Mubawab, the leading real estate portal of Morocco that was acquired by Dubai-based Emerging Markets Property Group last year, has acquired Jumia’s property portal Jumia House in Morocco, Tunisia & Algeria, Mubawab announced today. The news comes a few months after Jumia went public and Emerging Markets Property Group (EMPG) closed its $100 million Series D.
“The acquisition consolidates Mubawab’s position as region’s leading real estate website, while providing access to the most promising real estate markets in the Maghreb, with more than 90 million people,” the company said in a statement.
Emerging Markets Property Group that owns different property portal including UAE’s Bayut and Pakistan’s Zameen has been on a shopping spree acquiring different smaller competitors across the Middle East & North Africa. Interestingly, all the acquisitions made by EMPG, except Mubawab, in the last one year are (were) Rocket Internet companies, including Lamudi in Bangladesh, UAE, Jordan & Saudi and now Jumia House in Morocco, Tunisia & Algeria.
Bayut, EMPG’s UAE-based property portal recently expanded to Saudi after acquiring Lamudi Saudi in April.
Mubawab, the leading real estate portal in Morocco, has bought Jumia House in the Maghreb region. Jumia House occupies a strong position not only in Morocco, but also in Tunisia as well as in Algeria.
Kevin Gormand. Co-Founder and CEO of Mubawab, commenting on the occasion, said, “We believe strongly in our ability to provide real estate solutions to customers through our sophisticated platform. We are excited to build on our success and experience in Morocco to provide a broader platform, maximizing consumer reach and visibility while providing personalized and local support to our customers.
Sacha Poignonnec, co-founder and co-CEO of Jumia, said, “We believe in the potential of real estate portals in Africa and we have built a great platform across Morocco, Tunisia and Algeria to seize this opportunity. We are confident that Mubawab will sustain the success that Jumia House has had in these markets.”
“This transaction allows us to focus on our core business of our marketplace while expanding the scope of our payment and logistics business,” he added.
Jumia House in each one of these markets is now redirecting to Mubawab’s local websites.
Latest posts by MB Staff (see all)
- Rush Brush witnesses increased consumer demand during pandemic - September 21, 2020
- Saudi angel groups Riyadh Angels and Najd Angels announce merger - September 14, 2020
- Kuwait’s Boutiqaat looking to raise fresh funds at a valuation of up to $1 billion: report - June 25, 2020