Dubai-based Emerging Markets Property Group (EMPG) and OLX, which has listings portals Dubizzle, have consolidated their MENA and South Asia operations to create a $1 billion holding company.
The deal is third in a row in Emirate’s technology / digital ecosystem over the last three years commencing with Amazon owning Souq.com and then ride-hailing giant Uber obtaining local competitor Careem last year.
“Even in these exceptional times, Dubai has demonstrated its attractiveness as an international investment destination. The success of dubizzle and Bayut shows once again that the UAE’s technology sector is growing thanks to the vision of our leaders to create a knowledge-based, innovation-driven economy.”
In the online classifieds ecosystem, the EMPG-OLX transaction is expected to expedite the consolidation of the multiple rival portals. At the same time, there could be new players coming in real estate listings, with a group of estate agents based out of Dubai who are anticipated to introduce their launches in a few weeks.
“We, at EMPG are very excited about the future of the UAE real estate industry and the prospects of real estate in the MENA region. 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. 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. I look forward to a bright and prosperous future for the group.”
Earlier to the merger, EMPG had also procured Thailand’s top online marketplace Kaidee. with further acquisition deals with Lamudi Global which has businesses in the Philippines, Indonesia and Mexico.