Latest news with #JosephDahrieh
Business Recorder
4 days ago
- Business
- Business Recorder
Dubai's first tokenised real estate project signals ‘major transformation' for property sector
Last week it was reported that Prypco Mint - the MENA's first tokenised real estate investment platform backed by the Dubai Land Department (DLD) - saw its first property listing fully funded in one day, 'setting a regional benchmark for speed, demand, and investor confidence.' The property attracted 224 investors from over 40 nationalities - 70% of whom entered Dubai's real estate market for the first time - with an average investment amount of AED 10,714. Prypco said this highlighted 'the platform's wide appeal and the growing appetite for accessible, tech-enabled real estate opportunities in the region.' 'To see our first property fully funded in just a day reflects not only the strength of the concept but also a clear market demand for smarter, more accessible investment solutions,' said Prypco's CEO Amira Sajwani. Dubai's residential property prices expected to fall by 15%: Fitch Ratings The initiative continues to draw significant interest, with a waitlist that has over 6,000 requests. 'This surge in demand reflects Dubai's growing appeal to new segments of global investors seeking innovative and accessible property ownership models,' DLD said. So what exactly is a tokenised real estate project? Essentially, it allows users to own a share in a prime real estate project in Dubai properties through blockchain-based tokens, starting from AED 2,000. Joseph Dahrieh, Managing Principal at forex broker Tickmill, broke it down: 'A tokenized real estate project involves converting ownership rights or the economic value of a physical property into digital tokens that are recorded and traded on a blockchain platform.' Speaking to Business Recorder, he said 'this process enables fractional ownership, meaning a property can be divided into many smaller, more affordable shares represented by these tokens.' This approach aims to increase liquidity by making it easier to buy and sell these shares, lower barriers to entry for investors by reducing the minimum investment needed, and enhance transparency and security through the immutable nature of blockchain records, he explained. According to Prypco's statement, the platform converts tangible real estate assets into secure, digital tokens, each linked to a legally recognised Property Token Ownership Certificate issued by the DLD. 'This grants investors the same rights as traditional property ownership with none of the associated administrative burden, while enjoying benefits such as rental income, capital appreciation, and liquidity,' it said. Meanwhile DLD has said the certificate it issues will ensure 'a transparent and secure investment experience without the complexities of traditional property management', adding that investors will benefit from both rental income and capital appreciation resulting from the property's appreciation. Currently available exclusively to UAE ID holders, the platform is expected to expand globally in the near future. The project is jointly managed by DLD, as the regulator of physical real estate assets, and the Virtual Assets Regulatory Authority, as the regulatory body for digital assets. 'The collaboration ensures an integrated and transparent regulatory framework for this new and innovative model of property investment,' according to DLD. All transactions are carried out exclusively in UAE Dirhams, with no use of crypto currencies during the pilot phase. Through the platform, investors can access property details, ranging from pricing, risk factors, and technical specifications to the minimum investment required. In the current phase, the Central Bank of the United Arab Emirates will oversee the opening of corporate accounts linked to real estate tokenization through the Client Money Account system. This banking structure is designed to safeguard investor funds. What does this mean for Dubai's property sector? Dahrieh said 'tokenization signifies a major transformation aimed at democratizing investment and enhancing market dynamics.' He said 'it lowers investment barriers, attracting new retail and global investors.' 'This initiative is expected to boost market liquidity, transparency, and transaction efficiency. It also offers developers new funding avenues. Strategically, this aligns with the Dubai Economic Agenda D33 and Real Estate Strategy 2033, aiming to solidify Dubai as an innovative global hub,' he said. 'The DLD projects that tokenized assets could reach AED 60 billion, or 7% of the market, by 2033,' he added. The project is part of the Real Estate Evolution Space Initiative previously launched by DLD, which aims to 'position Dubai on the global map for PropTech and artificial intelligence.' DLD said the initiative fosters a flexible legislative environment and encourages the attraction of talent and start ups in the real estate sector, further enhancing Dubai's global competitiveness. Copyright Business Recorder, 2025
Zawya
4 days ago
- Business
- Zawya
Omani stock market demonstrates resilience amidst regional uncertainty
Muscat: The Omani stock market recorded its fifth consecutive day of positive performance this week, continuing its upward trajectory and further recovering recent losses. This sustained rally indicates strong underlying demand within the market, according to an industry watcher. 'This performance contrasts with broader regional trends, where markets largely continued to grapple with uncertainty, consistent with the previous week. Profit-taking was evident in some regional markets as external factors weighed on general sentiment,' said Joseph Dahrieh Managing Principal at Tickmill. 'However, the Omani stock market appeared more focused on positive internal developments, which have been bolstering investor confidence,' he further added. While potential risks associated with lower oil prices and global economic uncertainty remain, these factors have seemingly had a less pronounced impact on the Omani market lately, said Joseph Dahrieh. Given recent positive developments and current momentum, the market appears well-positioned to potentially continue its upward trend in the near term. 'Reinforcing this positive sentiment are key national economic initiatives unveiled this week. The landmark UAE-Oman agreement to develop the Al Rawdah Special Economic Zone in Al Buraimi signals a substantial long-term boost,' said Joseph Dahrieh. 'This joint venture is anticipated to attract considerable investment, stimulate cross-border trade and diverse economic sectors, thereby offering a sustained positive outlook for both the wider economy and the stock market,' he added further. The Industrial sector led the gains, continuing its strong performance for a second consecutive week with a 5.89% increase. Within this sector, Al Anwar Ceramic was higher by 4.21% and Al Maha Ceramics by 13.75%, both maintaining their upward momentum. Oman Cables Industry surged by 16.50%. OQ Base Industries contributed to the positive trend with a gain of 1.75% and was the most traded stock in terms of both value and volume. The Services sector also achieved a solid advance, rising by 2.29%. Key contributors included OQ Gas Networks, which gained 2.78%, and OQ Exploration and Production, which rose by 3.11%. In telecommunications, Oman Telecom edged higher by 0.60%, while Ooredoo recorded a strong performance, climbing 12.30%. National Gas also saw a significant increase of 8.22%. The Financial sector posted a more modest gain of 0.42%. Sohar International Bank rose by 0.71%, and Al Anwar Investment climbed by 2.41%. Muscat Finance also performed well, increasing by 3.92%, while Al Sharqiyah Investment Holding registered a gain of 1.25%. © Muscat Media Group Provided by SyndiGate Media Inc. (
Times of Oman
6 days ago
- Business
- Times of Oman
Omani stock market demonstrates resilience amidst regional uncertainty
Muscat: The Omani stock market recorded its fifth consecutive day of positive performance this week, continuing its upward trajectory and further recovering recent losses. This sustained rally indicates strong underlying demand within the market, according to an industry watcher. 'This performance contrasts with broader regional trends, where markets largely continued to grapple with uncertainty, consistent with the previous week. Profit-taking was evident in some regional markets as external factors weighed on general sentiment,' said Joseph Dahrieh Managing Principal at Tickmill. 'However, the Omani stock market appeared more focused on positive internal developments, which have been bolstering investor confidence,' he further added. While potential risks associated with lower oil prices and global economic uncertainty remain, these factors have seemingly had a less pronounced impact on the Omani market lately, said Joseph Dahrieh. Given recent positive developments and current momentum, the market appears well-positioned to potentially continue its upward trend in the near term. 'Reinforcing this positive sentiment are key national economic initiatives unveiled this week. The landmark UAE-Oman agreement to develop the Al Rawdah Special Economic Zone in Al Buraimi signals a substantial long-term boost,' said Joseph Dahrieh. 'This joint venture is anticipated to attract considerable investment, stimulate cross-border trade and diverse economic sectors, thereby offering a sustained positive outlook for both the wider economy and the stock market,' he added further. The Industrial sector led the gains, continuing its strong performance for a second consecutive week with a 5.89% increase. Within this sector, Al Anwar Ceramic was higher by 4.21% and Al Maha Ceramics by 13.75%, both maintaining their upward momentum. Oman Cables Industry surged by 16.50%. OQ Base Industries contributed to the positive trend with a gain of 1.75% and was the most traded stock in terms of both value and volume. The Services sector also achieved a solid advance, rising by 2.29%. Key contributors included OQ Gas Networks, which gained 2.78%, and OQ Exploration and Production, which rose by 3.11%. In telecommunications, Oman Telecom edged higher by 0.60%, while Ooredoo recorded a strong performance, climbing 12.30%. National Gas also saw a significant increase of 8.22%. The Financial sector posted a more modest gain of 0.42%. Sohar International Bank rose by 0.71%, and Al Anwar Investment climbed by 2.41%. Muscat Finance also performed well, increasing by 3.92%, while Al Sharqiyah Investment Holding registered a gain of 1.25%.
IOL News
14-05-2025
- Business
- IOL News
Fuel price decrease still possible for June, despite recent uptick in oil prices
Another fuel price cut is looking likely for June. International oil prices have stabilised following a surge early this week, however modest fuel price reductions are still looking likely for June. The latest data from the Central Energy Fund is pointing to possible price cuts of around 40 cents for petrol and 75 cents for diesel. However, if oil prices remain at current levels, this could be eroded by month-end, possibly to around 15 cents for petrol and 40 cents for diesel. On Wednesday, Brent Crude oil prices hovered near two-week highs, at around US $66 per barrel (R1,207). This remains slightly below the $66.40 average for the previous review period, which determined the current fuel price structure. While oil prices are having a negligible effect on the fuel price outlook for June, the rand is coming to the rescue, trading at an average of R18.38 to the US dollar this month so far, which is significantly stronger than the previous review period's average of R18.83. Why have oil prices risen? Oil was trading around the $61 mark earlier in May, but started rising late last week on optimism fuelled by the easing tariff tensions between China and the US. Although the 90-day trade truce is seen as positive, its expiration could bring renewed market instability, warns Joseph Dahrieh, Managing Principal at Tickmill. However, any further oil price hikes could be mitigated by higher supply levels, with oil cartel OPEC+ indicating that it is set to maintain its elevated output levels. 'Geopolitical tensions could also affect the market as traders monitor the developments in talks in various regions, including Iran, where a positive outcome could see additional oil volumes hitting the market,' Dahrieh added. Stable year for fuel prices South Africans currently pay R21.29 for a litre of 93 Unleaded petrol in Gauteng, with 95 ULP retailing at R21.40 inland and R20.60 at the coast. This follows price reductions of 22 cents per litre for 95 ULP and 21 cents for 93 UPL at the beginning of the month, while diesel fell by between 41 cents (50ppm) and 42 cents (500ppm). This followed petrol price cuts of between 58 cents and 72 cents in April and seven cents in March. 93 ULP is currently just 17 cents more expensive than it was in January. IOL
Zawya
05-05-2025
- Business
- Zawya
Mideast Stocks: Most Gulf markets ease on falling oil prices
Most stock markets in the Gulf ended lower on Monday, pressured by falling oil prices and investor caution ahead of developments in U.S.-China trade relations. Oil prices - a catalyst for the Gulf's financial markets - fell more than 1% on Monday after OPEC+ decided over the weekend to further speed up oil output hikes, spurring concerns about more supply coming into a market clouded by an uncertain demand outlook. The group could fully unwind its voluntary cuts by the end of October if members do not improve compliance with their production quotas, OPEC+ sources told Reuters. The Qatari index dropped 0.4%, hit by a 0.9% fall in Qatar Islamic Bank and a 1% decrease in petrochemical maker Industries Qatar. In Abu Dhabi, the index eased 0.1%. Saudi Arabia's benchmark index reversed early losses to close 0.1% higher, helped by a 6.5% rise in Saudi Arabian Mining Company. Dubai's main share index advanced 1%, led by a 3.1% jump in top lender Emirates NBD and a 6.9% increase in Commercial Bank of Dubai. There is potential for the Dubai market to continue its positive trajectory, bolstered by strong earnings and robust economic fundamentals, highlighted by steady growth in the non-oil private sector during April and employment rising at its fastest pace in eleven months, said Joseph Dahrieh, Managing Principal at Tickmill. Trump on Sunday said the U.S. was meeting with many countries, including China, on trade deals, and his main priority with China was to secure a fair trade deal. Outside the Gulf, Egypt's blue-chip index dropped 0.4%, weighed down by a 2.7% slide in Egypt Aluminum Company , despite reporting a rise in nine-month profit. SAUDI ARABIA rose 0.1% to 11,423 Abu Dhabi down 0.1% to 9,569 Dubai advanced 1% to 5,345 QATAR lost 0.4% to 10,456 EGYPT fell 0.4% to 32,212 BAHRAIN dropped 0.3% to 1,907 OMAN eased 0.1% to 4,339 KUWAIT added 0.2% to 8,611 (Reporting by Ateeq Shariff in Bengaluru; editing by David Evans)
