GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share

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 : GoDubai Editorial Team
Viewed 6161 times
Posted on : Wednesday, April 10, 2019  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : AMD at NAB 2019: Radeon ProRender plug-ins for Blender 2.80 Beta, AI-Accelerated Denoising, and more
Next Story : DLD trusted partner in World Bank's Land and Poverty Conference in Washington
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Tonda 1950 Stone-set range'
Parmigiani Fleurier Kalpagraphe Chronometre Titanium
Toric Hémisphères Rétrograde Slate The traveller's watch featuring a new guilloc...
Special edition 2019 Ford Expedition ‘Turath' arrives in Al Tayer Motors and Pre...
Aston Martin Valkyrie Wows Crowds on Public Debut at Silverstone
Salvatore Ferragamo Timepieces – Summer 2019 Collection
Sports Collection - Autumn Winter 2019
Picnic Indoors This Summer with Marks & Spencer
Kitchen Hacks: 8 Clever Ways to Smart Storing
The Perfect Shave Kit for your Summer Travels
Ralph Lauren at The Championships, Wimbledon – Sunday 14th July
Ralph Lauren at The Championships, Wimbledon – Wednesday 10th July
Schneider Electric's Biggest Engineer-to-Order Factory in Asia Utilizes IIoT Tec...
Summer Skin Rituals with SUKIN
Peugeot announces sizzling summer offers
Union Coop Reports 20% Growth in Net Profit for the First half of 2019
Summer-ready BABY-G G-Lide BAX-100 makes splash this hot season
Purificacion Garcia Introduces the Women's FW19 Collection
Ras Al Khaimah and Singapore to Discuss the Bilateral Cooperation'
The Car That Responds to Your Mood: New Jaguar Land Rover Tech Helps Reduce Stress
OMEGA's role in competitive swimming
Automation Anywhere Expands into the Middle East with the Opening of Regional He...
Lg's Front-loader With New Ai Dd Brings Optimized Washing to the Middle East and...
Philipsen and Kristoff Claim Top 10 Spots for Uae Team Emirates in Stage 7 Sprin...
Get that beautiful hair with Vierro's Oil-Replacement range
Danube Group Expands into the Healthcare segment
The Eid Gift Guide
Ahmed Mahboob Musabih welcomes DGEP Coordinator General
All-out Sprint in Albi as Philipsen Takes Sixth and Martin Breaks Into the Gener...
Dubai launches e-statistics system for better data to clients and decision makers
Trading Enterprises – Honda makes dreams a reality this Summer
Thought-Evoking Clothing Brand Exhale Releases Limited Edition “Be” Kimono
Sony Introduces New WF-1000XM3 Truly Wireless Headphones with Industry-leading N...
Bollywood Parks™ Dubai launches all-inclusive picnic promotion from July to August
MoHAP Youth Council Discusses Mutual Cooperation with Civil Defence Youth Council
Schneider Electric Launches First Smart Factory in Mexico Implementing Innovativ...
Don't Run Risk of Damaging Your Vision With Poor Food Choices, Doctors at Moorfi...
Tashkeel announces open call for affordable design range Tanween
First results from Arc Skills' programme show how gamification can transform edu...
A charitable initiative from the ADNOC Sas Al Nakhl School brings together AED 8...
Pottery Barn Kids launches new ‘Back-to-School' collection'
Ras Al Khaimah Chamber and Ghana to Discuss the Cooperation Opportunities
LG's Groundbreaking Dualcool With Inverter Tech Delivers Performance and Energy ...
Leading Indian stand-up comedian Kunal Kamra performs to a packed house at BOLLY...
Sweet Shades of Summer at 2XL Furniture & Home Décor
Dubai-Based Schools Operator GEMS MENASA Assigned Preliminary 'B' Ratings; Outlo...
A Tribute to Karl Lagerfeld: the White Shirt Project
Doctors conduct first procedure in the UAE using donated amniotic membrane for b...
Union Coop Awarded ‘ISO Business Continuity Certificate'
UAE astronauts train at NASA's Lyndon B. Johnson Space Center