Aqarmap.com eyes Saudi Arabia expansion

Egyptian real estate portal looking for funding to expand into Saudi

Tags: AqarMap.com (aqarmap.com/)E-commerceEgyptReal estateSaudi ArabiaVenture capital
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Aqarmap.com eyes Saudi Arabia expansion Aqarmap is looking for venture capital and angel investors, says Almsaodi.
By  Mark Sutton Published  September 9, 2012

Egyptian real estate portal Aqarmap.com has announced plans to expand into Saudi Arabia.

The portal provides real estate listings and search for real estate companies, brokers, private owners and consumers.

Since its founding, Aqarmap.com has attracted more than 105,000 registered buyers, 18,000 registered sellers, and today has more than 22,000 active properties.

Amad Almsaodi, CEO of Aqarmap.com, said that the company is now raising funds to launch in Saudi.

"We have been surprised by the positive response that we received in the Egyptian market, especially when the country has been going through major transitions. We actually achieved breakeven in July, ten months ahead of our planned date. We are currently raising funding from venture capital firms and angel investors to finance our growth into the Saudi market," he said.

Aqarmap.com has also established the first property index in Egypt, which has been widely adopted by newspapers and magazines in the country as a monthly indicator of the performance of the property market.

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