Time: April 09, 2019
Bayut, the UAE-based real estate portal, has acquired Middle East Internet Group’s Lamudi in the GCC for an undisclosed sum.
As part of the deal, Bayut will take ownership of all Lamudi assets in the GCC, including its portals in Saudi Arabia, Jordan, and the UAE, a statement said.
The acquisition comes on 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 across the GCC.
The group currently employs a workforce of over 2,000 people across the UAE, Morocco, Pakistan, Bangladesh, Spain and Romania.
Its portals receive over 9.5 million visits yielding 68 million pageviews and generating over 2 million enquiries per month.
Middle East Internet Group launched Lamudi.sa as the first real estate portal in Saudi Arabia in 2012, followed by Lamudi.jo in Jordan. In 2015, Lamudi.ae was launched in the UAE.
“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.
“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,” added Khan.
Bayut said that in the UAE it has seen more than 100 percent year-on-year growth over the last 5 years.