May 2023, Dubai, United Arab Emirates: Stella Stays, the leading Middle Eastern proptech start-up with the mission the reinvent rentals globally and the vision to create the future of living, has appointed His Excellency Faras Al Ramahi, UAE Director-General of the General Pension and Social Security Authority (GPSSA) and former CEO of Abu Dhabi Investment Company to its Board of Directors.
H.E. Al Ramahi’s key experience and insights in private equity and real estate allows the company to further excel in its financial objectives and accelerate expansion, leveraging his background of 26 years in asset management, corporate finance and investment banking. H.E. Al Ramahi was the Chief Executive Officer of Invest AD – Abu Dhabi Investment Company, having held this position for five years leading to July 2021.
H.E. Al Ramahi comments on his new position at Stella Stays: “I am overjoyed to have witnessed Stella Stays’ exponential growth and look forward to its bright future. The company is a successful start-up story of the Middle East and is redefining the future of living by reinventing rentals globally and building technology infrastructure for residential real estate. I am confident they will continue striving.”
Mohammed Al Ghussein, Chairman of Stella Stays, comments, “With the support of H.E. Al Ramahi’s strategic advice and expert opinion, we are projecting exponential growth for Stella Stays, strengthening our pioneer and market leader position of the new “residential hospitality” category in our core MENA markets and pursue aggressive regional and global expansion plans in 2023.”
Stella Stays is disrupting rentals globally with its innovative business model and key offerings of tech-enabled branded residences. The company offers residents, business travellers, and holidaymakers a seamless ‘Show Up and Start Living’ experience in major cities around the world. The company is recognised for its innovative approach, providing consumers with on-demand furnished apartments and a community-driven lifestyle with modern services.
Residents and guests at Stella Stays can navigate the entire journey, from booking, checking in, and controlling smart home systems, to ordering guest services on the Stella Stays mobile app. The company further simplifies the rental experience by offering flexible payment terms, which can be made through various methods, including debit, credit cards and crypto payments.
On the real estate supply side, Stella Stays comes in as a one-stop-shop for property owners, real estate developers and investors to monetize their properties. The company offers master leases or profit-sharing agreements; while infusing the latest technology to increase operations efficiency, allowing for up to 40% higher return than traditional residential or hospitality tenants.
Set to become the world’s most-loved residential hospitality brand, Stella Stays has witnessed exponential growth and is now present in seven markets across MENA, Europe and North America since its inception only three years ago. The company currently operates in UAE, KSA, Turkey, Egypt, Bahrain, the United Kingdom, and Canada with more than 1,500 contracted units. The proptech start-up is profitable and cash flow positive.
