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Stake, a Dubai-based digital real estate investment platform, has launched in Saudi Arabia in partnership with Al Rajhi Seventh (RJ7), a local property developer.
Stake has selected an income-generating commercial building located in North Riyadh for its inaugural fund on the platform. Stake has partnered with Saudi asset management firm Mulkia to set up private real estate funds tailored for the Saudi market.
These funds, managed by Mulkia and distributed through Stake’s digital platform, aim to lower the barrier to entry and make real estate investing in both residential and commercial properties, more accessible.
In June this year, Stake raised $14 million in a Series A funding led by MEVP (Middle East Venture Partners), a UAE venture capital firm, with participation from Abu Dhabi’s sovereign-backed Mubadala Investment Company, and Wa’ed Ventures, a unit of Saudi Aramco.
Other key investors include Al Jomaih Holding, a family conglomerate in Saudi Arabia, and Republic, a US-based private investing platform.
(Writing by Brinda Darasha; editing by Daniel Luiz)
