UAE Property Website Raises $20m For MidEast Expansion Plan

UAE-based real estate website Bayut.com has announced that it has closed a $20 million Series C venture round, four months after its Series B funding that added $9 million to its finances.

The funding comes from one of Bayut’s current investors, a fund which focuses on frontier and emerging markets with over $1 billion in assets under management, Bayut said in a statement.

The investment has gone into Bayut’s parent company Emerging Markets Property Group (EMPG), formerly Zamzama Property Group, which also controls Pakistan’s market leader Zameen.com, the statement added.

Bayut said that over the last year it has seen rapid growth in all key metrics including traffic and paying agencies, as well as expanding its workforce to take on ambitious regional expansion goals.

Bayut CEO Haider Ali Khan said the new investment would be a major asset for the portal.

“Bayut has been a strong player in the Emirates from the get-go, and with this new funding we’re perfectly poised to further propel the portal and establish an equally strong presence in the rest of the region,” he said.

“We have the top minds of the global property portal industry on board, some of the world’s most advanced proprietary scalable technology, and ample resources, all of which will contribute to the achievement of our goals,” he added.