Dear Durise customers
It is with a heavy heart, that I write a farewell letter, and shutting down our operations officially. Durise was an ambitious project, started in 2014, at a time when the Middle Eastern market was not fully aware of the concept of crowdfunding, and peer-to-peer lending. We would like to think we took a risk in being first market movers to pave the way for others in the future. Now, the power of the crowd is becoming clearer, proving through news making events, that small contributions from a large amount of people can lead to something big.
The peer-to-peer model has and will continue to carry significance for a long time to come. Whether it’s the profitable model, or the charitable/non-profit one. Unfortunately, since this is such a new area of operation, it has taken a while for the authorities and regulating bodies to respond to customer demand. It has only been a year, since new regulations were passed for collective funding structures, and even so, the legislations are limited, and require more time to mature.
Changing the financial industry will take time, effort, energy, perseverance, and ingenuity from the future generations. The old methods of operating with predominantly anchor stakeholders that deal in billions will no longer be the way forward. With the advancement in technology and social media, it has become ever-so-important to voice one’s opinion, because every person matters. Each demographic of the population will have a say in the way fees are implemented, what services are offered, and the way their money is being protected.
We at Durise have learned a lot from our journey, and have spent the past four years working on the ideal method to safely and conveniently offer our services. We were faced with difficulties, but in no way think this market has no place in Dubai and the Middle East in general. We have gathered over 5000 users, and receive daily requests on listing new projects. This goes to show that people are becoming more aware of these newer investment options, and are willing to participate in them online. This is a big step forward considering a few years ago, our region was not accustomed to online payments for fear of fraud.
Now more than ever, we think the time is right. The market has found it’s stability, and prices have reached a sweet spot for buyers, lessors, and investors. The future holds a lot for Dubai and other Middle Eastern neighboring countries. The GCC has a plan to inject immense funding into making this region a spot for the whole world to look at for business, logistics, trade, tourism, and immigration.
We at Durise would like to keep this project alive in one form or another, and for that, have added the feature to allow interested customers and entrepreneurs to reach out to us. We are more than happy to offer advice, lessons learned through our journey, and our take on the ideal way real estate crowdfunding can become a reality in Dubai.
Waleed Esbaitah Founder and Managing Partner
“Failure is simply the opportunity to begin again, this time more intelligently” - Henry Fordinfo@durise.com