“Aseel” Obtains CMA Permit to Launch the First Real Estate Crowd-Investing Platform in Saudi Arabia
Aseel received the approval of the Capital Market Authority’s (CMA) fintech lab to launch a crowd-investing platform specialized in real estate through “distributing investment funds and real estate investment funds”; the platform is the first of its kind in Saudi Arabia.
The platform offers individuals the chance to invest in unique real estate opportunities in a seamless and transparent manner through financial technology. Aseel prides itself in offering quality real estate investment opportunities and making them both affordable and accessible for everyone.
Majed Abalkhail, CEO of Aseel, stated that: "Investing in the real estate sector is one of the most financially rewarding areas of investment. The Saudi real estate sector has historically experienced various challenges and is now achieving high levels of maturity, especially after the statement of His Royal Highness the Crown Prince aiming to make Riyadh one of the ten largest city economies in the world. His Royal Highness also directed the establishment of Royal Commissions in major regions and strategic offices for other regions to ensure development and urban renaissance for the kingdom as a whole.”
It is also worth noting that “Aseel” is one of the Flagship startups spun-off from BIM Ventures, a Saudi Venture Studio that builds promising startups with a high level of economic feasibility by investing resources, experience and acquired relationships.
Mohamed Amine Merah, Managing Partner of BIM Ventures and Aseel’s Board Member, expressed his pride in the Aseel team’s ability to overcome significant challenges to present a distinguished model for real estate crowd-investing, and is looking forward to the launch of the first investment opportunity within the platform.
Rayan Alsharif, BIM Ventures’ Investment Partner stated that “Aseel’s model contributes to addressing the liquidity challenges of small and medium real estate developers through the adoption of appropriate investment structuring models for the real estate market and we would like to thank the CMA for their continued support through the fintech lab application process which has contributed to the introduction of several procedures and tools that govern investment opportunities to ensure reliability and transparency in opening investment channels for all segments of society."