Stake, a Shariah compliant digital real estate investment platform headquartered in the UAE, has officially launched in Saudi Arabia. Notably, it is the first platform regulated by the Saudi Capital Market Authority to allow international investors to access Saudi real estate investment opportunities. NESSREEN TAMANO reports.
The platform’s entry into the Saudi market is marked by its collaboration with Mulkia Investment Company, an asset management firm in the Kingdom, to establish private real estate funds designed to make investment in Saudi real estate more accessible.
The funds will be managed by Mulkia and distributed via Stake’s digital platform, and will focus on income-generating assets across residential and commercial sectors. Investors will have access to curated Shariah compliant real estate opportunities starting from SAR500 (US$133.33), aligning with Stake’s aim of lowering entry barriers and democratizing real estate ownership.
For its inaugural fund, Stake partnered with Alrajhi Seventh, a Saudi real estate development and investment company, to launch a commercial building located in North Riyadh on its platform. Hanouf Bin Saeed, a financial industry veteran who previously worked with Riyad Bank to grow its non-bank financial institutions portfolio from SAR1 billion (US$266.67 million) to SAR12 billion (US$3.2 billion), will be leading Stake’s Saudi operations.
“The Kingdom’s thriving economy and Vision 2030 initiative align perfectly with our mission to provide inclusive and borderless access to high-potential property markets. By entering Saudi Arabia, we are inviting investors worldwide to participate in its exciting growth story,” said Manar Mahmassani, the co-founder and co-CEO of Stake.
In June 2024, Stake closed a US$14 million Series A funding from Aramco’s Wa’ed Ventures, Mubadala Investment Company, Abu Dhabi’s Sovereign Investor and Al Jomaih Holding, a Saudi family conglomerate. The company’s operations in both the UAE and Saudi Arabia are Shariah compliant.
