Bayut says Saudi expansion is first step to create 'formidable pan Arab brand with operations across the MENA region'
UAE-based property website Bayut has announced its expansion into Saudi Arabia with the launch of Bayut.sa.
Bayut said it has been planning an expansion into the Saudi market for some time and has conducted detailed research into the needs of the real estate industry in the country.
On the heels of its recent announcement of acquiring Lamudi Middle East, the company said the new Saudi domain will feature a portfolio of properties to cater to tenants and investors looking to rent, buy or sell real estate in the Gulf kingdom.
Bayut added that the launch of Saudi operation is the first step in its ambition to grow into a "formidable pan Arab brand with operations across the MENA region".
The move comes as a combination of public and private sector initiatives have been launched to bolster the Saudi real estate industry.
The establishment of the Riyadh Metro and the launch of new mixed-use mega-developments as part of the kingdom’s ambitious Vision 2030 have also stimulated the market. Projects such as the $500 billion city Neom, Qiddiya, and the Red Sea project are credited for the surge in interest in the region.
Authorities have also introduced several affordable housing programmes such as Sakani to increase home ownership among Saudi nationals.
Haider Ali Khan, CEO of Bayut, said: “The launch of Bayut.sa is a very exciting moment for us. 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 has been around a month since we announced the acquisition of Lamudi’s assets in Saudi Arabia, Jordan and the UAE and we feel that it is the perfect time for us to enter this market.
"We look forward to taking the company to the next level with our first regional expansion as Bayut,” added Khan.