Emerging Markets Property Group (EMPG), the Dubai-based company behind real-estate portals like Bayut and Zameen, is injecting $7 million in its subsidiary Mubawab, it announced earlier this month. Mubawab is a Moroccan real-estate portal that EMPG had acquired in 2018. EMPG had closed its $100 million Series D early last year.
Founded in 2011 by Kevin Gormand and Toni Puig, Mubawab claims to be the largest real estate portal of Morocco, enabling users buy, sell and rent properties.
It now also has a presence in Algeria, Tunisia, Qatar, Bahrain, and Oman, with a local portal for each one of these markets. It looks like EMPG is using Bayut’s brand in Saudi and Jordan after growing it in the UAE and Mubawab for the rest of the Middle East & North Africa. The Moroccan platform had acquired Jumia House in Morocco, Tunisia & Algeria, last year.
EMPG, according to a statement, is injecting capital to help Mubawab accelerate its development by expanding its teams.
Kevin Gormand, co-founder and CEO of Mubawab, commenting on the occasion, said, “I am proud of the group’s confidence in the project in Morocco in particular and in the Maghreb region in general. Mubawab is the first real estate website in Morocco thanks to a winning strategy that aims to support and satisfy all the involved parties in the Moroccan real estate sector.”
“The work that we have been doing for years, through the implementation of strategic and ambitious projects, has added a lot to the entire real estate sector. In the future, we will continue the innovation cycle that aims to develop the sector,” he added.
- ZoodPay acquires Pakistani consumer lending fintech Tez - May 23, 2022
- Colabs raises $3 million seed to make it easy for entrepreneurs and freelancers to build and grow businesses in Pakistan - March 30, 2022
- FlapKap – A fintech revolutionizing e-commerce and SAAS growth in MEA – Launches and completes $1.2 Million fundraise - March 23, 2022