Beehive, the Dubai-based peer-to-peer lending service, is set to see cumulative loans made through its platform reaching the Dh500m mark in November, the month in which it celebrates its fifth anniversary.

“It’s a milestone we’re particularly proud of and I think we’ve been able to give investors on average a very good return against a backdrop of global rates (that are) very low,” says the company’s founder and chief executive, Craig Moore.

Mr Moore also makes the point that so far, these loans have all been provided by individuals, backing small and medium-sized enterprises that have historically struggled to raise cash.

“Only now are we bringing on institutional cash. In five years, it’s been funded by people like you and me,” he adds.

With hindsight, it may seem like success for a venture like Beehive was inevitable. After all, there were already several hugely successful peer-to-peer lending companies like Funding Circle in the US and Zopa in the UK, and the Middle East was an untapped market.