UAE – Mubasher: The Saudi Capital Markets Authority (CMA) greenlighted UAE-based Stake’s expansion plans to fuel foreign investment into Saudi Arabia.
The MENA’s leading digital real estate investment platform will enter its FinTech Lab and launch investment opportunities in the Kingdom on its app by the end of 2023, according to a press release.
The move anchors Stake’s objectives to contribute to the growth of Saudi Arabia's investment landscape. Meanwhile, the company will grant investors access to participate in real estate investment funds targeting attractive developments and income-generating assets across the Kingdom.
This was announced during the Seamless Saudi Arabia 2023 conference, where Stake penned a strategic partnership agreement with the Arab National Bank (ANB) to bolster cooperation in the field of trade and fintech.
Stake is currently operating in the Dubai International Financial Centre (DIFC) and is regulated by the Dubai Financial Services Authority (DFSA). It has distributed over 100 rental properties valued at nearly AED 200 million in less than three years.
Manar Mahmassani, Co-Founder and Co-CEO of Stake, noted: “Our expansion to KSA marks a big step towards making borderless investing a reality.”
“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!,” Mahmassani added.
