Emerging Markets Property Group has announced a merger with OLX in a deal that includes a $150 million investment that has pushed their value to over $1 billion.
Dubai-based Emerging Markets Property Group (EMPG), a leading property portal that owns the likes of Bayut and Mubawab, has officially become the Middle East’s latest unicorn after merging with OLX. The merger included a $150 million investment which has reportedly pushed EMPG’s valuation past $1 billion.OLX is now EMPG’s single largest shareholder, owning 39%of the company.
The merger will see EMPG operate OLX’s classifieds websites in Pakistan, UAE, Egypt, Lebanon, Saudi Arabia, Bahrain, Kuwait, Qatar, and Oman. In Egypt and Lebanon, specifically, EMPG will also be rolling out new real estate listing products after this deal. “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,” says Haider Ali Khan, Head of EMPG.
EMPG estimates the real estate markets in these territories is around $90 billion, presenting huge opportunities for the company to release their products and services across the region. “Our unique ability to scale using our proprietary tech has aided and enabled this expansion. This deal puts us one step further in our journey towards providing solutions in multiple markets to over a billion consumers around the world, expanding our classifieds offering significantly," says CEO Imran Ali Khan.
“Our brands are household names, and currently help tens of millions of people to exchange goods and services every month. The next phase is an exciting one, with EMPG’s real estate industry expertise helping deepen the customer experience. As EMPG’s largest shareholder, we'll have a front seat to explore how we can scale their services model further - taking our ambition to shape the future of classifieds into its next stage,” says Martin Scheepbouwer, CEO of OLX Group.
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