Bayut had originally acquired Lamudi to help the transition into Saudi Arabia. The company owned by Emerging Markets Property Group (EMPG) is also celebrating its 10 year anniversary. EMPG, having raised over $160 million in funding since its launch, is considered to be the most well-funded proptech in the region.
"This launch will prove to be a positive contribution to the real estate industry in the region, bringing comprehensive, detailed and accurate property listings and information, as well as insightful market analysis."
With the company pushing forward with their expansion plan to Saudi Arabia, AMEinfo spoke to Haider Ali Khan, CEO of Bayut, to learn more about the expansion to the Saudi market, and the logistics and challenges involved.
The Saudi real estate market is very active and filled with opportunities, with projects such as $500 billion megacity NEOM and others demonstrating the country's drive to push for massive projects. What does Bayut hope to achieve with its expansion to Saudi Arabia now that it has access to this market?
Saudi Arabia is a formidable player in the GCC and taking our expertise to this market is not only a testament to our tremendous growth, but also an opportunity for us to show the region how valuable technology can be in simplifying experiences for property seekers. It’s also an extremely promising market, with a huge potential for growth. Overall the market in Saudi Arabia is poised for a lot of positive change, with NEOM, the Red Sea project and other developments taking shape. The country is also opening up to global markets and has announced the introduction of a tourist visa.
At this point in the expansion of the Saudi market, we want to provide the same level of support to real estate agents and end-users in KSA that we have successfully provided in the UAE over the years in order to improve their overall experience when it comes to buying, selling or renting homes.
This launch will prove to be a positive contribution to the real estate industry in the region, bringing comprehensive, detailed and accurate property listings and information, as well as insightful market analysis. We look forward to taking the company to the next level with our first regional expansion as Bayut.
How will the acquisition of Lamudi help ease your transition into Saudi Arabia? Has Bayut assimilated and integrated their tech and infrastructure into its own?
Lamudi has had a strong presence in the Saudi Arabian market over the last 5 years. We hope to leverage this and integrate data from Lamudi with the Bayut technology to facilitate a more robust property website in KSA. Being a data driven company, having insight into users trends through Lamudi will give us a unique advantage when it comes to analysing evolving needs.
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