Innovative Sharing-economy Model for Short-term Rentals in KSA

IPC

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Mabaat now officially licensed by the Ministry of Tourism in KSA.


Domestic tourism spends reached a whopping 53 billion Saudi Riyals in 2019.8cac67dd-11f8-4005-9f3e-105e47ff1e59-copy

Jeddah, 5 November 2020, Mabaat Real Estate Company announced the launch of its online platform, the first of its kind in the Kingdom of Saudi Arabia, that is specialized in the short-term rental of residential units on behalf of owners. This innovative model that leverages the principle of sharing economy provides the opportunity for families and visitors from different cities from within the Kingdom to spend their vacations and complete their work while enjoying a distinctive stay that makes their experience more private, more enjoyable, and more entertaining in a home-like environment.113ea8b0-aa79-4a35-b6a0-7c913407d514-copy

Mabaat.com contributes to diversifying and improving investment returns of residential real estate by attracting short-term rental visitors, maintaining occupancy levels within portfolio properties, and managing the day-to-day operational hassles. Beyond the direct financial benefits, Mabaat provides full transparency to property owners through its platform by reporting guest check-ins and check-outs, cleaning, sterilization, maintenance, and other servicing activities. Owners are able to track their steady cashflows and stay abreast of occupancy levels and daily rates of their properties.47e52a78-0194-4639-ab47-0da7aba93aa0-copy

“We at Mabaat, look forward to supporting the strategic tourism efforts of the Kingdom through this innovative model by providing domestic and international visitors with alternative options for accommodation within the sharing economy. Mabaat creates value for visitors to Saudi cities, including pilgrimage and Umrah visitors from different countries of the world, and to the owners of residential properties looking to maximize the return on their real estate portfolios. Mabaat is becoming an increasingly popular operating partner for owners of established residential compounds with occupancy rates in excess of 85% in Jeddah. We receive a steady flow of bookings through our platform as well as through international platforms such as Booking.com and Airbnb”, said Mabaat’s CEO, Talal Alsorayai.7b0f77b1-b41a-441e-a136-c100ff07571b-copy

“There is no doubt that becoming officially licensed by the Ministry of Tourism is an important milestone in Mabaat’s journey so far and brings us one step closer to achieving our dream of becoming a leading player in the tourism services sector in KSA, God willing.”034c2525-7c93-4119-92c2-0869eba7e112-copy

Talal added, “ Mabaat was launched in late 2019 by a team of trained and qualified Saudis with the support of best-in-class international expertise in technical, operational, and marketing related fields. Mabaat’s inspiration is anchored in our leadership’s wise and ambitious national plan, Saudi vision  2030, which builds on the development of the tourism sector and diversification of sources of income as key pillars. On the one hand, Mabaat provides services essential to the benefit of targeted groups of real estate owners, by enabling them to efficiently manage their residential properties using the best technical solutions. On the other hand, it offers an exceptional service level for visitors seeking short-term rentals at upscale residential units with world-class 5-stars standards, concierge services, and impeccable cleanliness and care.”b139b2b4-6004-40ff-aa20-63fd6a013a84-copy

Domestic tourism-related spending reached a record high in 2019 at a whopping 53 billion Saudi Riyals compared to 48 billion Saudi Riyals in 2018, a 10.4 percent growth. Of this total spending, approximately 25 percent was for family and friends visits and 27 percent for religious purposes.81541990-23dd-48ca-a240-1485ecb5afb0-copy

Saudi Arabia is working on several mega tourism projects in line with Vision 2030, marking tourism as a key pillar of the national economy. The most prominent of these projects is the Alqidia project in the west of the Saudi capital Riyadh, an inspiring entertainment project for young people. Other prominent megaprojects on the coasts of Saudi Arabia include NEOM and the Red Sea. In addition, there are plans to develop several historical sites, such as Al Ula, Madaen Saleh, and Al-Dara’ia, which are national symbols due to their historic significance.91574341-ac98-441a-b78a-030d80a1cb3b-copy

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