Bayut and parent Zameen parent group EMPG and OLX Group area set to merge.
Founded in 2006, OXL Group is a global online marketplace that operates in 45 countries. EMPG has pioneered bespoke online classifieds solutions. Compared to the first quarter of 2020 and prior to the pandemic, the appetite in the Middle East and North African region (MENA) for start up investment deals has been severely curtailed with the spread of the COVID-19 coronavirus. However, EMPG’s Bayut and OXL Group’s Dubizzle parent companies are set to merge and form the Middle East’s only unicorn start up with a valuation of around £720 million.
Emerging Markets Property Group
Dubai-based Emerging Markets Property Group (EMPG) is currently present in the GCC region and runs property portals in emerging worldwide markets including Zameen in Pakistan and Bayut in Dubai. Prior to the merger EMPG did not have any presence in Egypt & Lebanon.
The proposed deal includes the merger of OLX Group’s business with Emerging Markets Property Group (EMPG) in Pakistan, Egypt, Lebanon, and the United Arab Emirates. EMPG will oversee existing OLX platforms in Egypt & Lebanon, and roll out new real estate community services. OLX entered UAE online classified market by its 2015 acquisition of Dubizzle and works as OLX in Pakistan.
Fresh cash injection
With this deal OLX Group has become the single largest shareholder of EMPG, owning nearly 40 per cent of the company. The investments fresh cash injection will be used to develop a range of new services, seamless user experience, enhanced data transparency, and deepening market intelligence.
In an emailed statement to Al Arabiya English, Haider Ali Khan, Head of EMPG regarding MENA said
“We, at Bayut and EMPG, are very excited about the future of the UAE real estate industry and the prospects of real estate in the MENA 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”
EMPG also stated that it will utilise the new capital for the development of a range of new services and improve their user’s experience.
CEO of OLX Group Martin Scheepbouwer said “I’m proud of what we have built in these four markets. 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”
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