Dubai-based Emerging Markets Property Group (EMPG) that runs property portals in different emerging markets across the world including Bayut in Dubai, Zameen in Pakistan, and Mubawab in North Africa, has raised a $150 million round led by OLX Group and its existing shareholders.
As reported by MENAbytes, the deal includes merger of OLX Group’s classifieds business with Emerging Markets Property Group (EMPG) in Pakistan, Egypt, Lebanon, and the United Arab Emirates.
OLX Group with the deal has become the single largest shareholder of EMPG, owning 39 percent of the company. The $150 million investment is fresh cash injection and will be used by the company to develop a range of new services, creating a more seamless user experience, enhancing data transparency, and deepening market intelligence for both consumers and business users.
EMPG will operate existing OLX platforms in Egypt & Lebanon, and roll out new services for the real estate community. EMPG before the deal did not have any presence in Egypt & Lebanon.
In Pakistan & United Arab Emirates, the platform of both the groups which apparently include EMPG’s Zameen & Bayut and OLX Groups’ OLX and Dubizzle, will be operated EMPG. OLX entered UAE online classified market by acquisition of Dubizzle in 2015, it works as OLX in Pakistan.
EMPG will also operate OLX’s platforms in Saudi Arabia, Bahrain, Kuwait, Qatar, and Oman after this deal.
EMPG is currently present in the GCC region with Bayut, Pakistan with Zameen, Bangladesh with Bproperty, Morocco and Tunisia with Mubawab, and Thailand with Kaidee.