Dubai-based proptech startup Silkhaus is reportedly preparing to end its UAE holiday-home operations on 11 November, according to staff posts, owner notices and booking limits on its website.
A member of the company’s finance team said in a public LinkedIn post that Silkhaus had decided to cease trading. Other employees have reportedly announced their departures, while property owners were notified that management agreements would end on the same date. Stays in Dubai and Abu Dhabi also appeared unavailable beyond 11 November.
Silkhaus has not publicly confirmed the closure in detail or responded to media requests for comment. One property owner said the company had cited the impact of regional conflict on tourism and bookings, and offered owners the option to move to First Class Property Management. Those reports have not been independently verified.
Founded in 2021 by Aahan Bhojani and Ashmin Varma, Silkhaus raised more than $10 million in equity and debt funding, including a $7.75 million seed round in 2022. It also secured a multi-million-dollar pre-Series A round in 2024 and a seven-figure growth round in 2025 led by Nuwa and Oraseya Capital to support its Saudi expansion.
Riyadh has since disappeared from the company’s listed destinations, although Silkhaus has not confirmed whether it has exited Saudi Arabia. Questions remain over existing bookings, owner payments and any handover of properties.
Source: AraGeek
