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”