Aramco-backed fintech Stake first platform to enable Saudi real estate investments from outside Kingdom

Yazeed Aldowayan, chief operating officer at Alrajhi Seventh, and Hanouf bin Saeed, general manager of Stake Saudi.

Updated 09 December 2024

Arab News

December 09, 2024 09:41

Stake, a leading global digital real estate investment platform in the Middle East and North Africa region, has announced their official launch in the Kingdom. As the first platform regulated by the Capital Market Authority to afford individuals outside of the Kingdom the opportunity to invest into Saudi real estate, Stake is set to transform the investment landscape in the Kingdom.

In partnership with prominent developer Al-Rajhi Seventh, or RJ7, Stake has carefully selected an income-generating commercial building located in North Riyadh for its inaugural fund on the platform. As part of its launch, Stake has partnered with Mulkia Investment Company, a leading Saudi asset management firm. The collaboration focuses on establishing 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 into quality assets more accessible. Together, Stake and Mulkia will offer a robust pipeline of real estate opportunities, ranging from residential to commercial properties, all aligned with Vision 2030’s economic transformation goals.

Stake empowers investors with digital access to curated, Shariah-compliant real estate investments starting from as little as SR500 ($133) via its app. With a mission to democratize real estate ownership, Stake has already built a global community of over 800,000 users. Saudi Arabia’s dynamic and rapidly expanding economy plays a pivotal role in Stake’s strategic decision to enter the market. The Kingdom is forecasted to grow by 4.6 percent in 2025, making it one of the fastest-growing economies among G20 nations.

“Saudi Arabia is a cornerstone of Stake’s vision to redefine real estate investment,” said Manar Mahmassani, co-founder and co-CEO at Stake. “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.”

At the helm of Stake’s Saudi operations is Hanouf bin Saeed, a financial industry veteran with over 17 years of experience. Her remarkable track record includes driving Riyad Bank’s non-bank financial institutions portfolio growth from SR1 billion to SR12 billion during her tenure. bin Saeed said: “Stake’s vision is revolutionary. By creating an ecosystem of trust and innovation, we are enabling individuals to build wealth like never before. I am honored to lead this mission in Saudi Arabia and look forward to shaping the future of real estate investment in the Kingdom.”

In June, Stake announced a $14 million Series A funding from top-tier investors like Aramco’s Wa’ed Ventures, one of Saudi Arabia’s largest VC’s, Mubadala Investment Company, Abu Dhabi’s Sovereign Investor and Al-Jomaih Holding, one of Saudi Arabia’s largest family conglomerates. Earlier this year, Stake was named as one of the top startups in 2024 by LinkedIn, and listed in the 2024 Top 100 Global Fintech list by CB Insights.

Stake is poised to redefine real estate investment in the Kingdom and beyond. The platform’s innovative approach to real estate ownership, transparency, and accessibility has the potential to bring about a change in how investors interact with property markets.

Unlocked Sport announces strategic entry into Saudi market

Updated 13 January 2025

Arab News

January 13, 2025 22:05

Unlocked Sport announces strategic entry into Saudi market

Updated 13 January 2025

Arab News

January 13, 2025 22:05

Unlocked Sport, an Australian business with a presence in the US and Latin American markets, has announced its entry into the Saudi sports market. This move aligns with the Kingdom’s commitment to impactful commercial and investment deals that foster community development, highlighting Unlocked Sport’s dedication to leveraging sports for economic and social progress.

The global sports market is projected to reach an impressive $117.90 billion in 2025, showcasing the immense potential sports can offer economies worldwide. Unlocked Sport’s unique sports ecosystem concierge approach helps stakeholders, sports entities, businesses, and investors capitalize on the future of major sporting events globally and in Saudi Arabia over the next decade and beyond. This approach ensures all parties can maximize their potential and contribute to a thriving sports ecosystem.

The King Saud University Stadium in Riyadh, set to be a venue for the 2034 FIFA World Cup. Unlocked Sport is committed to unlocking the full potential of the Saudi sports sector. (Supplied)

Jason Turnbull, chairman and CEO of Unlocked Sport, said: “At Unlocked Sport, we pride ourselves on being your ‘Sports Ecosystem Concierge,’ facilitating deeper connections between sports stakeholders and the communities they serve. Our mission is to transform ideas into scalable and impactful assets, providing comprehensive support that includes opportunity promotion, project management, and business concierge services.”

According to Turnbull, the development model and attraction strategy that Saudi Arabia is undertaking offer a once-in-a-lifetime opportunity to globally showcase how sports can be a major driver of national and economic development. “It is exciting to see this initiative engage all generations around a unifying vision, demonstrating the power of sports to bring about positive change,” he said.

Atif Karim, COO and head of sports business at Unlocked Sport, said: “Saudi Arabia’s Vision 2030 presents an unparalleled operational opportunity. The Kingdom’s ambitious plans for economic diversification and community development through sports align perfectly with our mission to create impactful and sustainable sports ecosystems. We are excited to be part of this transformative journey.”

Unlocked Sport is committed to working closely with Saudi Arabian stakeholders to unlock the full potential of the sports sector, contributing to the Kingdom’s Vision 2030 and beyond.

Najm inks deal with Theeb for vehicle repair services

Updated 13 January 2025

Arab News

January 13, 2025 22:05

Najm inks deal with Theeb for vehicle repair services

Updated 13 January 2025

Arab News

January 13, 2025 22:05

Najm for Insurance Services has signed an MoU with Theeb Rent a Car Company to enhance joint cooperation and improve vehicle rental and repair services. This collaboration will promote traffic safety and protect road users as well as vehicle renters.

The signing ceremony took place on Jan. 1 at the headquarters of Najm in Riyadh. The MoU was signed by Mohammed Yahya Al-Shehri, CEO of Najm, and Naif Mohammed Ahmad Al-Theeb, CEO of Theeb Rent a Car, in the presence of senior leaders from both companies.

The MoU outlines several key areas of cooperation, including vehicle repair and maintenance services through Najm’s recently launched Najm Repair Network, insurance claims management, and insurance record management, for Theeb’s vehicle fleet. Additionally, Najm will provide traffic accident management services. The MoU is also exploring joint business opportunities in vehicle services, as well as knowledge-sharing and training.

Al-Shehri said: “At Najm, we are committed to forming partnerships that extend the benefits of our innovative services and empower the insurance sector while enhancing safety on Saudi roads. For instance, the Najm Repair Network provides vehicle owners with access to high-quality repair services at centers approved by the Saudi Standards, Metrology and Quality Organization, which are available throughout the Kingdom.”

He added: “This collaboration aligns with Najm’s strategy to innovate solutions that improve operational efficiency and enhance the quality of life and safety in our society, in line with the goals of Vision 2030. Through the Najm Repair Network, we deliver numerous benefits, including an improved customer experience after accidents, repair services for third-party insurance customers, and a guaranteed, high-quality repair process. These services not only enhance safety and reduce fraud but also manage insurance costs and increase investment in the vehicle repair sector.”

Meanwhile, CEO Al-Theeb said: “We are proud of the advancements in Najm’s services and capabilities, and we are honored to contribute to this progress. This partnership will have a direct and positive impact on enhancing traffic safety across the Kingdom.”

TDF initiatives under spotlight at Saudi Tourism Forum 2025

Updated 13 January 2025

Arab News

January 13, 2025 22:03

TDF initiatives under spotlight at Saudi Tourism Forum 2025

Updated 13 January 2025

Arab News

January 13, 2025 22:03

The Tourism Development Fund, the national enabler of Saudi Arabia’s tourism sector, successfully concluded its role as an official partner of this year’s Saudi Tourism Forum, held between Jan. 7-9 in Riyadh. The high-profile event brought together key players from the global and local tourism industries, including investors, sector leaders, and government representatives.

TDF Chief Executive Qusai Al-Fakhri said: “Our collaboration with the Saudi Tourism Forum has opened valuable channels for engagement with investors and partners, showcasing the vast potential of Saudi Arabia’s diverse tourism destinations. By leveraging our financial and non-financial solutions, we are committed to fostering high-impact projects that enhance tourism infrastructure, empower private-sector growth, and drive economic diversification in line with Saudi Arabia’s Vision 2030.”

Throughout the forum, the TDF highlighted several strategic initiatives designed to accelerate investment in tourism hotspots across the Kingdom. The fund showcased its comprehensive financing solutions and strategic partnerships driving sustainable tourism development and aligning with the Kingdom’s National Tourism Strategy.

Adding to its dynamic presence, TDF spokesperson Khaled Al-Sharif took part in a panel discussion titled “Discover Investment Opportunities in Saudi Arabia’s Emerging Destinations: Unlocking the Potential of the Kingdom’s Growing Tourism Markets.” During the session, he underscored TDF’s commitment to supporting investments in promising regions by offering tailored, flexible financial solutions and fostering robust public-private partnerships to promote long-term tourism growth.

The TDF’s partnership with the Saudi Tourism Forum shows its unwavering dedication to developing world-class tourism destinations and unlocking the full potential of Saudi Arabia’s tourism sector.

Moving forward, the TDF remains focused on collaborating with key stakeholders across the public and private sectors to attract investments, nurture groundbreaking projects, and solidify the Kingdom’s status as a leading global tourism hub.

Leading industry suppliers line up for Gulf Print & Pack 2025

Updated 12 January 2025

Arab News

January 12, 2025 22:34

Leading industry suppliers line up for Gulf Print & Pack 2025

Updated 12 January 2025

Arab News

January 12, 2025 22:34

More than 150 exhibitors including Konica Minolta, Bobst, Ricoh, Canon and Fujifilm will take part in Gulf Print and Pack 2025, the Middle East’s leading commercial print and packaging trade show for printers, machinery buyers and brand owners. This edition will take place for the first time in Saudi Arabia at Riyadh Front Exhibition and Conference Center from Jan. 14-16.

Live demonstrations of the latest commercial and package printing technologies are set to take center stage at the show.

Konica Minolta will showcase its latest innovations in production printing and embellishment, including its MGI embellishment technology, which adds striking decorative effects to printed materials, and the AccurioLabel digital label press.

Bobst will promote its most recent introductions for narrow and mid-web label and packaging printing, including the Digital Master 340/510 All-in-One and Digital Expert 340 presses.

Ricoh will present a broad range of digital printing solutions including the Pro 8400 digital mono sheetfed press, Pro C7500 digital color sheetfed press, Pro C9500 digital color sheetfed press and Pro C5300 digital color sheetfed press, along with the Ricoh Auto Color Adjuster.

Canon will demonstrate a range of equipment including the Arizona flatbed UV series for rigid media, the UVgel/ Colorado M-series for high-productivity roll-to-roll printing, and the imagePROGRAF series for premium photo and fine art applications. These are supported by the PRISMA XL software suite. The showcase will also feature a mezzanine area highlighting retail interior décor, signage, and commercial applications, emphasizing Canon’s versatility in serving this market. The company will also present information and print samples from its varioPRESS iV7 B2 press and LabelStream 2000 digital label press.

Meanwhile, Fujifilm will offer visitors live demonstrations of its latest technologies for the analogue and digital print markets, including the Revoria Press PC1120, Revoria Press EC2100S and SC285S, Revoria Press E1136 and ApeosPro C multi-function printer.

Barry Killengrey, event director, Gulf Print and Pack, said: “We are delighted to welcome leading industry suppliers from across the commercial and package printing landscape to Gulf Print and Pack 2025 — another great reason why PSPs, commercial printers and packaging converters should visit the show.”

Arab Energy Fund-led consortium acquires Metito Utilities

Updated 12 January 2025

Arab News

January 12, 2025 22:33

Arab Energy Fund-led consortium acquires Metito Utilities

Updated 12 January 2025

Arab News

January 12, 2025 22:33

The Arab Energy Fund, formerly known as APICORP, a leading multilateral impact financial institution focused on the MENA energy sector, has successfully led a consortium to acquire a 100 percent stake in, and provide further growth capital to, Metito Utilities, a global investor, developer and operator of sustainable water management solutions and climate-resilient water assets.

This landmark transaction, in partnership with Zamil Group Investment Company and the Ghandour family, aligns with TAEF’s strategic vision to advance energy security and sustainability by driving impactful investments that address critical infrastructure needs in water and wastewater management across the Middle East, Africa, and Asia.

Metito has been an industry leader in the water sector since 1958, and Metito Utilities has more than 25 years of experience in the investment, development, and long-term operation and maintenance of water and wastewater concessions. It has a proven track record of over 35 successful concessions and has a long-standing legacy of pioneering water and wastewater management, delivering first public-private partnership projects in the sector in countries such as Saudi Arabia, the UAE, Uzbekistan, Egypt, Rwanda, Serbia, Qatar and beyond.

Khalid Ali Al-Ruwaigh, CEO of TAEF, said: “The investment in Metito Utilities marks a strategic milestone in TAEF’s mission to advance sustainable infrastructure and energy value chains. Water and energy are deeply interconnected, and this collaboration, alongside our partners Zamil Group Investment Company and the Ghandour family, as well as Metito Utilities’ talented team, allows us to strengthen regional leadership in addressing water scarcity challenges while delivering long-term value creation. We aim to accelerate growth and innovation across new and existing markets.”

Abdullrahman K. Al-Zamil, president of Zamil Group Investment Company, said: “We have consistently sought opportunities that combine business excellence with meaningful impact. Water security is fundamental to our region’s future, and Metito’s expertise in water management aligns perfectly with our commitment to sustainable development.”

As a family business that has witnessed and participated in the region’s transformation, we see this partnership as another milestone in our journey of being partners in building nations, bringing proven water solutions to communities and industries that need them most.”

Rami Ghandour, CEO of Metito Utilities, said: “We are proud of our legacy, and the continuous evolution that has brought us to where we are today. While this transformation marks a new era for Metito, our commitment to a cleaner environment remains at the heart of everything we do. With this strengthened partnership, we aim to expand our positive impact by leveraging our experience in PPP projects to enhance water efficiency and deliver tailored, sustainable water management solutions across the pan-emerging markets. Together with our valued partners, we are excited to lead the way forward in shaping the future of water management.”

This acquisition marks a significant milestone for all shareholders, uniting their shared vision to address global water security challenges while developing long-term environmental, social, and economic value.

It aligns with TAEF’s broader strategy to drive sustainable infrastructure development, measurable impact and contribute to the region’s economic prosperity.

Aramco-backed fintech Stake first platform to enable Saudi real estate investments from outside Kingdom