Kuwait-based property technology company Sakan has acquired Hapondo, a Qatari real estate marketing platform, marking its first venture into the Qatari market. This acquisition expands Sakan’s presence in the Gulf, where it already operates in Kuwait, Saudi Arabia, Oman, and Bahrain.
Strategic Expansion Aligned with Regional Growth
The acquisition is part of Sakan’s broader strategy to strengthen its position in the Gulf’s real estate market, which has been experiencing significant growth. The Gulf real estate sector is projected to grow at a compound annual growth rate (CAGR) of 1.93%, reaching approximately $5.05 trillion by 2029, according to Statista.
Sakan’s Growth Trajectory in the Gulf
While financial details of the acquisition remain undisclosed, Sakan’s CEO, Abdullah Al Saleh, noted that integrating Hapondo is expected to enhance the company’s growth in the Gulf region. The move leverages new opportunities in a market that continues to expand, with the region’s real estate market projected to reach $4.59 trillion this year.
Positioning in the Proptech Market
By bringing Hapondo into its fold, Sakan aims to capitalize on the growing demand for property technology solutions across the Gulf. This acquisition is seen as a step towards solidifying its presence as a significant player in the Gulf’s proptech sector.
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By Proptechbuzz
By Ravi Kumar
