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

Leadership

You Won't Have a Strong Leadership Presence Until You Master These 5 Attributes

If you are a poor leader internally, you will be a poor leader externally.

Starting a Business

6 Effective Funding Strategies for Startups

Navigating startup financing is complex. Entrepreneurs find themselves at the crossroads of innovation and survival, where a single decision can either fuel their dreams or extinguish their aspirations. Here we look at six ways you can finance your startup to support your business for long-term success.

Side Hustle

He Took His Side Hustle Full-Time After Being Laid Off From Meta in 2023 — Now He Earns About $200,000 a Year: 'Sweet, Sweet Irony'

When Scott Goodfriend moved from Los Angeles to New York City, he became "obsessed" with the city's culinary offerings — and saw a business opportunity.

Starting a Business

Need Something Fast? These Entrepreneurs Created a Fleet of Self-Driving 'Stores on Wheels' That You Can Hail With the Tap of a Button.

Robomart co-founders Emad Suhail Rahim, Tigran Shahverdyan and Ali Ahmed explain how they got their big idea rolling.

Finance

The Recap: Leaders In Fintech Awards 2023

The Leaders in Fintech Awards 2023 was staged by Entrepreneur Middle East with the support of in5, Idealz One, Numei Real Estate and Fluidmeet.

Women Entrepreneur™

Maria Sharapova, Carla Bruni, And Meryem Uzerli Among Influential Speakers Set To Headline WE Convention 2024 In April In Dubai

The Women's Empowerment Council is getting ready to host the two-day International Women's Empowerment Convention 2024 in Dubai, offering inspiring narratives, expert business insights, and extensive networking opportunities.