Established by Siddiq Farid and Musfique Ahmed, SmartCrowd is set to be a revolutionary offering.

Since the pandemic, SmartCrowd, Dubai’s state-of-the-art real estate crowdfunding platform, which allows individual investors to buy a fractional share in a rental property, has grown its stakeholder base nearly six times. The investor base has profoundly grown 100 percent on a Q-o-Q basis.

SmartCrowd now has more than 30,000 users on the platform, 80 percent of which are UAE-based after 18 months of solid growth, despite the global economic distress induced by the pandemic.

The remaining 20 percent comprise users from as far away as New Zealand and Australia and are using SmartCrowd to take a beneficial slice of Dubai’s real estate market.

SmartCrowd has now sponsored more than 70 properties and transacted over AED50 million. The CEO of SmartCrowd, Farid stated, that the company has paid out close to AED3 million in rental income to investors so far.

With investments on the crowdfunding platform starting at AED500, explaining the concept, the CEO said individual investors in SmartCrowd take a fractional share in a vetted rental property based on a 100-point proprietary screening tool.

He added that the investors will then receive a share of rent proportional to their investment. After funding, a property is purchased through a special purpose vehicle (SPV) registered in the DIFC, ensuring a secure, safe investment opportunity for buyers.

Farid further added that SmartCrowd was the ideal platform for investors seeking a good return on their investment.

SmartCrowd closes USD3 million bridge fund

The Dubai group recently closed a bridge fund approximately in excess of USD3 million. The bridge funding will aid the rapidly growing company to scale in its operations, and products as well as establishing a well-built presence in new markets including Saudi Arabia and Pakistan.

An influential Saudi firm Mad’a Investment Company is the lead investor of the Bridge Round, while Dubai-based TriCap Investment made a follow-up investment in SmartCrowd and was followed by Amaana Capital, the venture capital arm of US-based NRD Capital along with other prominent angel investors in the region.

Noting the growth, Mad’a Investment CEO Abdullah A. Al Othaim was quoted saying that SmartCrowd, MENA’s first regulated real estate investment platform, will open up new investment channels to individuals looking for relatively safe methods to earn passive income as part of their strategy to invest in companies that add exceptional value through their innovative ideas to the kingdom and the region.

According to a statement, Managing Partner at Amaana Capital, Aziz Hashim, said that SmartCrowd was leading the way in fractional real estate ownership in the region, by providing customers with high-quality and pre-verified investment opportunities. He also said that the company was excited to partner with SmartCrowd in their next phase of growth.

Suleman Soorani, Director of Principal Investments at Tricap Investments, remarked that Smart Crowd’s user-friendly technology platform has made real estate investment accessible and hassle-free for all.

He added that the company is excited to support the founders in making Smart Crowd not just a preferred way of investing in real estate but a preferred way of owning real estate.

Assets under management have increased more than 60 percent quarter-on-quarter, while the number of investors has doubled in the last quarter.

Farid further added that the rapid growth experienced by the company was due to its innovative approach to property ownership in a market that is ripe for investment, in addition to the strong economic transformation the UAE was experiencing in the sector. He noted that real estate transactions in Dubai were at a record high, paving the way for the company’s growth.

In addition to this, Farid mentioned that the latest bridge funding secured by the company will assist the company in its effort to scale new heights and continues its mission to make alternative investment widely accessible to the masses.

French giant Total Energies and Indian billionaire industrialist Gautam Adani’s conglomerate plan to invest USD 5 billion to produce green hydrogen and related products in India as the world’s third-largest emitter of carbon seeking to decarbonize.

Total Energies has entered into an agreement with Adani Enterprises Limited to buy a 25 percent stake in Adani New Industries Ltd for an undisclosed amount, according to an exchange filing from the company earlier this week. Adani New Industries (ANIL) is a closely-held company of Adani Enterprises, the flagship firm for the coal-to-ports conglomerate.

The company was incorporated earlier this year in January, with the intention of piloting the new energy and low-carbon ventures for the group.

Earlier this year, in a regulatory filing, the company stated that it would develop and operate projects for the synthesis of low-carbon fuels and chemicals. It also said that it would undertake the generation of low-carbon electricity, and additionally manufacture important components for projects related to the manufacture of green hydrogen and wind turbines.

In a recent announcement, ANIL was quoted saying that it aims to be the largest fully integrated green hydrogen producer in the world from the manufacturing of renewables and green hydrogen equipment (solar panels, wind turbines, electrolysers, etc.), to the large-scale generation of green hydrogen, and green hydrogen derivatives with its existence across the entire value chain.

Gautam Adani, Chairman of the India-based Group stated that he is confident that the company will eventually produce the world’s least expensive green hydrogen. On its journey to become the largest green hydrogen producer in the world, the partnership with Total Energies will add several dimensions that include R&D, market reach and an understanding of the end consumer.

Adani was further quoted as saying that the partnership with Total will open up new avenues for exploration.

Adani aims to become the largest green hydrogen producer in the world

 Gautam Adani announced that the company is seeking global investors and has committed to spend as much as USD70 billion (Rs 5.46 trillion) by 2030 across the green-energy value chain. Green hydrogen projects will also help India the world’s third-largest carbon-emitting country to slash its reliance on oil and coal as it chases a target of being zero carbon by 2070.

As the shareholders are demanding greater efforts to fight climate change, Total is enhancing clean-energy output while reigning in oil-product sales.

Total has previously joined hands with Adani to invest in natural gas and renewables in India, where the government this year unveiled plans and incentives for massive hydrogen growth. In 2019, Total acquired a 37.4 percent stake in Adani Gas Ltd. (now called Adani Total Gas Ltd.) and last year spent USD2.5 billion acquiring 20 percent of Adani Green Energy Ltd. along with a 50 percent stake in a portfolio of solar assets.

The partnership will provide a potential avenue to decarbonize heavy industries like cement production, fertilizers and steelmaking. India aims to produce 5 million tons of green hydrogen annually, although the fuel is yet to be proven as a commercially viable alternative.

Other major producers include Australian billionaire Andrew Forrest’s Fortescue Future Industries, which is targeting an initial output of 15 million tons of green hydrogen per year by 2030 from a network of global projects. Vestas Wind Systems A/S, InterContinental Energy and other partners in the industry intend to produce about 1.8 million tons of the fuel every year and to begin exports by 2027 from the Asian Renewable Energy Hub in Western Australia.

The UAE is slated to attract the highest inflow of millionaires globally in 2022, beating traditional HNWI destinations like the US, UK and Russia according to the latest Henley Global Citizens Report.

In line with expectations, Russia has seen the largest emigration of HNWIs in the last six months, with net outflow being forecast at 15,000 by the end of 2022. This represents a huge 15% of its total HNWI, and 9,500 more emigrations than in 2019, according to the report which tracks private wealth and investment migration trends globally.

Top 10 millionaire destinations in 2022

The latest Henley Global Citizens Report predicts that the top ten destinations for HNWIs in 2022 in order of ranking will be the UAE, Australia, Singapore, Israel, Switzerland, the US, Portugal, Greece, Canada and New Zealand.

Dr. Juerg Steffen, CEO of Henley and Partners, said that the forecast for 2022 reflected a very volatile environment globally. He said that 88,000 millionaires are expected to relocate to new destinations, which is 22,000 less than in 2019 when 110,000 millionaires relocated.

Steffen added that the migration flows predicted for 2023 touch almost 125,000, witnessing affluent investors and their families moving to new locations. He further said that an impending rearrangement of the global order and the ever-present threat of climate change would present a new backdrop for millionaire emigration. 

As traditionally preferred global destinations are losing their sheen, the UAE has been progressing in leaps and bounds as a wealth hub. The UAE is slated to witness the highest inflow of HNWIs globally in 2022, with a forecast of 4,000, representing a dramatic increase of 208 percent from its inflow of 1,300 in 2019, making it one of the largest on record.

Once proclaimed to be the financial centre of the world, the UK has witnessed a steady loss of millionaires, with a predicted outflow of 1,500 HNWIs in 2022. Although the US still attracts more HNWIs than those who emigrate, its projected inflow of 1,500 projected for 2022 is a massive 86 percent drop from 2019 which witnessed an inflow of 10,800 HNWIs, according to the report.

Award-winning journalist Misha Glenny said that affluent Russians seeking to escape the impact of Western sanctions on their country are flocking to the UAE and Israel in huge numbers.

Biggest losers of HNWIs in 2022

According to the latest report, the 10 countries where the highest net outflows of HNWIs are predicted are Russia, China, India, Hong Kong, Ukraine, Brazil, the UK, Mexico, Saudi Arabia, and Indonesia, in order of ranking.

The report also said that China would witness a net outflow of 10,000 HNWIs in 2022, largely due to the strict Covid-related curbs and crackdowns on the tech industry.

Hong Kong is predicted to witness an outflow of 3,000 millionaires in 2022, which is a drop of 29 percent when compared to numbers in 2019.

The millionaire exodus from Brazil is expected to reach 2,500 HNWIs, a jump of 79 percent when compared to 2019.

India is expected to suffer a net loss of approximately 8,000 HNWIs in 2022, up 14% since 2019 when the net loss was 7,000. However, the report noted that India produces far more new millionaires than it loses to migration each year.

The HNWI migration figures focus only on people with a wealth of USD1 million or more and who have truly relocated, referring to those who stay in their new country for more than half of the year, according to a statement from Henley and Partners.

Alphabet Inc unit Google, Facebook Inc, Twitter Inc and other tech businesses will have to take certain measures to counter deepfakes and fake accounts on their platforms or will have to risk hefty penalties under an updated European Union code of practice, according to an updated EU document.

As part of its crackdown on fake news, the European Commission is expected to publish an updated code of practice on disinformation later this week.

The EU introduced a voluntary code practice in 2018 which will now become a co-regulation scheme, with responsibility shared between the supervisory body and signatories to the code.

The new code practice will give examples of potentially manipulative behaviour, including deepfakes and fake accounts, which signatories to the code will need to counter.

The new EU document in a statement also specified that relevant signatories would be required to adopt, reinforce and implement clear policies regarding impermissible manipulative behaviours and practices on their platforms, that is based on the latest evidence on the conducts and tactics, techniques and procedures (TTPs) employed by malicious users.

Deepfakes have caused global alarm

Deepfakes refer to accounts and information that are counterfeit but represented in a realistic manner. These accounts and the misinformation they contain have caused panic globally, especially when utilised in a political context. 

The EU code will also be linked to tough new EU rules known as the Digital Services Act (DSA) agreed by the 27-country European Union earlier this year which has a section on contending misinformation.

In addition to these new rules, companies that fail to comply with the new code could be fined up to 6 percent of their global turnover. Once companies have signed up to the code, they would be given a period of six months to implement measures to tackle these issues.

Signatories will also have to take measures to tackle advertising containing misinformation and provide more transparency on political advertising.

Thierry Breton, EU industry leader who is heading eh crackdown stated that the DSA would provide legal support to the new code of practice against disinformation, and this could also include heavy sanctions to dissuade such practices.

 Vera Jourova, Vice-President of the Commission emphasised that the recent Russian war in Ukraine had made some of the changes in the code necessary.

She was also quoted as saying that once the code is operational, the Commission will be better prepared to address misinformation, including that which comes from deepfakes in Russia.

Bitcoin fell to the lowest in about 18 months in Asia trading Monday as the effect of Friday’s shock US inflation data continued to resonate through global risk assets.

The world’s largest digital token dropped by as much as 8.9% to USD 24,903.49 – its lowest since December 2020. Other cryptocurrencies also weakened as a broader sell-off continued. The MVIS Crypto Compare Digital Assets 100 Index, which estimates 100 of the top tokens, fell as much as 9.7%.

Antoni Trenchev, co-founder and managing partner of crypto lender Nexo was quoted as saying that cryptos remain at the mercy of the Fed and are stuck in a merry dance with the Nasdaq and other risk assets. The business is hearing Bitcoin forecasts in the mid-teen and single-digit thousands which is indicative of the type of macro environment crypto is facing for the first time and the levels of fear in the market.

Traders are enhancing bets for a more aggressive pace of Federal Reserve tightening after Friday data showed US inflation soared to a fresh 40-year high in May. Cryptocurrencies, which have grappled amidst the Fed’s policy in recent months, have been hit particularly hard. The collapse of the Terra/Luna ecosystem last month, and lender Celsius pausing withdrawals on Monday morning, have further battered confidence in the space.

Rick Bensignor, president of Bensignor Investment Strategies and a former strategist at Morgan Stanley said that he would typically suggest being a buyer of Bitcoin futures.

Other coins were also having a difficult time, with Ether off as much as 12% to its base level since February 2021. Avalanche plummeted as much as 15%, Solana up to 14% and Dogecoin as much as 11%.

Trenchev stated that if Ethereum continues to bleed toward USD 1,200 (the 200-week moving average) the outlook for other altcoins would become even bleaker.

Why is Bitcoin volatile?

Bitcoin has not only been a trendsetter, steering in a wave of cryptocurrencies built on a dispersed peer-to-peer network, but has also become the default standard for cryptocurrencies, inspiring an ever-growing multitude of followers and spinoffs.

As the forerunner of the cryptocurrency era, Bitcoin is still the coin people generally refer to when they talk about digital currency. Bitcoin was made publicly available in the year 2009 and rose to popularity around 2010 and has been on a roller-coaster ride since then. However, it wasn’t until 2017 that the cryptocurrency broke into popular awareness.

There are several explanations why Bitcoin has such a volatile price history. Understanding the factors that impact its market price can help one decide whether to invest, trade or continue watching its developments. Like most merchandise, assets, investments, or other goods, Bitcoin’s price depends profoundly on supply and demand. As an asset implemented swiftly by investors and traders, assumptions about price schedules play a crucial part in Bitcoin’s value at any given moment. Media outlets, influencers, opinionated industry entrepreneurs, and well-known cryptocurrency enthusiasts create investor concerns, leading to price fluctuations.

Volatility has been intense, with crypto assets changing significantly in 2022. The market has been dropping since reaching all-time highs in November 2021.

Private schools in the UAE are offering remote learning options to students who test positive for Covid-19, in an effort to ensure that students are on track with their studies for the remainder of the current school year.

Earlier this year, in April, the Abu Dhabi Department of Education and Knowledge (Adek), had announced that students in private and charter schools should return to on-site learning for the new term, which commenced on April 11. 

According to Adek, students who presented a high-risk medical report, and students displaying symptoms of Covid-19 were exempted from attending school in person.

The principal of Abu Dhabi Indian School, Neeraj Bhargava, stated that almost 40 students and 20 members of staff had tested positive for Covid recently. He added that the school was offering remote learning options to students to enable them to attend classes from home. 

He also said that students and members of staff who have tested positive will only be allowed back to the campus if they present a negative Covid-19 test result. Bhargava stated that students in grades 10 and 11 are scheduled to complete their CBSE exams on June 15, and the summer holidays for the rest of the students would commence on July 1. 

UAE schools take precautionary measures

Recently, the UAE had reported an increase in the number of positive cases since the beginning of June. Almost 1,249 confirmed cases were reported by the Ministry of Health and Prevention on June 12.

Bhargava said that due to the recent increase in Covid-19 cases in the UAE, the school has complied with precautionary measures in an effort to ensure the safety of students and staff.

The Principal of Mayoor School in Abu Dhabi, Anna Pagdiwalla, stated that students who test positive for Covid-19 will be provided with sufficient support for daily learning, using remote learning options.

School principals in Abu Dhabi have cautioned parents against sending students to school if they display any symptoms of the Covid-19 virus.

In addition to these precautions, schools will conduct routine Covid PCR tests for students and staff in compliance with directives from Adek.

According to the directives, students, teachers, and staff who come in close contact with a confirmed positive case must test on days one and seven or when they start showing symptoms.