You can be on Entrepreneur’s cover!

EMPG and OLX Group, Owners Of Dubai-Based Bayut And Dubizzle Respectively, Merge To Form Unicorn Company The two enterprises have merged their MENA and South Asia operations to form an AED3.6 billion (US$1 billion) Dubai-based unicorn company.

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

Shutterstock.com

Emerging Markets Property Group (EMPG) and OLX Group, the Dubai-based owners of homegrown technology firms Bayut and dubizzle respectively, have merged their MENA and South Asia operations to form an AED3.6 billion (US$1 billion) Dubai-based unicorn company.

The agreement includes an AED550 million (US$150 million) investment round, led by existing EMPG shareholders and OLX Group. With this merger, OLX has become EMPG's largest single shareholder with 39% of shares. In the UAE, both dubizzle and Bayut will be operated by EMPG.

In addition to dubizzle, the merger brings OLX entities in Egypt, Lebanon, Pakistan and several GCC countries into EMPG's fold as well. The aggregated value of properties sold in the UAE, Egypt, Lebanon and Pakistan is estimated at AED330 billion, providing a commission pool for real estate agencies of over AED7 billion per annum.

Related: Closing The Gap: Bayut.Com Is Making Its Presence Felt In the UAE Property Tech Race

The accomplishments of Bayut and dubizzle follow the route of success of other ventures that were launched out of Dubai Internet City, such as Careem, Souq.com, Anghami, and Wrappup, noted Ammar Al Malik, Managing Director of Dubai Internet City. "Even in these exceptional times, Dubai has demonstrated its attractiveness as an international investment destination," Al Malik said. "Our infrastructure and business-friendly environment have created an enabling ecosystem for entrepreneurs to scale up their ventures in a community that is home to everyone from startups to Fortune 500 companies. 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."

Dubai was recently ranked among the world's best cities for entrepreneurs moving abroad to start a business, according to a study conducted by Movinga. Dubai has also been consistently ranked the most innovative city in the region and the highest-ranked city for deployment of smart city apps. The 2019 Smart City Index (SCI) of the International Institute for Management Development (IMD) ranked the city higher than major global metropolises like Paris, Chicago and Brussels and number one in the region.

Related: Exporting Innovation: Dubai-Based Startup Wrappup Gets Acquired By California-Based Voicera

Thought Leaders

How To Improve Your Soft Skills and Emotional Intelligence in 7 Easy Steps

Using these simple but effective approaches will help a person in their business, life and relationships.

Business News

The man who married a hologram in Japan can no longer communicate with his virtual wife

The software that allowed the interaction is no longer supported and the man can no longer interact with the hologram with which he had a relationship for years.

Women Entrepreneur™

Rayne Founder Sarah Jones On How To Build Solutions That Address Real Market Needs

"Embrace failure as a learning opportunity- because not every idea or decision will lead to success, and that's okay."

Business News

Mark Zuckerberg Says This CEO Is the 'Taylor Swift' of Tech

Meta's CEO posed with Nvidia CEO Jensen Huang on Instagram Wednesday.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Side Hustle

I Started a Semi-Passive Side Hustle That Earns $33,000 a Week on Amazon: 'Selling There Is a No-Brainer'

Dr. Jenny Woo wanted to create a product that would help people connect, and it turned out to be a lucrative one.