Wednesday 22 January 2020

UAE group EMPG buys Jumia House's real estate portals

DUBAI, June 23, 2019

Emerging Markets Property Group (EMPG), the UAE-based pioneering bespoke property solutions provider in emerging markets, said its Moroccan unit has acquired real estate portals in Morocco, Tunisia and Algeria of Jumia House.

Through this acquisition, Mubawab, the leading property portal in Morocco owned by EMPG, will consolidate its position as the leading real estate portal in the region whilst providing entry to the Maghreb region’s most promising real estate markets, which is home to over 90 million people.

The acquisition follows a recent Series D $100-million funding round by EMPG, which aims to aggressively grow and establish itself as the most dominant real estate classifieds solution in leading emerging markets including those in the Maghreb region.

The group currently employs a workforce of over 2,500 people across the UAE, Morocco, Tunisia, Pakistan, Bangladesh, Spain and Romania. Its portals receive over 10 million visits, yielding 70 million pageviews and generating over 2 million enquiries per month.

"EMPG has always focused on providing local solutions to each market it serves. The intention behind this acquisition is to take the group's expertise and technology-driven philosophy to the Maghreb region," remarked its CEO Imran Ali Khan.

"We are excited to build on our recent success and experience in Morocco, and expand into the Maghreb region to maximize consumer’s reach and client exposure, while delivering personalized and locally relevant support to our customers," stated Khan.

Commenting on the acquisition, Sacha Poignonnecm, the co-founder and co-CEO of Jumia, said: "We have a strong belief in the potential of real estate portals in Africa and we have built a compelling platform to serve across Morocco, Tunisia and Algeria and address this opportunity."

"We are convinced that Mubawab will build on the success Jumia House has achieved in these markets so far," he stated.

"This transaction allows us to focus on our core marketplace of physical goods and digital services, while expanding the reach of our payment operations, JumiaPay, and logistics business, Jumia Logistics," he added.-TradeArabia News Service


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