The merger of Dubai-headquartered Emerging Markets Property Group (EMPG) with the OLX group-Amsterdam headquartered, thereby merging in the MENA and South Asia operations have subsequently resulted in formation of a Dubai-based Unicorn firm at Dhs3.6bn ($1bn). The merger has also significantly proved that, OLX group has now become EMPG’s major single stakeholder with 39 percent of the overall shares.
Bayut and are the premier portals owned by the two groups EMPG and OLX wherein the former is owned by EMPG and latter by OLX group. However, with this merger, both the Dubizzle as well as Bayut will be operative through EMPG. EMPG as well operates with other portals that also is inclusive of Pakistan’s Zameen, Bangladesh’s Bproperty , Morocco’s as well as Tunisia’s Mubawab
As well as with this merger, Dubizzle as well as there are several other entities that are now owned by OLX group especially in nations like Egypt, Lebanon, Pakistan as well as several GCC territorial nations have now been included with the EMPG’s portfolio.
The merger lets in EMPG in imitation of significantly beautify its online Real Estate operations. The aggregated cost concerning properties sold as of in UAE, Egypt, Lebanon, Pakistan is estimated at Dhs330bn, offering a commission pond for Real Estate Corporations is over above Dhs7bn per annum.
Chief regarding EMPG MENA, Haider Ali Khan pointed out this information to News Corporation WAM that “This deal would not have been feasible barring the supportive business environment tooled within Dubai which has paved the perfect pathway because businesses such as like ours in imitation of develop or amplify each domestically then within the region.”
“EMPG and OLX merger will enable us better to idolize as well serve our customers, attached so both operate the manufacturers including an intense as well better wish permit to us to leverage current tech or statistics after marking an accurate picture about the state of affairs within the actual real estate sector across the region. At the equal time, we choice keep working considerable science investments in conformity with grant greater value to all users concerning property, automotive as well as other segments especially on the Dubizzle and OLX platforms.”
Ammar Al Malik, MD of Dubai Internet City further noted that “Even between these unusual times, Dubai has confirmed its splendour as a global investment hub. Our infrastructure as well as business-friendly environment holds an enabling ecosystem for entrepreneurs in imitation of reach over their ventures into a community so much is home to anyone beyond start-ups as well as to Fortune 500 companies. Al Malik further stated “The advancement concerning Dubizzle and Bayut shows once more so the UAE’s technological know-how area is developing gratefulness to the imaginative and prescient over our leaders in accordance with gender a knowledge-based, innovation-driven economy.”