Saudi Arabia: Jeddah-based property management company Mabaat Real Estate Company has launched a “first-of-its-kind” online platform in the Kingdom of Saudi Arabia, which will specialise in renting out residential units on behalf of owners on a short-term basis.
The company, which was established in 2019, has now been officially licensed by the Ministry of Tourism in Saudi Arabia [KSA], a significant milestone in becoming the largest specialised short-term rental platform in the country.
Mabaat’s platform lists units of various sizes and price points in distinct residential locations, with the aim of diversifying and driving investment returns on residential real estate by enticing short-term travellers and maintaining stable occupancy rates across the properties in its portfolio. It is also designed to provide full transparency to property owners on its site by informing them of check-in and check-out confirmation, cleaning, sterilisation and general property maintenance.
Mabaat CEO Talal Alsorayai told Destination Jeddah: “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 maximise 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 per cent in Jeddah. We receive a steady flow of bookings through our platform as well as through international platforms such as Booking.com and Airbnb.
“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.
“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 five-star standards, concierge services, and impeccable cleanliness and care,” he added.
The growth of Mabaat coincides with a period of record interest in domestic tourism in Saudi Arabia, with 53 billion Saudi Riyals spent in 2019, up by more than ten per cent on the previous year’s figures.
Meanwhile, the country is preparing to lay out its future with Saudi Vision 2030, a strategic framework that was created by the Council of Economic and Development Affairs to reduce Saudi Arabia’s dependence on oil, diversify its economy, and develop public service sectors such as health, education, infrastructure, recreation and tourism.
Focusing on tourism, projects in the pipeline in Saudi Arabia include the Alqidia proposal in the capital city of Riyadh, NEOM and the Red Sea, and plans to revive historical sites such as Al Ula, Madaen Saleh and Al-Dara’ia as tourism destinations of cultural significance.
