In April, Dubai-based Emerging Markets Property Group (EMPG) and Amsterdam-based OLX Group announced a merger in Pakistan, Egypt, Lebanon, and the UAE – enclosing a $150 million investment round led by OLX Group along with existing EMPG shareholders. EMPG is now valued over $1 billion – earning the company unicorn status.
Earlier today, EMPG unveiled deeper details of the merger. In accordance with a statement published on Emirates News Agency, both Dubizzle and Bayut will be operated by EMPG. Global presence for EMPG other than the UAE includes Zameen (Pakistan), Bproperty (Bangladesh), Mubawab (Morocco and Tunisia), and Kaidee (Thailand), with all assets under EMPG ownership. In addition to Dubizzle, the merger brings OLX entities in Egypt, Lebanon, Pakistan and several GCC countries into EMPG’s fold as well.
Commenting on the development, Ammar Al Malik, Managing Director of Dubai Internet City said,
“Even in these exceptional times, Dubai has demonstrated its attractiveness as an international investment destination. Our infrastructure and business-friendly environment have created an enabling ecosystem for entrepreneurs to scale up their ventures in a community that is home to everyone from startups to Fortune 500 companies. The success of Dubizzle and Bayut shows once again that the UAE’s technology sector is growing thanks to the vision of our leaders to create a knowledge-based, innovation-driven economy.”
Haider Ali Khan, Head of EMPG – MENA commented,
“This deal would not have been possible without the supportive business environment created in Dubai which has paved the way for companies such as ours to grow and expand both locally and in the region,”
Sharing his vision about the merger, Ali Khan further added,
“This merger of EMPG and OLX will allow us to better serve our customers, given that both operate brands with a strong following and will allow us to leverage existing tech and data to paint a more accurate picture of the state of affairs in the real estate industry across the region. At the same time, we will be making significant technology investments to provide more value to all users of property, automotive and other segments of the Dubizzle and OLX platforms. I look forward to a bright and prosperous future for the group,”
The statement also adds that the aggregated value of properties sold in the UAE, Egypt, Lebanon and Pakistan is estimated at AED330 billion, providing a commission pool for real estate agencies of over AED7 billion per annum. This presents a great opportunity for EMPG to enhance its real estate services.
ⓘ Want to get your content featured on LAFFAZ? Submit your article.