Kuwait’s property technology company Sakan has acquired Hapondo, a real estate marketing platform in Qatar, as part of its expansion strategy in the Gulf region.

With the investment, Sakan will now expand its operation to Qatar’s market, the company, which currently operates in Kuwait, Saudi Arabia, Oman and Bahrain, said in a statement.

Sakan did not disclose the value of the transaction.

The acquisition will enable the company to scale its growth across the region, according to Abdullah Al Saleh, CEO of Sakan.

The Gulf region’s real estate market is forecast to reach $4.59 trillion in value this year, according to Statistica. The market is poised to register a CAGR of 1.93% over a five-year period, hitting $5.05 trillion in volume by 2029.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com