11 April 2004
DUBAI - Amlaki, a leading real estate technology provider, announced yesterday that Al Oula Development Company (Al Oula), one of the largest development companies in the Middle East based in the Kingdom of Saudi Arabia, has become an investor and shareholder in the company.
The capital injection will allow Amlaki to expand its operations in new geographic regions such as South East Asia and Australia with product enhancements and new features, and comes on the heals of Amlaki's merger with DragonShape which expanded the company's potential worldwide market to $500 million.
"Our relationship with Amlaki extends back for two years and we have watched the growth of the company's portfolio of clients and services with great interest," said Ayed bin Farhan Al Gahtani, president of Al Oula. "Our decision to invest capital into Amlaki was driven by the business value we see coming out of Amlaki's unique technology offerings, and we will see a great return on investment by utilising Amlaki's real estate management and planning tools internally."
The deal will allow Al Oula to utilise Amlaki's on-line real estate management tools for a variety of its projects, which entail, management and investment of 'real estate shares', 'real estate auctions', 'financial management', and 'prospect management'. With its newly acquired stake, Al Oula management will hold two seats on Amlaki's board of directors and provide input and expertise on an advisory level to the company's growth and development. Al Oula will also actively promote Amlaki's technology in the Kingdom of Saudi Arabia.
Mohamad Mahfooz, chief executive officer and vice chairman of Amlaki, said: "The real estate industry has long been trailing behind in terms of technology adoption, and with the current boom in the sector, real estate development and management companies are finding that employing technology gives them a competitive edge against other regional and global players."
Al Oula Development Company is an innovator in the Saudi real estate sector and has been responsible for developing new concepts in real estate.
DUBAI - Amlaki, a leading real estate technology provider, announced yesterday that Al Oula Development Company (Al Oula), one of the largest development companies in the Middle East based in the Kingdom of Saudi Arabia, has become an investor and shareholder in the company.
The capital injection will allow Amlaki to expand its operations in new geographic regions such as South East Asia and Australia with product enhancements and new features, and comes on the heals of Amlaki's merger with DragonShape which expanded the company's potential worldwide market to $500 million.
"Our relationship with Amlaki extends back for two years and we have watched the growth of the company's portfolio of clients and services with great interest," said Ayed bin Farhan Al Gahtani, president of Al Oula. "Our decision to invest capital into Amlaki was driven by the business value we see coming out of Amlaki's unique technology offerings, and we will see a great return on investment by utilising Amlaki's real estate management and planning tools internally."
The deal will allow Al Oula to utilise Amlaki's on-line real estate management tools for a variety of its projects, which entail, management and investment of 'real estate shares', 'real estate auctions', 'financial management', and 'prospect management'. With its newly acquired stake, Al Oula management will hold two seats on Amlaki's board of directors and provide input and expertise on an advisory level to the company's growth and development. Al Oula will also actively promote Amlaki's technology in the Kingdom of Saudi Arabia.
Mohamad Mahfooz, chief executive officer and vice chairman of Amlaki, said: "The real estate industry has long been trailing behind in terms of technology adoption, and with the current boom in the sector, real estate development and management companies are finding that employing technology gives them a competitive edge against other regional and global players."
Al Oula Development Company is an innovator in the Saudi real estate sector and has been responsible for developing new concepts in real estate.
BY A STAFF REPORTER
© Khaleej Times 2004
