29 04 2020
● The merger includes the operations of the two groups in the Emirates, Egypt, Lebanon and Pakistan ● The agreement includes a $ 150 million invested capital increase led by OLX and a group of existing EMPG investors.
● EMBG worth $ 1 billion after merger
Dubai, United Arab Emirates: The Emerging Markets Property Group Group (EMPG), the leader in providing real estate solutions in emerging markets and the “Olx” group of the Bruce Global Group for electronic classifieds advertising, have announced their merging into the markets United Arab Emirates, Egypt, Lebanon, and Pakistan.
The IMPG Group will invest the capital invested in the development of many new services, in order to create a smoother user experience, enhance data transparency, and provide marketing services with a strategic dimension for both users and customers. At the same time, the group will operate the existing OLX platforms in Egypt and Lebanon, and offer new real estate services, in addition to providing a superior experience for users across all classifieds categories, in addition to managing the operations of the platforms of both groups in the UAE and Pakistan, which It will continue to operate through its well-known domestic brands.
It is worth noting that the total value of the properties sold in these markets is estimated at about $ 90 billion, which provides commission for real estate agencies exceeding $ 2 billion annually, which in turn embodies a great opportunity for the “EMPG” group to enhance its real estate services in these markets. .
Commenting on the move, Imran Ali Khan, CEO of EMPG Group, said: “EMPG Group has achieved tremendous growth since its inception. On the other hand, we have been able to provide various offers and various services depending on technology solutions. Which has helped to reinforce and contribute to this growth journey over the past years. This merger would contribute to achieving our strategic vision aimed at providing the best and most advanced solutions for more than one billion users worldwide. ”
In turn, Martin Schipower, CEO of the “Olx” group commented: “We are proud of what we created and the results of these four markets. Our brands include well-known and well-known names to users, as companies provide services to tens of millions of people and facilitate the exchange of goods and others. Of the permanently classified ads services, the merger will open broad horizons for both groups, and with the experience of the EMPG Group in the real estate sector, we will definitely be able to provide more services to the users. ‘We’ll be able to work With group members to expand the range of services provided further, and to achieve more progress and growth. ”It is reported that the“ EMPG Group ”is represented in the markets of the Gulf Cooperation Council countries through the house sign, Pakistan through the sign of Zamen, and Bangladesh through the mark of property , Morocco and Tunisia through the tabbed tab, and Thailand by the Kaede sign.
In addition to expanding its business in Egypt and Lebanon, the EMPG Group will work during the coming period after completing the deal to operate the OLX Group platforms in Pakistan, Saudi Arabia, Bahrain, Kuwait, Qatar, Oman and Dubizzle in the United Arab Emirates.
About Emerging Markets Property Group (EMPG) The EMPG Group owns and operates real estate and classifieds display platforms for emerging markets. The main projects of the group include the Biot site in the United Arab Emirates, Saudi Arabia and Jordan, the location of Zemin in Pakistan, the location of B Property in Bangladesh, Mbab in North Africa, and the Kaede site in Thailand. The Group invests heavily in technology and research and development, in cooperation with dedicated technical support centers in Romania, Spain, Thailand and Pakistan. The group is located in more than 50 cities within these geographical regions, and has more than 4,500 employees.
EMPG Group offers a wide range of advanced solutions, which is an advanced alternative to the traditional processes to facilitate the search for real estate. The Group has the advantage of offering locally designed platforms to meet the needs and requirements of each market in which it operates.
For more details, please visit www.empgroup.com
About the OLX Group
The OLX Group is among the fastest growing market networks in the world, serving more than 300 million people every month. By building leading platforms for buying, selling, and exchanging products and services, it manages more than 20 consumer brands including Aveto, LiteGo, and OLX.
The OLX Group technology is designed to enable secure and convenient transactions, which encourages the reuse of goods by reselling, buying and exchanging them more than once. It is estimated that approximately 17 million commercial deals are facilitated every month, from cars and furniture to electronics and clothing. The group is backed by a team of 6,000 employees working from more than 30 offices worldwide. For more information, please visit www.olxgroup.com.
The Olx Group is the online classifieds company of the Bruce Group, a global online consumer group and one of the world’s largest technology investors. Perseus owns a primary list listed on the Euronext Amsterdam market (AEX: PRX) and a secondary list in JSE Limited (XJSE: PRX), and is majority owned by Naspers. For more information about Brosus, its companies and investments, please visit.www.prosus.com
For media details, please contact:
Corporate Communications Director at EMPG Group [email protected]
Global Director of Communications, Olx Group, [email protected]
© Press Release 2020