UAE Digital Real Estate Investment Platform Enters Fintech Lab in Saudi Arabia6. September 2023
Stake, Dubai based digital real estate investment platform, has obtained the approval from the Capital Markets Authority (CMA) in Saudi Arabia to enter its Fintech Lab and plans to launch KSA real estate investment opportunities on its app by the end of the year.
The company will soon make it easy and accessible for both Saudi investors and anyone anywhere in the world to participate in real estate investment funds targeting attractive developments and income-generating assets across Saudi Arabia. The move was announced during the Seamless event in Riyadh on Monday 4th September, where Stake also signed a partnership with Arab National Bank.
Co-Founder & Co-CEO, Manar Mahmassani, comments:
“We at Stake are passionate about making real estate investing accessible, transparent, borderless and liquid. Our expansion to KSA marks a big step towards making borderless investing a reality.”
The granting of this license marks a pivotal moment for Stake as it embarks on its first international expansion and aims to contribute to the growth of Saudi Arabia’s thriving investment landscape. Since the inception of Saudi Arabia’s National Transformation Plan in 2016, the nation has witnessed a staggering USD 1.1 trillion in real estate projects, reshaping its urban topography. By 2030, the Kingdom is set to add over 555,000 residential units, 275,000 hotel rooms, and millions of square meters in retail and office spaces, making it an unparalleled global construction hub. The country’s young, dynamic population, with 70% under the age of 40, has fueled the ambitious Vision 2030 of its Leadership and placed KSA on the world map as a global economic powerhouse. In 2022, KSA recorded the fastest GDP growth of all G20 economies.
Currently operating in the Dubai International Financial Centre (DIFC) and regulated by the Dubai Financial Services Authority (DFSA), Stake has built a comprehensive real estate investment platform, allowing investors to buy fractional shares pre-vetted real estate investment opportunities in the UAE. In less than 3 years, the company has distributed over 100 rental properties, worth approximately AED 200 million, ranging from short-term holiday homes to long-term rentals, and situated in some of Dubai’s best neighborhoods.
In its initial foray into Saudi Arabia, Stake will introduce real estate investment funds focused on carefully selected assets in Saudi Arabia and managed by CMA-regulated Capital Markets Institutions.
The Saudi real estate market had a buoyant year in 2022 with a flurry of exciting developments launched by both public and private developers across the country. Bolstered by the government’s public investment initiatives and pro-business reforms, the nation is experiencing a fascinating economic transformation, fueling a massive construction boom and creating tremendous growth prospects for the coming decade.
Featured image credit: Abdullah H Alsalloom – Head of Real Estate Investments, Al Rajhi Capital and Manar Mahmassani – Co-Founder & Co-CEO, Stake