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UAE digital real estate investment platform ‘Stake’ has raised $14 million from investors including Mubadala Investment Company ‘Mubadala’, Saudi Aramco’s venture capital arm ‘Waed Ventures’ and private investment platform ‘Republic’, which is based in the United States and is in the process of raising a Series A round led by Middle East Venture Partners.
Rami Tabbara, co-founder and co-CEO of the company, noted that the new financing will enable STICK to continue to expand its business in the UAE, while also launching operations in Saudi Arabia.
“There’s been a huge tailwind from pent-up demand from local residents and the opening up to foreign ownership,” co-founder Manar Mahmasani told Bloomberg, noting that STIC intends to double its headcount in Saudi Arabia to 15 by the end of the year.
Dubai’s real estate market is booming, driven by an influx of wealthy people from around the world, with prices of mid-sized apartments in the emirate rising 20.4 percent in the January-March period, the agency said in a report released in May by the “CBRE” group.
The company will use part of the financing proceeds to enter Saudi Arabia, where it plans to become the first platform to allow individuals outside the kingdom to invest in the local real estate market.
The startup has raised $13 million in seed and pre-Series A funding since its founding in 2021. To date, it has purchased more than 200 properties worth Dh355 million.
Stic has redefined Dubai’s real estate market, allowing global investors to participate in fractional ownership with an entry point as low as Dh500, and the company has sold more than 200 properties worth Dh355 million through its application, as investors from overseas constitute the company is leading a wave of transformation in the financial and real estate landscape in the Middle East and North Africa region. In May 2024, the company’s transaction volume on the platform exceeded about 100,000.
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