Dubai Backed Real-Estate Investment and FinTech start-up preps up talks with Saudi Investors to establish core foundation in Saudi Arabia

62
Image by analogicus from Pixabay

Core Highlights: –

  • The start-up or firm empowers the investors to procure shares within a property as well as earn up regular returns out in the form of the quarterly dividends.
  • Stake, that is the latest of the Dubai-backed financial technology (FinTech) as well as a real-estate investment-based platform and is aided in shortly by the Saudi Investors is prepping up talks for their smooth expansion within the Kingdom of Saudi Arabia with the government officials in Saudi Arabia.
  • Was launched up in the December 2020 for disruption of the territories Real-Estate Investment market.
  • Stake presently operates in Dubai, but it is scheduling to utilize the new funding to progress its base into Saudi Arabia, co-founder Tabbarra stated to the Arab News.
  • He also added that; “We are already in talks with Saudi-based real estate developers on how we can partner in bringing Stake to the Kingdom. With all the positive changes that are happening at record speed, we believe that this is the best time to launch a product like Stake in Saudi Arabia.
  • The firm also announced recently that they have meticulously been able to garner in a $4Million within seed funding round powered by Combined Growth Real Estate, an establishment chaired by Amer Hammour, founder and chairman of Madison Marquette, a US-based real estate investment management company.
  • It also engrossed participation from Dubai-based private family office Vivium Capital, Zurich-based venture capitalist firm Verve Ventures, UK-based Chalgrove Properties Limited, Riyadh-based Lama Holding and Mishaal Alireza, a Saudi Arabian angel investor.

The FinTech and real-estate investment-based platform or start-up Stake founded up the preceding year in December 2020 by the Co-founders Rami Tabbarra-a former senior vice president of sales at developer DAMAC, and Manar Mahmassani, a former managing director at Falcon Group and vice president at Deutsche Bank, established it in a robust foundation within the premises of FinTech Hive in the Dubai International Financial Centre.

The firm permits the investors to procure property shares as well as for earning up regularized returns within the form of quarterly dividends. The base entry point level is 2,000 dirhams ($544), and it goes all the way up to a third of the worth of an distinct property.

Alireza stated to the Arab News: “I am very proud to have supported Stake since their launch. Their proposition is bringing positive change to the real estate market by propelling it to the digital age and by creating an all-inclusive real estate proposition for investors in the region and abroad. I look forward to seeing them play an important role in the real estate and fintech market across Saudi Arabia and the Gulf.”

Tabbarra also commented regarding the Saudi Arabia based expansion during December, preceding year that; “Saudi Arabia is a big market for us. We believe there is huge potential there.”

Tabbarra also promptly stated further that; “We have the perfect ingredients to make our entry into the market successful. The population has a 92 percent smartphone penetration rate and an affinity to property investment, and the government’s Vision 2030 supports increasing property supply and ownership.”

Since launching just five months back, Stake has engrossed over 4,000 registered clients from 54 different countries and is overlooking a 30 percent month-on-month upsurge in average sales. As well as intensifying into Saudi Arabia, Stake is also viewing to make a move into the UK market.

Stake will utilize these funds to scale and boost the platform by familiarizing latest merchandizes and features, invest in sales and marketing, and develop its prevailing workforce of 15 personnel.

LEAVE A REPLY

Please enter your comment!
Please enter your name here