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Etherty intends to break

all barriers for seamless

international property

trading.

Etherty launches only blockchain-based, real estate-focused trading platform

Pioneering Islamic economy

products launched in Dubai

BFB names its

founding partners

at inauguration

SAUDIA introduces new domestic travel packages

DUBAI —

A new investment portal has

launched offering a real estate linked-cryp-

to currency that enables investors to seize

property investment opportunities all over

the world, primarily in key markets such as

Dubai, Mexico and Australia.

Etherty’s business concept capitalizes

on the increasing local and international

investment movement in the real estate

market. Experts estimate the global total

value of developed real estate to be over

$217 trillion, significantly higher than the

total global traded equities and securitized

debt instruments put together. In 2016,

global real estate transactions reached $661

billion.

“Given the size of this market, and the

fact it is very fragmented and has not ad-

vanced sufficiently in the tech age, we be-

lieve it offers many opportunities. We are

out to disrupt this trillion-dollar industry

by breaking the barrier of entry for invest-

ment for as low as $1000. The company

is the only blockchain-based, real estate-

focused trading platform where investors

can network, co-invest and realize their

cross-border investments,» said Murtaza

Khan, CEO, Etherty.

The Ethery Trading Portal (ETP) at

www.etherty.com

is envisioned to be a one-

stop solution for all global or local property

transactions from a laptop or smartphone;

and enable anyone to network with fellow

real estate investors.

By offering a portfolio of properties

backed by standardized indicators to our

users to crowd-sale, buy and trade just as

in the stock market; and coupling it with all

the necessary services to facilitate their in-

vestment, Etherty intends to break all bar-

riers for seamless international property

trading.

“Imagine being able to gain access to a

country’s property boom from anywhere in

the world, without the need to get involved

in local bureaucracy and processes, using

straightforward and transparent transac-

tions secured by blockchain and smart con-

tracts,” added Khan.

Along with the portal’s launch, Etherty

will also introduce the crypto currency to-

ken (ETY), which enables seamless trans-

actions of a wide range of property assets

whilst also acting as a medium of exchange

and a store of value.

Cryptocurrencies are normally viewed

as a very volatile investment medium, but

the ETY is backed with properties infusing

them with material value, as collateralized

buildings will not just disappear. This lim-

its the user’s risk in buying our tokens and

will provide returns from rent as soon as a

property token is purchased. Furthermore,

the traditional illiquidity in real estate mar-

kets is made relatively easier to liquidate by

the Etherty trading platform, where buyers

and sellers can quickly purchase and sell.

Beyond the platform, Etherty, coupled

with a scalable business model, will allow

transparent, secure and easy transactions

with the ability to quickly deploy in any

market. Ultimately, this will provide ETP

users access to new markets with ease and

peace of mind and allow seamless capital-

ization of growth trends in different mar-

kets.

By offering a trading platform where

property tokens can be traded, in an open

transparent market in which the buyers

and sellers have all the information they

need to make the right decision all in one

place, Etherty has now shaped the world’s

first truly real estate trading market. Prop-

erties can be examined according to sector,

property type and location. This empowers

the users with all the tools necessary to be

a truly global property dealer right at their

fingertips.

Etherty is planning an ICO 15th March

2018, with a total supply of 240,000,000

ETY tokens. All the tokens will be distrib-

uted following the completion of the ICO.

New tokens cannot be created, and existing

tokens cannot be destroyed.

With a projected rise in the use of the

ETP, demand for ETYs will continue to in-

crease, resulting in value appreciation of

the token as more users join the platform to

participate in property sales and perform

trades. The platform’s network growth

programme will also reward new users and

partners to earn tokens for their contribu-

tion in growing the platform.

Recently, Etherty has signed an agree-

ment deal with Durise, as its strategic part-

ner in Dubai, to act as a trust or custodian

for real estate assets sold through the ETP.

This will allow Durise to grow the portfo-

lio of assets under their management while

allowing Etherty to market the Dubai real

estate to a global audience.

“Durise and Etherty will collaborate on

real estate crowd funding projects to ease

the transaction related pain points and

ease of ownership-transfers of units and

assets by utilising the payment, smart con-

tracts and ledger capabilities of the Etherty

platform,” said Waleed Esbaitah, Founder,

Durise, a Dubai-based crowdfunding real

estate platform. Adding “real estate will

always be a collateralized and solid invest-

ment, in all kinds of market conditions,

therefore, securing cryptocurrencies by ty-

ing them to real property is a tremendous

step towards creating stability for inves-

tors.”

“We believe this ground-breaking way

of selling and trading in property shares

will open up the market to the masses.

With a mobile first strategy, access to the

platformwill be via Android, iOS and web-

based apps. Trading will always be avail-

able no matter where a user is. The user

experience will be simplified to ensure a

high level of participation from a large us-

er-base,” ended Khan.

—SG

DUBAI —

Three new and unique

solutions were launched in Dubai

Wednesday at the 3rd Session: In-

ternational Innovative Platform for

Islamic Economy Products (IIPIEP

2018). The event, which was orga-

nized by Dubai Airport Freezone

Authority (DAFZA) in coopera-

tion with International Center of

Islamic Economy (ICIE), helps to

establish Dubai’s leading position

as the capital of Islamic Economy

across the globe.

The first product launched

was the ‘Exchangeable Sukuk’,

which has been created to mobi-

lize resources using Sukuk that

are tradable and don’t require the

utilization of bank assets. Other

specific properties for the Sukuk

include obtaining high credit card

ratings and allowing for additional

returns to economize on the costs

of the structure. The Sukuk was

developed by a team of experts at

the Islamic Development Bank in

collaboration with international

investment banks. It was also ap-

proved by the Shar’iah Committee

of the Islamic Development Bank

and cleared by several technical

committees.

The second product an-

nounced was the ‘Awqaf Fund’

which aims to create a new simple

sustainable product for anyone

who wants to put their money into

‘waqf’ - an endowment made to a

religious, educational or charitable

cause. The ‘Awqaf Fund’ will be

combinedwith a number of diverse

financial risk products allowing

greater control over assets in order

to achieve better returns on capital.

The ‘Flexible Credit Card’ was

the third product launched at IIP-

IEP 2018, which seeks to combine

investment with funding, whereby

the customer gets balance in credit

and at the same time an investment

account. This product falls under

Sharia compliance for both invest-

ments and funding.

Nasser Al Madani, Assistant

Director General at DAFZA, high-

lighted the key role that IIPIEP

MANAMA —

Bahrain FinTech

Bay (BFB), the largest Fintech

hub in the Middle East & Africa,

announced its founding part-

ners, coinciding with its launch

Wednesday in Bahrain. BFB is

the region’s largest fintech hub

and will work with established

industry leaders and new en-

trants from Bahrain, the region

and around the world to drive

innovation and create opportu-

nities for growth.

BFB’s founding partners rep-

resent a broad cross section of

Bahraini and global financial ser-

vices and technology industry

leaders. They will collaborate

with BFB in accelerating Bah-

rain’s position as a leading re-

gional fintech hub. International

startups already set to gain from

the partners’ expertise at the

fintech co-working hub include

US-based RobustWealth, Offr-

box and Sigma Ratings as well as

Jordanian startup, Labiba.

Khalid Al Rumaihi, Chief Ex-

ecutive of the Economic Devel-

opment Board of Bahrain (EDB),

said: “Bahrain Fintech Bay will

play a central role in growing

the supportive ecosystem that

is necessary for innovation to

thrive. The facilitation of co-

working and incubation, com-

bined with Bahrain’s regulatory

sandbox and focus on opening

up access to funding, is creating

an ideal environment for start-

ups and corporates to test and

then scale across the region.”

BFB will work with its

Founding Partners to leverage

their combined resources and

network to identify, prioritize

and address industry wide chal-

lenges and utilise economics of

scale to implement solutions

that bring innovation that cap-

tures the regional opportunity.

Khalid Saad, CEO of Bah-

rain FinTech Bay, added: “We

are excited to open Bahrain

FinTech Bay with the support

of our founding partners who

represent some of the world and

region’s leading financial insti-

tutions. With their support, we

look forward to facilitating col-

laboration across borders and

between government, corpora-

tions and startups to acceler-

ate innovation in the financial

services sector both here and

around the world.”

BFB looks forward to work-

ing closely with Founding Part-

ners to build on Bahrain’s leader-

ship as a financial centre.

— SG

JEDDAH —

Saudi Arabian Air-

lines (SAUDIA) has introduced

new domestic fare ‘families’

starting from February 20 this

year for air travel on routes with-

in the Kingdom.

Similar to what is currently

available for SAUDIA’s interna-

tional flights, there are now new

categories for flight purchases.

The new fare ‘families’ are

available in Guest Class (Econ-

omy), Business Class, and First

Class.

In each ‘family’ category

there are specific fare rules, and

also a different price range for

each fare type.

Introducing fare families for

IIPIEP 2018 held at Grand Hyatt Dubai attended by industry experts, innovators, and decision-makers

Khalid Al Rumaihi

Khalid Saad

EMAIL

pr@saudigazette.com.sa sgadvertising@saudigazette.com.sa business@saudigazette.com.sa

ECONOMY

THURSDAY 22 FEBRUARY 2018,

SAUDI GAZETTE

12

The names of the new

‘families’ will be:

Economy Class:

Saver, Basic,

and Flex

Business Class:

Basic and

Flex

First Class:

Flex

pricing is a common industry-

wide practice, and SAUDIA is

aligning its domestic fares with

the already available interna-

tional fare categories, for the

purpose of giving travelers a

range of options when choosing

their travel plans. The new fare

categories will enable travelers

to decide which fare type suits

them and their travel needs, al-

lowing for additional flexibility

and choices when making travel

plans.

In the new Economy Saver

fare, travelers can benefit from

new lower prices with applicable

conditions. One piece of hand

Baggage (7 kgs) is included in

the fare, as well as meal service

(on certain routes) and AlFursan

miles accrual. Checked-in bag-

gage is an add-on for the Econo-

my Saver category, and travelers

purchasing Economy Saver tick-

ets have the option to select the

baggage option for a fee. The new

Economy Saver fare category is

only available when booking on

www.saudia.com

or through the

SAUDIA Mobile App. Air travel

my fare families, the main differ-

ences are that checked-in bag-

gage is included in the fare (with

different allowance amounts);

miles accrual differs across each

fare family, seat selection is in-

cluded (only in Flex), as well as

changing and refund options.

The Business Class new fare

families of Business Basic and

Business Flex are differentiated

by the number of checked-in bag-

gage pieces included, as well as

the amount of miles accrued and

the change fees.

SAUDIA’s new packages gives

travelers the opportunity to bun-

dle and choose the services they

require. For example a passenger

requiring no checked-in baggage

and does not require changes to

their travel itinerary, can benefit

from additional savings by choos-

ing the Economy Saver option.

With each travel purchase,

SAUDIA provides options such

as, WiFi Internet connectivity

cards, advanced purchase excess

baggage, and online check-in 48

hours in advance of travel.

As a full service carrier, re-

gardless of the new domestic fare

categories, meal service (on ap-

plicable routes) and hand bag (7

kgs for Economy Class and 9 kgs

for Business Class) still remain

the same for guests, and is in-

cluded in all fares.

In line with aviation interna-

tional industry standards, SAU-

DIA is continuing to keep the

weight of check-in baggage to no

more than 23 kgs per piece for

Economy Class and 32 kgs for

Business and First Class.

Each piece of luggage for

Economy Class must weigh no

more than 23 kgs, and if exceed-

ed, the maximum that the airline

may accept is 32 Kgs, for which a

standard overweight fee of SR70

will apply. Per international reg-

ulations, the airline may not ac-

cept baggage weighing more than

32 Kgs per piece.

The new policy for baggage

allotment will only effect tickets

purchased from February 20 on-

wards. All tickets purchased pri-

or to this date will be subject to

the previous baggage allotment.

— SG

purchased at the Economy Saver

rate is also not eligible for refund

or changes.

In the Basic and Flex Econo-

2018 plays in supporting the growth

of the national economy and spe-

cifically Islamic Economy. He ex-

plained that: “IIPIEP provides the

ideal platform for innovative Is-

lamic Economy products, services,

and mechanisms that support the

development of the sector and in-

creases public trust and awareness

in Islamic banking.”

Al Madani also said “IIPIEP

supports the three main pillars of

DAFZA’s strategy for Islamic econ-

omy, which is based on detailed

and insightful market studies and

research. The strategy aims to at-

tract direct foreign investments and

new investment opportunities. In

order to realize these objectives, the

market must have a well-established

legal and procedural system, as well

as developed services that foster

trust amongst investors.”

Abdullah Mohammed Al Awar,

Chief Executive Officer of the Dubai

Islamic Economy Development

Centre, said: «It is important that

we witness innovation of this type

as it sets a great precedent within Is-

lamic economy. These innovations

have helped us create products that

are focused on achieving important

goals, such as sustainability, growth

and economic and social fairness.

These solutions mark a qualitative

shift in the functionality of invest-

ment and reflect the essence of

culture within Islamic economy,

which shifts the balance from elite

to social.”

Sultan Al Howymel, CEO of

the International Center of Islamic

Economy commented: “This global

platform is dedicated to establish-

ing a culture of innovation and an

integrated approach to the advance-

ment of the Islamic economic sys-

tem. They key aim is to achieve a

sustainable economy.”

Al Howymel also commented

on the importance of cooperation

with DAFZA and the strategic part-

ners to create an interactive plat-

form that bridges the gap between

decision-makers, government of-

ficials and economic and financial

establishments. He highlighted that

the collaboration also helps set up a

specific mechanism to motivate in-

novators in the global economy to

cope with rapid changes, stressing

the Center›s determination to con-

tinue efforts to promote leadership

in the development of initiatives

and applications of the global Is-

lamic economy.

Mohammed Qasim Al Ali, CEO

of National Bonds added: “National

Bonds is proud to sponsor the Inter-

national Innovative Platform for Is-

lamic Economy Products. The race

for innovation is competitive and

we are trying to be at the forefront

by creating new and innovative

tools that will help us secure the

financial future of our societies. For

us to be successful, we must take

an innovative approach to develop-

ment and overcome any obstacles

to achieve our objective.”

Abdulrazzak Mohammed Al

Khraijy, Head of Shar’iah Group of

National Commercial Bank, said:

«We are proud of our partnerships

with a number of key of institu-

tions, companies and banks that

are working to develop the Islamic

economy. Our participation in this

platform is part of the Bank›s strat-

egy to support and promote events

and activities at local, regional and

global level. This will contribute to

the development of the Islamic Eco-

nomic industry which has proved to

the world its effectiveness in terms

of objectivity and productivity.”

Held at Grand Hyatt Dubai,

the event was attended by industry

experts, innovators, and decision-

makers. It was supported by Alinma

Bank, Islamic Development Bank

and Dubai Islamic Economy Devel-

opment Centre, sponsored by Na-

tional Bonds andNational Commer-

cial Bank. The 1st Session of IIPIEP

was launched in 2015, and aims to

encourage innovation and creativ-

ity in developing new products and

services that are compliant with Is-

lamic Shariah principles.

—SG