Thursday 30 April 2020
Dubai-based Emerging Markets Property Group (EMPG), which runs property portals in different emerging markets across the world, including Bayut, has reached a valuation of over USD 1 billion after raising a USD 150 million round led by OLX Group and its existing shareholders.
The deal includes merger of OLX Group’s classifieds business with EMPG in Pakistan, Egypt, Lebanon, and the United Arab Emirates.
OLX Group has now become the single largest shareholder of EMPG, owning 39 percent of the company. The USD 150 million investment is fresh cash injection and will be used by the EMPG 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 now operate existing OLX platforms in Egypt and Lebanon and roll out new services for the real estate community. In Pakistan and UAE, EMPG’s Zameen and Bayut as well as OLX Group's OLX and Dubizzle will now be run by EMPG. EMPG will also operate OLX’s platforms in Saudi Arabia, Bahrain, Kuwait, Qatar, and Oman after this deal.
The aggregated value of properties sold in these markets is estimated at USD 90 billion, providing a commission pool for real estate agencies of over USD 2 billion per year.