Dubai startup nets $14 million to open Saudi real estate investments to global users

Investing in real estate can be lucrative, with property appreciation rates remaining high. However, factors like the market’s illiquidity and the large down payment requirements can make property investing inaccessible for smaller investors.

However, there are some alternatives that can make real estate investing easier. These include real estate investment trusts and mortgage-focused investment groups.

Digital platforms serve as another alternative. Stake is one such platform, allowing investors across the globe to tap into income-generating real estate deals in Dubai.

The company said it raised US$14 million in a series A funding round to take its offering to Saudi Arabia. Once it is rolled out, it would become the first platform to offer real estate investment opportunities in the country to individuals outside of Saudi, the company said in a LinkedIn post.

Middle East Venture Partners led this round, with participation from Aramco’s Wa’ed Ventures, Al Jomaih Holding, Republic, and Mubadala Investment Company Abu Dhabi’s sovereign investor.

Manar Mahmassani, Stake’s co-founder, told Bloomberg that he sees “huge tailwinds from pent-up demand from the local population and opening up to foreign ownership” in Saudi.

Having started three years ago, Stake now boasts over half a million users and has funded over 200 properties.

With the new capital, Stake plans to increase its Saudi personnel to 15 by the end of 2024.

Source: techinasia

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button