Dubai: Emerging Markets Property Group (EMPG), the UAE-based pioneering bespoke property solutions provider in emerging markets, has acquired Jumia House’s Maghreb assets.
As part of the deal, Mubawab, the leading property portal in Morocco owned by EMPG, will take ownership of Jumia’s real estate portals in Morocco, Tunisia and Algeria.
This acquisition will consolidate Mubawab’s 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 90M 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. The Group’s 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. 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," says Imran Ali Khan, CEO of EMPG.
Commenting on the acquisition, Jumia stated: “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,” said Sacha Poignonnec Co-Founder and Co-CEO of Jumia. “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”
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About EMPG
In addition to Mubawab, EMPG owns and operates Zameen.com in Pakistan, Bproperty.com in Bangladesh, Bayut.com in the UAE and Bayut.sa in the Kingdom of Saudi Arabia.
Following its most recent fundraising round of $100 million, EMPG has made the acquisition of Rocket Internet’s Lamudi assets in the Middle East and Bangladesh. EMPG also continues to support Mubawab’s expansion in the Maghreb region.
About Mubawab
Established in 2012 in Morocco, Mubawab is biggest real estate portal in Morocco. Mubawab offers its users a range of products for individuals and industry professionals. Mubawab has earned the trust of its users, and its portal receives over a million visits per month.
With a client portfolio of nearly 1,000 partners and more than 150,000 active listings, the portal is the consummate source for real estate services in Morocco for property agencies and developers alike who receive over 180,000 qualified enquiries per month. Mubawab also prides itself on facilitating positive change in Morocco’s real estate market.
About Jumia
Jumia is the leading pan-African e-commerce platform which is active in six regions in Africa, spread over 14 countries.
Jumia’s mission is to improve the quality of everyday life in Africa by leveraging technology to deliver innovative, convenient and affordable online services to consumers, while helping businesses grow as they use our platform to reach and serve consumers.
Jumia’s platform consists of the marketplace, which connects sellers with consumers, the logistics service, which enables the shipment and delivery of packages from sellers to consumers, and the payment service, which facilitates transactions among participants active on the platform in selected markets.
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