General Atlantic invests $ 120 million in Dubai PropertyFind

The direct investment led by General Atlantic has resulted in a minority interest in PropertyFind's real estate developer in the Middle East. The CEO of real estate investment, Michael Lahiani, told Reuters that the amount would be invested in products and technologies.

"We want to continue to provide the best products and data available to the public," he said, adding that revenues would go to expanding existing markets in Saudi Arabia, Egypt, Turkey, the United Arab Emirates United States, Qatar, Bahrain and Morocco. The company is expected to add about 200 employees to its 450 employees by the end of 2019, without revealing the size of the stake acquired by General Atlantic, based in New York. Lehani said the current value of Property Finder was close to $ 500 million, without revealing a specific figure. The value of the site was estimated at $ 200 million in 2016, when Vostok, a Stockholm-listed company, bought 10% of the company for $ 20 million.

LaHiani said the site, created in 2007, had made profits in the last 4 years and recorded 6 million monthly visits to the site, in the Middle East and North America markets.