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PropTech startup from Dubai Stella Stays joins together with Tameer to expand into Egypt.

To promote its entry into the Egyptian market, the most popular economy in the Arab world, Stella Stays, a PropTech start-up with headquarters in Dubai, teamed up with Tameer, a real estate firm with headquarters in Cairo.

The parties said in a statement last Wednesday that the deal, which was inked last month, reflected the 'combined endeavour between the two firms to construct [new] communities'.

Through its collaboration with Tameer, Stella has introduced a prominent location in the city of New Cairo. It is conveniently situated 15 minutes from Cairo International Airport, 10 minutes from Katameya's centre, and a short stroll from Cairo's American University.

The brand-new building will have smart, ready-to-live apartments with open kitchens as well as contemporary commercial and recreational services.

Mohammed Al Ghussein, chairman of Stella, stated, 'We are quite happy with our growth into Egypt, and we feel that our vision for the future of living fits well with Tameer to construct vibrant communities that offer all the contemporary inhabitants and travellers would require.

PropTech is a term used to describe the application of technology and innovation in the real estate sector. According to Statista data, global investment in PropTech businesses increased from USD 600 million in 2010 to a peak of USD 24.3 billion in 2021.

Stella was founded in 2019, and it can be found in important locations in the Middle East, Europe, and North America. It provides visitors with end-to-end digital services and offers uniquely designed and furnished residences.

The Stella app allows residents and visitors to manage every step of the journey, including locating, reserving, and managing accommodations, checking in, monitoring smart home systems, and ordering a variety of guest services. Several payment options are available, including credit and debit cards as well as cryptocurrency.

With this strategic decision, which will improve the experience for contemporary travellers, locals, independent trendsetters, and everyone in between, we look forward to the future as we continue to grow our culture and legacy, said Mr. Al Wazzan.

Stella applies unique algorithms to locate, assess, and choose the most attractive properties worldwide based on location, financial projection, and trends to build a global real estate pipeline.

With more than 1,000 contracted units, the firm now has operations in the UAE, Saudi Arabia, Turkey, Bahrain, and Canada.

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Posted on :11/15/2022