Bayut, Dubizzle To Merge
Muhammad Irfan Published June 02, 2020 | 12:00 PM
DUBAI, (UrduPoint / Pakistan Point News / WAM - 02nd Jun, 2020) Dubai-based Emerging Markets Property Group, EMPG, and OLX Group, owners of home grown technology firms Bayut and Dubizzle, have announced the merger of their MENA and South Asia operations to form an AED3.6 billion (US$1 billion) Dubai-based unicorn company.
The merger is the latest in a series of entrepreneurial successes that reinforce Dubai’s reputation as a global hub for talent, enterprise, investment and innovation.
The agreement includes an AED550 million (US$150 million) investment round, led by existing EMPG shareholders and OLX group. With this merger OLX has become EMPG's largest single shareholder with 39 percent of shares.
In the UAE, both Dubizzle and Bayut will be operated by EMPG. Global presence for EMPG other than the UAE includes Pakistan with Zameen, Bangladesh with Bproperty, Morocco and Tunisia with Mubawab, and Thailand with Kaidee, 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.
Ammar Al Malik, Managing Director of Dubai internet City, where Bayut and Dubizzle started, 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," he added.
The Head of EMPG - MENA, Haider Ali Khan, 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,"
"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," he added.
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 – the latest unicorn company in Dubai – to enhance its real estate services.
Related Topics
Recent Stories
Bugti assures transporters for addressing their problems
Deputy Prime Minister and Foreign Minister, Mohammad Ishaq Dar meets foreign min ..
3 drug peddlers arrested, hashish recovered
1496,990 children given polio drops in five days: DC
Six terrorists killed, hideout busted in N Waziristan IBO: ISPR
Pakistan, Qatar agree to further expand trade, investment ties
Sindh cabinet approves Rs177.5m to strengthen, mobilize various wings of police
Faisal Karim Kundi takes oath as new KP Governor
Azad Jammu and Kashmir Prime Minister Anwaar ul Haq Chaudhry seeks more vibrant ..
Tahaffuz Manzil Foster Home providing care & support to homeless children
PCB proposes April 7 -May 20 window; tweaks in rules for HBL PSL 2025
Field hospitals now operational across Punjab: Azma Bukhari
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago