (DIFC). It was established by co-founders Rami Tabbara, a former senior vice president of sales at developer DAMAC, and Manar Mahmassani, a former managing director at Falcon Group and vice president at Deutsche Bank.

Stake allows investors to buy shares in a property in Dubai and earn regular returns in the form of quarterly dividends. The entry level for investors is 2,000 dirham, all the way up to a third of the value of an individual property.

The co-founders came up with the idea two years ago and began seeking funding in March, just as the coronavirus pandemic hit. They have raised $2 million so far, with another round of funding currently taking place.

One of the backers is from Saudi Arabia and the company is aiming to expand outside Dubai to the Kingdom in the near future.

“Saudi Arabia is a big market for us. We believe there is huge potential there, so it is on our roadmap. We will start looking at getting some Saudi investors on board and onto our platform within the first year,” Tabbara told Arab News.

“One of our investors is a Saudi national, in the platform, actually in the company . . . He’s a strategic investor, part of that is (to) actually scale into Saudi Arabia very soon.”

Stake is currently focused on built properties, not off-plan, and residential buildings in prime locations such as Downtown Dubai, Dubai Marina and Business Bay.

While COVID has seen a slowdown in many sectors, Tabbara said it has been good for real estate investors as it now means there are opportunities for those looking to buy.

“We’re close to the bottom of the market. You’re seeing the prices that are below replacement cost so you can actually buy things today for cheaper than it costs to build. But, you know, it’s a great time to get into the market. We see this as an opportunity to buy some great real estate that are actually yielding numbers that are higher than anywhere else in the world,” he said.


Bitcoin nears record high ahead of futures ETF listing

Bitcoin nears record high ahead of futures ETF listing
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Updated 9 sec ago

Bitcoin nears record high ahead of futures ETF listing

Bitcoin nears record high ahead of futures ETF listing
  • ProShares' Bitcoin Strategy ETF is expected to list on Tuesday under the ticker BITO

Bitcoin hit a six-month high and was within striking distance of a record on Tuesday as traders bet an anticipated listing of a futures-based U.S. exchange traded fund could herald investment flows into bitcoin and cryptocurrency assets.


Bitcoin, the world's biggest cryptocurrency by market value, rose as far as 1.5 percent during the Asia session to $62,991, its strongest level since the record peak of $64,895 in April.


It is up some 40 percent in October on hopes that the advent of bitcoin exchange traded funds (ETF), of which several are in the works, will allow billions of dollars managed by pension funds and other institutional investors to flow into the sector.


ProShares' Bitcoin Strategy ETF is expected to list on Tuesday under the ticker BITO, provided the U.S. regulator, the Securities and Exchange Commission, does not object.


Analysts cautioned that the fund will not invest directly in bitcoin - rather in Chicago-traded futures - and so may not have any immediate implications for flows. But speculators have been wagering its launch is a positive signal for spot prices anyway.


Bitcoin futures rose on Tuesday, last trading at $62,690, and spot prices could rise if cash keeps flowing in, said cryptocurrency analysts at Arcane Research.


"This could lead to more constant buying pressure on CME, causing the open interest to rise. This will attract more cash and carry opportunities, leading to buying pressure in the spot market," they said in a note.


Crypto ETFs have launched this year in Canada and Europe amid surging interest in digital assets. VanEck and Valkyrie are among fund managers pursuing U.S.-listed ETF products, although Invesco on Monday dropped its plans for a futures-based ETF.


The Nasdaq on Friday approved the listing of the Valkyrie Bitcoin Strategy ETF and Grayscale, the world's largest digital currency manager, is planning to convert its Grayscale Bitcoin Trust into a spot bitcoin ETF, CNBC has reported.


ProShares ETF is set to begin trade on Tuesday after a 75-day period during which the SEC could object to its listing elapsed on Monday.


Ether the second-largest cryptocurrency, has tracked bitcoin's rise and also traded firmly on Tuesday. It was last up 1.2 percent at $3,790.
 


ACWA Power among bidders of 1,200 MW Saudi renewable energy projects 

ACWA Power among bidders of 1,200 MW Saudi renewable energy projects 
Updated 19 October 2021

ACWA Power among bidders of 1,200 MW Saudi renewable energy projects 

ACWA Power among bidders of 1,200 MW Saudi renewable energy projects 

RIYADH: The Saudi Ministry of Energy announced the list of candidates for bids received from developers, participating in the third phase of renewable energy projects in the Kingdom, consisting of four independent generation projects (IPP) for solar photovoltaic energy with a total capacity of 1200 MW.

French Total Solar and ACWA Power are both candidates for the Wadi Al-Dawasir project with a capacity of 120 MW, while ACWA Power and AlFanar Energy Company are candidates for the Laila project with a capacity of 80 MW, under Category A.


What is the future of food? Dubai forum talks answers

What is the future of food? Dubai forum talks answers
Updated 19 October 2021

What is the future of food? Dubai forum talks answers

What is the future of food? Dubai forum talks answers
  • The UAE’s Minister of Climate Change and Environment Mariam bint Al-Mheiri is opening the first day of the 2-day forum

DUBAI: High-profile personalities in the food and beverage sector gathered at the Dubai Exhibition Center on Tuesday to talk about the future of food. 

The UAE’s Minister of Climate Change and Environment Mariam bint Al-Mheiri is opening the first day of the 2-day forum addressing government efforts in supporting manufacturers. 

Other top executives — from organizations such as Pepsico, Kellogs, and Agthia — will also take the stage to answer questions in food sustainability, supply chain challenges, and other crucial topics in the region’s F&B scene. 


Saudi holdings of US treasury bills fell to lowest in 14 months

Saudi holdings of US treasury bills fell to lowest in 14 months
Updated 19 October 2021

Saudi holdings of US treasury bills fell to lowest in 14 months

Saudi holdings of US treasury bills fell to lowest in 14 months

RIYADH: Saudi Arabia's holding of US Treasury securities decreased by the end of August to $124.1 billion, the lowest since May 2020, according to new data from the US government.

The Saudi holdings in August were down by 3.1 percent or $4 billion compared to the previous month.

The holdings declined by 4.5 percent equivalent to $5.9 billion on an annual basis, compared to August 2020, the data showed.


Gold edges lower as US Treasury yields rise

Gold edges lower as US Treasury yields rise
Updated 18 October 2021

Gold edges lower as US Treasury yields rise

Gold edges lower as US Treasury yields rise

BENGALURU: Gold edged lower on Monday as a rise in US Treasury yields dented its appeal, although a risk-off sentiment in wider financial markets limited losses for the metal.

Spot gold was down 0.1 percent at $1,765.14 per ounce by 1:35 p.m. EDT (1735 GMT), while US gold futures settled down 0.2 percent at $1,765.70.

“If yields keep rising, the headwinds will remain significant for gold,” OANDA analyst Craig Erlam said.

“Unless markets start to price in bad news for the economy and stock markets, which may be a rational next step if policymakers insist on tightening even as the recovery remains sluggish and downside risks significant.”

Sentiment in wider financial markets remained weak as economic growth in China slowed, while a relentless surge in oil prices fueled concerns about elevated inflation.

US benchmark 10-year Treasury yields climbed as investors ramped up rate hike bets, while the dollar index held steady.

While gold is seen as an inflation hedge, it also contends with the greenback for safe-haven status. Reduced central bank stimulus and the prospect of interest rate hikes push government bond yields up, weighing on non-yielding bullion.

Other precious metals also dipped, with silver down 0.3 percent at $23.21 per ounce and platinum slipping 1.8 percent to $1,035.29. Palladium shed 3.3 percent to $2,005.07, its lowest in over a week.