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