UAE property firm eyes MENA expansion by 2014

  • Share via facebook
  • Tweet this
  • Bookmark and Share
(For illustrative purposes only).

(For illustrative purposes only).

Dubai-based property website propertyfiner.ae is planning to expand across the Middle East and North Africa (MENA) and is looking to acquire new joint partners after securing a new round of financing.

The real estate website, set up in 2005 by CEO Michael Lahyani to tap into the fast growing UAE property boom, had announced plans to set up operations in Egypt earlier this year, but is now targeting expansion into five new countries by early 2014.

While the company did not reveal the size of the new investment, the funding is the company’s first since 2009 and came from a pool of investors including BECO Capital, led by Danny Farha, the co-founder of Bayt.com.

In a statement, propertyfinder.ae announced that the new capital has three main objectives.

Firstly it would finance the next expansion phase of the company across MENA; secondly it would provide readily available capital to undertake acquisitions of related companies in target locations and establish joint-ventures in non-core markets; and thirdly to capitalise on the experience of selected private investors.

Lahyani said: “Our funding needs are quite limited, as we have a profitable UAE business that can finance a large part of our expansion plan. Most importantly, we prefer to partner with individual investors who we have known for many years. They share our long term vision and they bring, to a young company like ours, a strong investment experience acquired in the online industry worldwide.”

In the past three years propertyfinder.ae has reported 85 percent growth per year, and now employs more than 60 people in its four offices based in the UAE, Qatar, Egypt and Lebanon.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Tenants become investors as Abu Dhabi engineers property rebound

Tenants become investors as Abu Dhabi engineers property rebound

Abu Dhabi's real estate market has paled next to Dubai, its more...

Time to invest?

Time to invest?

Foreign investors are seeing Qatar as an ideal place to purchase...

1
Heading for a correction?

Heading for a correction?

Property prices may have held relatively steady in Lebanon during...

1
Most Discussed