Saudi Arabia's Al-Oula Development Company has become an investor and shareholder in Dubai-based real estate technology provider Amlaki.
The capital injection will allow Amlaki to expand its operations in new geographic regions such as South East Asia and Australia with product enhancements and new features, and comes on the heals of Amlaki's merger with DragonShape which expanded the company's potential worldwide market to $500 million, stated a press release.
The deal will allow Al-Oula to utilize Amlaki's on-line real estate management tools for a variety of its projects. With its newly acquired stake, Al-Oula management will hold two seats on Amlaki's Board of Directors and provide input on an advisory level to the company's growth and development. Al Oula will also actively promote Amlaki's technology in Saudi Arabia.
Al-Oula has been responsible for developing new concepts in real estate and especially the housing sector. One of the landmark projects is the Al-Oula Towers, located on the corniche of Al-Khobar city. Other projects under development include Al-Diyar project located at the meeting point of three main roads which lead to the Kingdom of Bahrain and other GCC states and Al-Nakheel project located in Jeddah city. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
