Emerging Markets Property Group (EMPG) – Zameen.com’s parent company – recently achieved unicorn status after OLX Group (a subsidiary of Prosus) merged its operations the company in Pakistan, the United Arab Emirates (UAE), Lebanon, and Egypt.
The term unicorn is used for private start-ups valued high than USD 1 billion for their rarity – there are only 465 unicorns in the world as of April 2020.
The merger deal included USD 150 million investment round led by OLX Group USD 75 million, while the rest was contributed EMPG’s existing shareholder. As a result, the OLX Group has become the largest shareholder of EMPG with 39 percent shares. Meanwhile, EMPG will take over the operations of OLX’s platforms in Pakistan, Saudi Arabia, Bahrain, Kuwait, Qatar, and Oman, as well as the dubizzle platform in the UAE.
In addition to Zameen.com, EMPG also owns and operates Bayut in the UAE, Saudi Arabia and Jordan; Bproperty in Bangladesh; Mubawab in Morocco and Tunisia; and Kaidee in Thailand.
