EMPG and OLX Group announce merger of MENA and South Asia businesses

EMPG OLX

Amsterdam and Dubai 28 April, 2020: Emerging Markets Property Group (EMPG), a leading property portal group in emerging markets, and OLX Group, Prosus’s global classifieds business, have announced their merger in Pakistan, Egypt, Lebanon and the UAE. The agreement includes a US $150 million investment round, led by OLX Group along with existing EMPG shareholders, which values EMPG at US $1 billion after the transaction. As part of the deal, OLX Group will contribute its operations in the four countries into EMPG and will become EMPG’s largest single shareholder, owning 39% of the company.

EMPG will use the new capital 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. In Egypt and Lebanon, EMPG will operate the existing OLX platforms, rolling out new services for the real estate community, as well as offering consumers a superior experience across all categories. In Pakistan and the UAE, both groups’ platforms will be operated by EMPG and will continue to operate through their well-known local brands.

The aggregated value of properties sold in these markets is estimated at US $90 billion, providing a commission pool for real estate agencies of over US $2 billion per annum. This presents a great opportunity for EMPG to enhance their real estate services in these markets.

“EMPG has grown at a tremendous pace since its inception,” said CEO Imran Ali Khan. “Our unique ability to scale using our proprietary tech has aided and enabled this expansion. This deal puts us one step further in our journey towards providing solutions in multiple markets to over a billion consumers around the world, expanding our classifieds offering significantly.”

Martin Scheepbouwer, CEO of OLX Group, says “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. As EMPG’s largest shareholder, we’ll have a front seat to explore how we can scale their services model further – taking our ambition to shape the future of classifieds into its next stage.”

EMPG is currently present in the GCC region with Bayut, Pakistan with Zameen, Bangladesh with Bproperty, Morocco and Tunisia with Mubawab, and Thailand with Kaidee. After this deal, besides expanding to Egypt and Lebanon, EMPG will also operate OLX’s platforms in Pakistan, Saudi Arabia, Bahrain, Kuwait, Qatar and Oman, and the dubizzle platform in the UAE.

“EMPG has grown by leaps and bounds since its founding, and Zameen has been a pivotal part of this journey. Reaching unicorn status is another great milestone, and it is a testament to the treasure trove of opportunities that the Pakistani tech ecosystem and the country’s real estate industry have to offer. I am happy to see the increasing global interest in Pakistan, and with the wealth of talent here, I am sure many more success stories await.

“I would like to welcome OLX Pakistan and Dubizzle to the EMPG family. Digital infrastructure has become a necessity of life and now is the time for this industry to truly claim its place in the economy, and I hope to see that happening in Pakistan’s online sector more than ever before.”