Murdoch snaps up Dubai real estate website

REA Group has relaunched AlBabWorld.com as propertyfinder.ae.

Rupert Murdoch-backed online real estate advertising network REA Group has acquired a 51% majority stake in Dubai's AlBabWorld.com for $1 million, immediately renaming it propertyfinder.ae, the company said on Tuesday.

REA Group of Australia is the world's largest online real estate advertising network with 16 websites in 10 countries and forms part of Murdoch's global empire of media companies. REA paid $1 million for the site and injected $2.1 million worth of equity into the venture.

AlBabWorld.com founders Michael Lahyani and Leonard Dionisotti will retain 49% of their Swiss Media Group and continue to operate the business.

Following the acquisition, REA Group has relaunched AlBabWorld.com as propertyfinder.ae, taking the name from propertyfinder.com, the second largest real estate portal in the UK.

Propertyfinder.ae will offer Dubai real estate agents and developers access to a potential global audience of 7.7 million unique browsers - one third of which is located in the UK, an important portion of foreign investors in Dubai.

"We anticipate significant future growth in the Gulf region," said Simon Baker, REA Group CEO and Managing Director. "We will use the expertise we've developed serving 19,000 agents in nine other countries to provide more leads to local real estate agents and better service to in Dubai."

Lahyani, AlBabWorld managing director, said: "By rebranding the site as propertyfinder.ae we hope to make it easier for advertisers to reach the buyers moving between the UK and UAE, as well as those of other countries."

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