DUBAI: A new Dubai real estate fintech startup, which is being backed by a Saudi national, is aiming to offer investors the chance to get on the property ladder from as little as 2,000 dirham ($544).
Launching today, Stake is based in the FinTech Hive in the Dubai International Financial Center (DIFC). It was established by co-founders Rami Tabbarra, a former senior vice president of sales at developer DAMAC, and Manar Mahmassani, a former managing director at Falcon Group and vice president at Deutsche Bank.
Stake allows investors to buy shares in a property in Dubai and earn regular returns in the form of quarterly dividends. The entry level for investors is 2,000 dirham, all the way up to a third of the value of an individual property.
The co-founders came up with the idea two years ago and began seeking funding in March, just as the coronavirus pandemic hit. They have raised $2 million so far, with another round of funding currently taking place.
One of the backers is from Saudi Arabia and the company is aiming to expand outside Dubai to the Kingdom in the near future.