BELLINGHAM, Wash., Dec. 21, 2022 (GLOBE NEWSWIRE) -- eXp Realty^®, the fastest-growing global real estate brokerage on the planet and the core subsidiary of eXp World Holdings, Inc. (Nasdaq: EXPI), has expanded into Dubai, strengthening our presence in the Middle East. eXp Realty now operates in 24 markets with more than 86,000 agents around the world.

eXp Realty’s agile cloud-based platform has enabled continued and rapid expansion across the globe and this announcement marks the sixth market to open in 2022.

“This is a proud moment for eXp Realty, as we open our 24th location, with the long anticipated addition of Dubai, one of the Middle East’s most exciting cities,” said Michael Valdes, Chief Growth Officer. “Dubai has a rich and vibrant multicultural population with an equally diverse economy, offering a strong foundation for our entry point into the United Arab Emirates. We are thrilled to empower agents in Dubai by enabling their success with our unique agent-centric model and attractive value proposition.”

eXp Realty’s brokerage operations in Dubai will be led by Dounia Fadi who joins the company with over 18 years of real estate broker experience in Dubai.

“Dubai is building for the future and eXp Realty is the future of real estate, bringing powerful and unparalleled innovation to the real estate market,” says Fadi. “I knew right away that I wanted to be the one to bring this disruptive model to Dubai and am thrilled to lead this expansion.”

eXp Realty’s financial model for residential and commercial real estate agents offers an attractive commission structure, providing agents with an opportunity to earn additional income by helping to grow the company’s agent base and production globally, and earn equity in the company through listing and selling activities. eXp Realty’s cloud-based brokerage is powered by Virbela, the company’s immersive and collaborative virtual platform, which enables its agents to communicate, meet and conduct business in the metaverse.

About eXp World Holdings, Inc.

eXp World Holdings, Inc. (Nasdaq: EXPI) is the holding company for eXp Realty^®, Virbela and SUCCESS^® Enterprises.

eXp Realty is the fastest-growing real estate company in the world with more than 86,000 agents in the United States, Canada, the United Kingdom, Australia, South Africa, India, Mexico, Portugal, France, Puerto Rico, Brazil, Italy, Hong Kong, Colombia, Spain, Israel, Panama, Germany, Dominican Republic, Greece, New Zealand, Chile, Poland and Dubai and continues to scale internationally. As a publicly traded company, eXp World Holdings provides real estate professionals the unique opportunity to earn equity awards for production goals and contributions to overall company growth. eXp World Holdings and its businesses offer a full suite of brokerage and real estate tech solutions, including its innovative residential and commercial brokerage model, professional services, collaborative tools and personal development. The cloud-based brokerage is powered by Virbela, an immersive 3D platform that is deeply social and collaborative, enabling agents to be more connected and productive. SUCCESS^® Enterprises, anchored by SUCCESS^® magazine and its related media properties, was established in 1897 and is a leading personal and professional development brand and publication.

For more information, visit https://expworldholdings.com.

Safe Harbor Statement

The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Such forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the continued growth of our agent and broker base; expansion of our residential real estate brokerage business into foreign markets; demand for remote working and distance learning solutions and virtual events; development of our commercial brokerage and our ability to attract commercial real estate brokers; and revenue growth and financial performance. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in business or other market conditions; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K.

Media Relations Contact:

eXp World Holdings, Inc.

mediarelations@expworldholdings.com

Investor Relations Contact:

Denise Garcia

investors@expworldholdings.com 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/07e0687e-7384-485b-a34f-4596d87083ca