Leading proptech startup Silkhaus (www.silkhaus.com), which is transforming the Middle East and Asian short-term rental market, has announced the completion of a seven-figure growth round led by Nuwa Capital and Oraseya Capital. Other investors in the round include Impulse International, Yuj Ventures, Nordstar, and well-known family offices. The additional funds will support Silkhaus’ growth in the Kingdom of Saudi Arabia (KSA), where reservations for visitors from all over the world are now being accepted.
In order to establish Silkhaus as a top option for both business and leisure travelers looking for first-rate lodging, the company expanded into Saudi Arabia by launching its booking platform under the direction of Peter May, VP Operations, and Sabine El Najjar, KSA Managing Director & VP Commercial.
Due to rising visitor demand and landlords’ desire to profit from the expanding supply of available apartments in both countries, the short-term rental market in the KSA and UAE combined is worth over $2.5 billion and is expanding 46% annually. In Dubai, Abu Dhabi, and Riyadh, the company currently manages properties worth over $200 million a year, encompassing both luxury and mid-market properties.
Through its website, the company will concentrate on offering guests in Saudi Arabia top-notch and easy booking options, all the while utilizing technology to maximize property returns for landlords. Neighborhoods like Al Sahafa, Al Nada, and Qurtuba in Riyadh are experiencing high demand, especially for one-bedroom apartments, which continue to have the highest occupancy rates.
Aahan Bhojani, Founder & CEO, Silkhaus, said: “This growth round is a testament to Silkhaus’ commitment to redefining the short-term rental industry. With the support of our investors and team, we are excited to scale our operations in the UAE and KSA, offering innovative solutions to property owners and premium experiences to guests. The short-term rental economy of the GCC is experiencing a significant growth surge, and we are proud to be leading this growth.”
Since launch, gross booking values have increased by over 100% annually, and visitors from more than 120 countries have chosen to stay at Silkhaus properties. The top international source markets for visitors to Silkhaus properties are the United Kingdom, the United States, and Russia, per the company’s data. With one-third of reservations coming from the GCC, primarily from the UAE and KSA, regional demand is also a significant factor.
While Emaar Beachfront continues to draw high-end demand, with average nightly spends up to 50% higher than the city average, residential neighborhoods like Dubai Production City, Al Barsha, and Dubai Creek Harbor have proven to be among the most popular in Silkhaus’ Dubai portfolio, with an average yearly occupancy of over 90%.
Yas Island, Al Raha, and Saadiyat Island have the highest yield locations for short-term rentals in Abu Dhabi, with nightly rates comparable to those in Dubai.
Additionally, Silkhaus has fortified its board of directors and management group. Abdul Wahab Al Halabi, Managing Director at Embassy Capital, has joined as an independent director, and Ankit Shah, CFO of Silkhaus, has been promoted to Co-Founder and Board Member. Hassan Alfarsi from Oraseya Capital and Nitin Reen, a partner at Nuwa Capital, have also joined the board. In the upcoming months, new senior leadership appointments will be revealed.
Nitin Reen, Partner at Nuwa Capital, commented: “Aahan and his team have a bold vision for the future of short-term rentals in the Middle East, supported by an outstanding team that’s fully equipped to bring it to life. Their early achievements in the UAE serve as clear validation of the model’s potential and bolster our confidence in scaling it to additional cities across KSA. We are proud to support Silkhaus as they continue to grow and redefine how guests experience consistent, high-quality stays at their properties.”
Hassan Alfarsi, Board Member at Oraseya Capital, commented: “Silkhaus stands out as a leader in the short-term rental market, offering incredible value to property owners and travellers alike. We are excited to support Silkhaus’s vision as it expands across the Gulf, tapping burgeoning tourism, corporate housing requirements and economic growth. This supports the realisation of the vision of the region’s inspiring leaders.”
Silkhaus was established in 2021 and has quickly expanded to become the GCC’s top provider of short-term rentals. With returns 20–40% higher than those of conventional long-term rental models, the company’s technology platform enables property owners to effectively manage and monetize their assets.
