What’s driving this performance?
Through flagship platforms Dubizzle and Bayut, the company dominates UAE real estate and autos classifieds—categories generating strong recurring revenue from agencies and dealerships through 12-month subscription packages.
Khan emphasized the business model’s resilience, noting that classifieds platforms globally have weathered property cycles. “There were a lot of properties available, still available in the market, which are being put on the platform,” he explained, highlighting how the secondary real estate market remains a growth opportunity as off-plan units hit resale.
The company isn’t resting on UAE success. It is investing aggressively in Saudi Arabia, where Khan said the real estate business is “growing fantastically” with millions of monthly users and thousands of agencies on Bayut.sa. With 85 per cent cash flow conversion in the UAE, the business generates sufficient cash to fund Saudi expansion while remaining group-level cash flow positive.
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