Dubai PR Network, Online Press Release from Dubai and Middle East
 
Property & Real Estate(Real Estate & Retail)
Filter PR by
  
Bayut acquires Lamudi Middle East in aggressive expansion move
 
Bayut acquires Lamudi Middle East in aggressive expansion move

Dubai, UAE, April 10, 2019:   Bayut, the leading real estate portal in the UAE, has acquired Middle East Internet Group’s  Lamudi in the GCC for an undisclosed sum. As part of this landmark deal, Bayut will take ownership of all Lamudi assets in the GCC, including its portals in Saudi Arabia, Jordan, and the UAE.

This strategic acquisition comes at the heels of the recently closed $100 million in Series D funding of Emerging Markets Property Group (EMPG), the parent company of Bayut, which said it aims to aggressively grow and establish itself as the most dominant real estate classifieds solution in the GCC. The group currently employs a workforce of over 2,000 people across the UAE, Morocco, Pakistan, Bangladesh, Spain and Romania. The Group’s portals receive over 9.5 Million visits yielding 68 Million pageviews and generating over 2 Million enquiries per month.

Middle East Internet Group, a Rocket Internet Company, has previously launched various successful e-commerce ventures in the region including Wadi. It launched Lamudi.sa as the first real estate portal in Saudi Arabia in 2012, followed by Lamudi.jo in Jordan, which has a very strong presence in the Jordanian market. In 2015, Lamudi.ae was launched in the UAE. Bayut will take over all three assets as part of this deal.

The acquisition of Lamudi Middle East provides the ideal platform for Bayut to expand its footprint in the GCC region. “Bayut has always focused on providing the most locally-tuned solution to the market and the intention behind this acquisition is to take that philosophy to the greater GCC region, with a focus on Saudi Arabia,” said Haider Ali Khan, CEO of Bayut, adding that he looks forward to launching the Saudi operations very soon and making Bayut a household name in the GCC’s largest country.

“Today is a very exciting day for us as we embark on a new journey to start solving real estate issues for the largest market in our region. Our extensive experience in similar markets puts us in a unique position to provide both clients and end-users with a highly sophisticated product that is built to address their needs. We aim to be a partner to them in their journey of selling or buying a home,” said Khan.

“With a network of sites operating in the region, we are also very well placed to maximise consumers’ reach and clients’ exposure across a broader region. Our brand name, Bayut, means homes in Arabic and our story is a very local one, and this is another step in making our brand a household name in the natively Arabic-speaking region. With our experience and ability to deploy significant capital effectively, we are very well placed to solve problems in the real estate markets of the region through technology,” he added. 

Bayut is already a great success story in the UAE and has recorded impressive growth in the last few years, growing over 100% year-on-year over the last 5 years. It is well on its way to becoming the largest real estate portal in the UAE and this acquisition is set to make Bayut’s presence felt across the region.


Posted by : Dubai PR Network Editorial Team
Viewed 6722 times
PR Category : Real Estate & Retail
Posted on : Wednesday, April 10, 2019  4:21:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : AMD at NAB 2019: Radeon ProRender plug-ins for Blender 2.80 ...
Next Story : DLD trusted partner in World Bank's Land and Poverty Confere...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Inventive, Futuristic and Daring Translucent is a Distinguished Milestone for Police. [4941-Views]
Show your Nanny some love and treat them to a Complimentary Haircut throughout August and ... [4453-Views]
Introducing Lunette: A Tool to Empower Women [4026-Views]
Corum Golden Bridge Titane DLC - black beauty for the man of style [3843-Views]
Robinsons Showcases Malone Souliers' Stunning New Collection for Pre-Fall 19 [3672-Views]
Marks & Spencer Unveils Its Autumn 2019 Kidswear Collection [3446-Views]
Ferragamo Urban - 2019 Fall/Winter Collection [3196-Views]
GUESS - The Perfect Tote [3166-Views]
Aesop's Parsley Seed Skin Priming Regimen [3105-Views]
Ralph Lauren Debuts “Wear Your Story” Denim Campaign [2971-Views]
Corum Admiral Legend 42-Icon ahead [2965-Views]
The future of photography and videography is in Canon's hands, with five 2019 EISA Awards [2958-Views]
Sandro: The Power Suit [2934-Views]
Hormann announces speed rolling shutter DD S6 [2855-Views]
Al Ain Hospital doctors save young girl from 2.5 cm pin in her lungs [2824-Views]
Forecasting Mesmerising Sea Views and Exotic Seafood at Gonu [2824-Views]
GEMS Education students shine with excellent A-Level examination results [2812-Views]
Jaguar I-pace: Redefining What It Means to Be a ‘CAR' [2806-Views]
Rock Chic Edit with GUESS [2782-Views]
Modular Sofa's by Boconcept [2757-Views]
Tazio Nuvolari Vanderbilt Cup [2721-Views]
Spare a thought for abandoned cats today – International Cat Day! [2696-Views]
Same Favourite Fragrance, New Innovative Products From the Ritual of Karma [2623-Views]
Get 50 per cent off back-to-school essentials at Dragon Mart [2623-Views]
Exceptional Playtime with Soundcore Vortex [2611-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories