Bayut’s parent company EMPG announces merger with OLX Group in key markets along with acquisition of Kaidee and Lamudi Global
Bayut has grown from strength to strength over the last couple of years, transforming the property classifieds vertical in the UAE with bespoke products and innovative PropTech solutions. Bayut’s remarkable growth has always been driven by the pioneering vision of our CEO Haider Khan with support from our parent company, Emerging Markets Property Group (EMPG), that owns and operates leading and cutting-edge classifieds portals in the Middle East and South Asia. In an announcement that is set to redefine the digital classifieds industry of the wider Asian region, EMPG has announced its merger with the Netherlands-based OLX Group, for its businesses in many key markets including Pakistan, Lebanon, Egypt and in the UAE!
We are also proud to announce that EMPG has secured $150M (AED 550M) in its latest investment round, taking its valuation to over $1 billion! With this incredible milestone, EMPG has now reached unicorn status, making it one of the select few companies in the region to do so! The only other homegrown brand with this prestigious status is Careem, which was acquired by Uber in 2019.
Prior to the merger, EMPG also acquired Thailand’s top online marketplace Kaidee. On the heels of this, the group also acquired Lamudi Global which has businesses in the Philippines, Indonesia and Mexico.
EMPG’s merger with OLX Group
OLX Group is the online classifieds business of the global consumer internet group, Prosus, one of the largest technology investors in the world, which is majority-owned by Naspers.
As part of the deal, EMPG will now operate the existing OLX platforms in Egypt and Lebanon, enhancing the real estate services of these portals while also offering consumers with an unparalleled experience across all other categories. We are also proud to announce that OLX’s platforms in Pakistan, Saudi Arabia, Bahrain, Kuwait, Oman and Qatar will form a part of the new group. In addition to these assets of OLX, the Bayut and dubizzle businesses in the UAE will continue to operate seamlessly.
OLX Group also took part in EMPG’s latest investment round worth $150M (AED 550M), along with the group’s existing shareholders. With the injection of the new capital, EMPG’s focus remains on further enhancing the user experience across its platforms by developing a range of new and innovative services. The group has also prioritised improving data transparency and empowering both consumers and business owners with deeper market intelligence.
Haider Ali Khan, the CEO of Bayut Head of EMPG – MENA commented on the collaboration, saying,
“We, at Bayut and EMPG, are very excited about the future of the UAE real estate industry and the prospects of real estate in the MENA region. This merger of EMPG and OLX will allow us to better serve our customers, given that both operate brands with a strong following and will allow us to leverage existing tech and data to paint a more accurate picture of the state of affairs in the real estate industry across the region. At the same time, we will be making significant technology investments to provide more value to all users of property, automotive and other segments of the Dubizzle and OLX platforms. I look forward to a bright and prosperous future for the group.”
EMPG’s recent acquisitions
Aside from EMPG’s landmark merger with OLX Group, our parent company has also confirmed a series of strategic acquisitions to establish and strengthen its foothold in other emerging markets.
EMPG Acquires Kaidee
In February 2020, EMPG completed its acquisition of Kaidee, Thailand’s largest online marketplace, marking the group’s expansion in the Southeast Asian region. Headquartered in Bangkok, Kaidee was founded in 2011 and has since then quickly risen to become the leading online marketplace in Thailand. The portal, which features goods and services across 30 different categories including real estate, automobiles and more, has a strong regional presence with over 24 million monthly visits.
EMPG CEO Imran Ali Khan said the group’s approach to online marketplaces is very consumer-driven and localized.
“Thailand is one of the most exciting, dynamic markets in Southeast Asia, and its real estate and auto markets are some of the largest in the region,” said Khan. “Kaidee has a rich history in Thailand and has built a very strong brand on the back of extraordinary focus on technology and connecting consumers, and we look forward to investing significant resources to take the business to the next level” he added.
EMPG Acquires Lamudi Global
On the heels of this, EMPG also announced its acquisition of Lamudi Global in the Philippines, Indonesia and Mexico. The acquisition comes almost a year after the group also acquired Lamudi’s businesses in the Middle East and Pakistan, which have been successfully integrated with EMPG’s existing portals in these markets.
Lamudi’s property portal platform was founded in 2013 and eventually expanded its operations to 34 countries. The brand has a strong market share in the Philippines, Indonesia and Mexico, where the combined population is nearly half a billion people.
With its latest acquisition, our parent company has not only bolstered its presence in Southeast Asia but has also marked its entry into Latin America. EMPG will use its significant technological resources to add further value to users and clients in these markets, where the combined total of real estate transactions is estimated to be $55.1 billion (AED 202 billion) annually.
Haider Ali Khan, the CEO of Bayut and Head of MENA for EMPG, commented on the acquisition,
“We are very happy to welcome Lamudi Global to the EMPG family. These are very exciting new regions for us, where there is potential for technology to make a significant difference and add value. We look forward to working closely with the local teams and providing the necessary support to enhance their presence using advanced technology and extensive market research. At EMPG we have a strong service-oriented culture, and Lamudi Global also operates with a very similar ethos. We want to build on this synergy and bring greater sophistication to support the needs of our customers and consumers in these populous and promising new markets.”
Who are we at group level now?
EMPG already has an established presence in Pakistan, Bangladesh, Morocco and the wider Middle East and South Asian region with leading property portals such as Zameen.com, Bproperty, Mubawab and Bayut.
With EMPG’s merger with OLX Group and other recent acquisitions, our parent company has significantly expanded and fortified its geographical footprint across the Middle East, North Africa, Latin America and the wider Asian region. EMPG has also taken significant steps to expand its scope beyond the real estate classifieds vertical and employ cutting-edge technology to provide a seamless experience to consumers in other online classifieds verticals as well.
We are excited to see the EMPG family grow bigger and stronger than ever. We look forward to collaborating with these teams to continue to disrupt the real estate sector in the UAE!
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