Arab-developed Bitcoin trading bot set to revolutionize the way people invest

In this photo illustration the stock trading graph of Bitcoin seen on a smartphone screen. (SOPA Images/LightRocket via Getty Images)
In this photo illustration the stock trading graph of Bitcoin seen on a smartphone screen. (SOPA Images/LightRocket via Getty Images)
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Updated 07 May 2022

Arab-developed Bitcoin trading bot set to revolutionize the way people invest

Arab-developed Bitcoin trading bot set to revolutionize the way people invest
  • AYMBot was designed to tackle the main issues and challenges associated with Bitcoin and cryptocurrency trading
  • The creators have also introduced ‘short selling’ or ‘shorting’ to the bot

LONDON: A fully-automated, algorithmic, Bitcoin-trading bot that was developed in Jordan aims to revolutionize the way people generate wealth from cryptocurrency, according to its creator.

AYMBot was designed to tackle the main issues and challenges associated with Bitcoin and cryptocurrency trading, including volatility and accessibility, CEO Ahmad Alsharqatli told Arab News.

“The problem with crypto, that people don’t realize, is that crypto assets, blockchain, this industry is still in its infancy; it’s only 12 years old,” he said.

Bitcoin has become the best-performing asset class of the decade but is hard to get into, it trades 24 hours a day, seven days a week, 365 days a year, and is extremely volatile.

“It’s just another day in crypto if Bitcoin, for example, loses 70 percent of its value,” Alsharqatli said. There is a common wisdom in the investment industry, he added, that 90 percent of traditional traders will lose 90 percent of their funds in the first 90 days of trading, and this figure “is even worse in crypto because of the volatility.”

Other issues that crypto investors face include how to get started in trading and convert traditional currencies into crypto, he added. AYMBot offers a “turnkey solution” and is leading the market with its onboarding process, according to Alsharqatli, who was ranked by online magazine Entrepreneurs Herald in its 2022 list of the Top 5 Personalities Disrupting the Finance Industry.

 

 

“In line with our vision to democratize data-driven trading for everyone, the minimum (investment) is $500, which we believe is accessible to most people, especially in the region we target right now,” which is the Middle East and North Africa and the Gulf Cooperation Council nations, he added.

AYMBot’s AI-powered solution aims to bridge the gap between traditional (or legacy) finance, crypto-assets and blockchain-enabled applications, allowing anyone to access the potential for Bitcoin returns while limiting the risk of systematic losses.

Alsharqatli began developing his algorithm in 2017 to help him trade with his own funds because of the issues with cryptocurrency he found himself facing. He worked with local and international developers but to no avail until, in January 2020, he began collaborating with Naje Isleem, who is now his chief technology officer. Exactly a year later, their algorithm was up and running.

Alsharqatli asked people in his social network to help with beta testing and received a positive response, with around 250 people eager to take part.

“It turned out that it solved a problem for the masses with cryptocurrency (and) we thought to ourselves, why don’t we sell it as a service?”

AYMBot started off with three clients in June last year and by October 1,000 had signed up. It currently has about 3,000 clients and 12 people work on it full time. It manages about $15 million of assets and generates more than $50 million in monthly trading volume.

November 2021 saw the largest monthly user increase, and it also attracted institutional interest from some of the top regional investment banks and family offices, Alsharqatli said.

AYMBot, which is non-custodial with no lock-up periods, has partnered with Dubai International Financial Center — the leading financial hub for the Middle East, Africa and South Asia — and Binance, the largest cryptocurrency exchange in the world.

It takes five minutes to set up an account and within 15 minutes the algorithm gets to work: It calculates when to buy, when to sell, how much to risk, and whether the risk is worth taking. In this way it is able to generate passive income for clients over time, whether the price of Bitcoin is going up or down.

 

 
 
 
 

 
 
 
 
 
 
 
 
 
 
 

A post shared by AYM (@aym_holdings)

 

Last month, AYMBot announced it has begun to introduce “short selling” or “shorting” to the bot, which is when investors borrow, in this instance Bitcoin, and sell it on the open market to then purchase it later at a lower price.

Crypto markets, which have grown approximately tenfold since 2020 and are now worth about $2 trillion, still remain small compared with traditional financial markets. Nevertheless, they continue to grow rapidly, often quicker than laws and regulations can be developed and imposed on them.

Novice crypto investor Barakat Al-Nahar said that after he was introduced to AYMBot he decided it would be a safer option for crypto trading rather than trying to figure it all out on his own.

“After seeing that I’m not the best person to trade and invest based on my own knowledge, especially given the volatility of the market, I wanted someone who would have a much more experienced background and who is more invested in trading crypto,” he said.

“AYMBot offered me that service of buying and selling Bitcoin without me having to interfere or be active.”

Al-Nahar, who is training to be a lawyer at the Jordanian bar, admitted he has only basic knowledge of the ins and outs of cryptocurrency trading, after becoming interested in Bitcoin a few years ago. Before that he dabbled in stocks, commodities and the foreign-exchange market but said he did not have the best of experiences.

“My trading wasn’t based on calculations, it was more of a “FOMO” (fear of missing out) or trying to ride the next wave,” he added. “And that’s not the way to go when you’re trading. Trading should be a lot more consistent and calculated and not controlled by emotions.”

He began trading using AYMBot in August and said that taking into consideration the fact that Bitcoin has been stagnating for almost a year, he has not incurred the losses he probably would have if he was making his own trading decisions.

“You can’t expect profits if Bitcoin itself isn’t profiting but I’ve seen more positive signs and results since they’ve affected short trading,” Al-Nahar said.


REVIEW: Circlys - saving platform

Photo/Supplied
Photo/Supplied
Updated 03 July 2022

REVIEW: Circlys - saving platform

Photo/Supplied
  • Eligible members must have accounts documented through the national information center “Nafath,” have a fixed income and a Saudi bank account

Many people when they have a certain income worry about having a proper amount of savings in their bank accounts.

Saving is known to be one of the best steps toward a healthy financial status and there are many ways to go about it.

One example is Circlys, an official Saudi closed joint-stock company, headquartered in Riyadh and specializing in financial technology.

It is a certified cooperative saving application provided for customers in Saudi Arabia under the supervision of the Saudi Central Bank, the Ministry of Commerce and the Ministry of Investment.

Eligible members must have accounts documented through the national information center “Nafath,” have a fixed income and a Saudi bank account. Every subscriber must sign a claim in case of defaulting and to guarantee their rights.

Circlys offers different saving opportunities throughout the year with durations varying between six and 12 months. Monthly shares start at SR500. Subscribers can choose the month they would like to receive the sum they register to get, and payments from each subscriber are deducted based on their salary period. Amounts will be received within three days after the salary receiving date.

The idea of the saving platform is inspired by a common saving concept in the Arab region called “Jamea’a,” where a group of three or more individuals agrees on saving the same amount of money in turns, provided that each individual pays the agreed-upon amount in the specified time. It is not permissible to breach the deadline or evade payment.

With a 4.7 rating by users, the savings platform has more than 180,000 beneficiaries and 10,000 saving circles. The phone app is available in English and Arabic on Android and iOS. For more information, visit circlys.com


Algeria to review gas prices with all its clients

Algeria to review gas prices with all its clients
Updated 03 July 2022

Algeria to review gas prices with all its clients

Algeria to review gas prices with all its clients
  • Algeria’s oil and gas earnings are up 70 percent and have reached $21.5 billion in the five first months of 2022

ALGIERS: Algeria is negotiating with all its clients to review gas prices, state oil and gas producer Sonatrach’s CEO, Tewfik Hakkar, told reporters on Sunday.

Hakkar added that the review of the prices is not targeting a single company or country.

The statement comes almost a week after Spain began re-exporting gas to Morocco in reverse flow via the Gazoduc Maghreb-Europe pipeline, marking the first direct flow of piped gas from Europe to Africa.

Spain and Morocco agreed earlier this year to consider using the GME pipeline for reverse flow to the North African country with the gas to be sourced from the global LNG market.

On Nov. 1, Algeria, which has cut off diplomatic ties with Morocco, stopped supplying natural gas to its neighboring country through the GME pipeline.

Algeria is now supplying Spain using the Medgaz undersea pipeline with an annual capacity of 8 billion cubic meters, which does not go through Morocco.

Earnings up

Algeria’s oil and gas earnings are up 70 percent and have reached $21.5 billion in the five first months of 2022, compared to $12.6 billion in the same period last year, an executive at state oil and gas producer Sonatrach told reporters on Sunday.

Along with gas, Algeria is a large oil producer with 12.2 billion barrels of proven oil reserves. The country exports 540,000 barrels per day of its total production of about 1.1 million bpd. All proven oil reserves are held onshore, though offshore exploration is in the early stages.


NRG Matters: DEWA expands its energy production capacity; Germany cuts natural gas consumption by 35% in May

NRG Matters: DEWA expands its energy production capacity; Germany cuts natural gas consumption by 35% in May
Updated 03 July 2022

NRG Matters: DEWA expands its energy production capacity; Germany cuts natural gas consumption by 35% in May

NRG Matters: DEWA expands its energy production capacity; Germany cuts natural gas consumption by 35% in May

RIYADH: On a macro level, Germany reduced consumption of natural gas by 35 percent in May. Zooming in, Dubai’s DEWA added 700MW of energy production capacity, to reach a total of 14,117 MW. 

Looking at the bigger picture

  • Germany has reduced its consumption of natural gas by 35 percent during the first five months of 2022, compared to the same period last year, Bloomberg reported citing an industry lobby group. Only part of the drop was due to a milder winter, it added. 

Through a micro lens:

  • Dubai Electricity and Water Authority has added 700 MW of energy production capacity, to reach a total of 14,117 MW, according to the Dubai Media Office. 

This includes 600 MW from the Hassyan Power Complex, which runs on natural gas, and 100 MW from photovoltaic solar panels at the 5th phase of the Mohammed bin Rashid Al-Maktoum Solar Park, which DEWA is implementing.

  • The Egyptian Nuclear and Radiological Regulatory Authority has issued a construction license to build the first reactor at Al Dabaa Nuclear Power Plant, according to a statement.

On Egypt’s Mediterranean coast, the El Dabaa site is 320 km west of Cairo. The plant will comprise four VVER-1200 units, like those already in operation at the Leningrad and Novovoronezh nuclear power plants in Russia, and the Ostrovets nuclear power plant in Belarus.


TRSDC signs first JV worth $400m with Al Mutlaq Group

TRSDC signs first JV worth $400m with Al Mutlaq Group
Updated 03 July 2022

TRSDC signs first JV worth $400m with Al Mutlaq Group

TRSDC signs first JV worth $400m with Al Mutlaq Group

RIYADH: The Red Sea Development Co. has signed a joint venture agreement worth SR1.5 billion ($400 million) with Almutlaq Real Estate Investment Co., a subsidiary of the Al Mutlaq Group. 

Under the agreement, the two companies will develop the Jumeirah Red Sea, a 159-key luxury resort situated on The Red Sea destination’s hub island, Shura, currently under construction and expected to open in early 2024. 

The island forms part of the first phase of development, and will comprise 11 luxury, premium and lifestyle hotels and resorts, residential units, a championship golf course, 118 berth marina, and a comprehensive retail, dining, and entertainment offering.

The strategic partnership marks the first JV established by TRSDC.

“This joint venture investment reinforces the private sector’s alignment with our commitment to regenerative tourism and sustainable development. Our project naturally lends itself to promising business opportunities, with the ability to leverage the Kingdom’s key strategic assets, and drive economic growth and diversification as outlined by Vision 2030,” said John Pagano, CEO of TRSDC. 

“We are extremely pleased to partner with TRSDC and its best-in-class management team on this exciting and compelling project. We have been studying the giga-projects for some time, and the Red Sea is achieving its vision. The destination is coming to life, and we look forward to welcoming our first guests in 2024,” said Tariq Almutlaq, chairman of AREIC.

Investors’ interest

TRSDC is in discussions with several other investors under a similar framework to invest in The Red Sea Project’s commercial assets, including hotels and resorts, leisure, and retail and dining experiences. Moreover, AMAALA and additional soon-to-be-announced projects in the developer’s expanding portfolio bring with them additional opportunities for investors.

“We are attracting an abundance of third-party investment interest, particularly those focused on ESG who are confident that this is an exciting opportunity and one that they do not want to miss out on,” said Jay Rosen, chief financial officer at TRSDC.

Green financing

The announcement follows TRSDC achieving financial close on its SR14.120 billion ($3.76 billion) green financing earlier this year with four leading Saudi banks (Banque Saudi Fransi, Riyad Bank, Saudi British Bank, and Saudi National Bank). As the first-ever riyal denominated green financing, TRSDC was acknowledged with an award for Project Finance Deal of Year in the Capital Markets Saudi Arabia Awards 2021 plus the Best New Green Loan Financing Project Award at the International Finance Awards 2022.

The Red Sea Project has demonstrated significant progress on the ground, with Phase-1 now more than 50 percent complete and several key assets already fully operational, including a four-star management hotel, on-site offices, and the largest landscape nursery in the region.

TRSDC and AMAALA have awarded over 1,000 contracts worth in excess of SR25 billion. Work is on track to welcome the first guests in early 2023, when the first hotels will open, with the balance of phase one set to complete by early 2024.


Fuel, feedstock prices for Saudi industrial sector to be adjusted from Q4 of 2023

Fuel, feedstock prices for Saudi industrial sector to be adjusted from Q4 of 2023
Updated 03 July 2022

Fuel, feedstock prices for Saudi industrial sector to be adjusted from Q4 of 2023

Fuel, feedstock prices for Saudi industrial sector to be adjusted from Q4 of 2023

RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources has decided to adjust the fuel and feedstock prices for the industrial sector from the fourth quarter of 2023, according to a ministry statement to companies.

The prices will be reviewed annually until 2030, it stated.

Price adjustment policy will be applicable to natural gas products, Arab heavy crude oil, ethane, heavy fuel oil, and Arab light crude oil.