Bayut has acquired the GCC operations of Lamudi, expanding its online property solutions and aiming to strengthen its presence in the region's competitive real estate market.
Information on the Target
Bayut, recognized as the leading online property portal in the UAE, has recently announced the acquisition of the GCC operations of Lamudi, owned by Rocket Internet and the Middle Eastern Internet Group. This significant acquisition encompasses all Lamudi's assets within the GCC, including its platforms in Saudi Arabia, Jordan, and the UAE. Founded in 2012, Lamudi introduced the first real estate portal in Saudi Arabia, followed by its establishment in Jordan in 2013 and in the UAE in 2015.
Industry Overview in the GCC
The real estate market across the Gulf Cooperation Council (GCC) region has shown remarkable resilience and growth potential, driven by a combination of factors including population growth, urbanization, and favorable economic conditions. With a diverse demographic, the region's demand for housing continues to rise, and digital solutions are becoming increasingly essential to streamline the buying and selling processes.
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Saudi Arabia, being the largest market in the GCC, presents significant opportunities for real estate players. Government initiatives, such as the Vision 2030 bluep
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