Company targeting every major city in MENA region before moving on to expand into Europe and North America
In Bahrain, there is $12 billion worth of real estate projects in the pipeline.
Hospitality start-up Stella Stays has launched in Bahrain ahead of a further regional expansion, as it looks to take advantage of the kingdom’s booming real estate sector.
The start-up has positioned itself as a rival to traditional hotel chains and operates a portfolio of almost 300 properties scattered around the UAE, Bahrain and Canada.
“We have an aggressive growth plan and the new properties being built in Bahrain will play a crucial role in our strategy,” said Mohannad Zikra, CEO and co-founder at Stella Stays.
Mohannad Zikra, CEO and co-founder at Stella Stays
“Our expansion into Bahrain coincides with the kingdom’s major real estate developments. Our model is the perfect fit for the Bahrain market and will be an excellent stepping stone in rolling the concept out to key locations in the region and eventually expanding to Europe and North America.”
Targeting tourists and, after the onset of Covid-19, residents and inbound travellers looking to work remotely during quarantine, Stella Stays has secured an initial round of funding. Crunchbase, which tracks start-up funding, pegs their funding raised at $10.2 million.
In Bahrain, there is $12 billion worth of real estate projects in the pipeline that Stella Stays will be looking to capitalise on.
Ali Al Mudaifa, executive director – investment origination at Bahrain’s Economic Development Board
Ali Al Mudaifa, executive director – investment origination at Bahrain’s Economic Development Board, said: “The kingdom’s hospitality sector is evolving rapidly amid ambitious real estate developments across the island. Major global hotel brands and small hospitality innovators alike view Bahrain as an attractive place to expand in the wake of the pandemic, which has catalysed innovation.”
Bahrain issues $3.4bn of tenders as it kickstarts major projects after Covid shock
Value of tenders issued by Bahrain in the first half of 2021 increased by 60% compared to the year earlier period
As part of Bahrain’s economic diversification plans, the country’s leadership has looked to develop its tourism, infrastructure, hospitality and real estate sectors, as well as other segments. A newly opened airport terminal, part of a $1.1bn modernisation project of Bahrain International Airport, has increased its capacity from 9m to 14m passengers annually.
Bahrain awarded $3.4bn worth of tenders in the first six months of the year as the country progressed with major infrastructure, transport and construction projects.
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