Dubai: 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.

-Ends-

For media enquiries, please contact:
Sahar Khan
Director of Marketing at Bayut.com 
sahar@bayut.com
+971 56 502 3430

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.