Stake Secures CMA ExPermit to expand in KSA, fueling foreign investment into Saudi Arabia
Stake, MENA’s leading 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. 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. With our 325,000 existing users from 199 different nationalities and 168 different countries, Stake will not only bring its world-class investment platform to investors in Saudi Arabia but also Stake will bring the world to KSA!”
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’s National Transformation Plan, the nation has witnessed a staggering USD 1.1 trillion in real estate projects. 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.
Currently operating in the Dubai International Financial Centre (DIFC) and regulated by the Dubai Financial Services Authority, Stake has built the world’s most powerful and comprehensive real estate investment platform. In less than 3 years, the company has distributed over 100 rental properties, worth approximately AED 200 million.
Stake will introduce real estate investment funds focused on carefully selected assets in Saudi Arabia. The company has assembled an outstanding team of Saudi experts on its Investment Committee, including Turki S Alkemaie (Director of Investment and Business Development at AlUla Development Company) and chaired by Abdullah Alsalloom (Head of Real Estate Investments at Al Rajhi Capital) who will ensure Stake continues to select the most attractive investment opportunities.
With Stake’s expertise in providing investors of all backgrounds access to fractional ownership of rental properties, its newly awarded Saudi license represents a first step for Stake to bring more innovation to Saudi’s real estate sector.