Dubai PropTech Startup Stella Stays Partners with Tameer to Enter Egypt
Stella Stays, a Dubai-based PropTech startup, has partnered with Cairo-based real estate company Tameer to facilitate its expansion into the Egyptian market, the most populous economy in the Arab world.
The agreement, signed last month, marked “the joint effort between the two companies to build [new] communities,” the entities said in a statement Wednesday.
Stella has introduced a prime location in the city of New Cairo through its agreement with Tameer. It is strategically located 15 minutes from Cairo International Airport, 10 minutes from downtown Katameya and within walking distance of the American University in Cairo.
The new property will offer ready-to-live-in smart apartments with open kitchens, as well as modern recreational and commercial amenities.
“We are very proud of our expansion into Egypt, and believe our vision for the future of living aligns perfectly with Tameer to develop vibrant communities that offer everything modern residents and travelers would need,” said Mohammed Al Ghussein, chairman of Stella, said.
PropTech refers to the use of technology and innovation in the real estate industry. Investment volume in PropTech companies worldwide peaked at $24.3 billion in 2021, up from $600 million in 2010, according to research by Statista.
Founded in 2019, Stella is present in major cities in the Middle East, Europe and North America. It offers individually designed and equipped homes and provides end-to-end digital services to customers.
Residents and guests can use the Stella app to navigate through the journey, from finding, booking and managing their stays, to check-in, to controlling smart home systems, to ordering… a wide range of guest services. Payment can be made by various methods, including credit, debit cards and cryptocurrencies.
“As we continue to cultivate our culture and heritage, we look to the future with this strategic move that will enhance the experience for modern travelers, residents, independent trendsetters and everyone else,” said Mr Al-Wazzan.
To create a global real estate pipeline, Stella uses proprietary algorithms that identify, evaluate and select the most desirable properties in the world, based on their location, financial projections and trends.
The company currently operates in the United Arab Emirates, Saudi Arabia, Turkey, Bahrain and Canada, with over 1,000 units under contract.
Updated: 05 October 2022, 17:18
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