Mubasher: The UAE-based Emerging Markets Property Group (EMPG) has announced the acquisition of Jumia House’s Maghreb assets.
Based on this deal, Mubawab, the leading property portal in Morocco owned by EMPG, will take full ownership of Jumia’s real estate portals in Morocco, Tunisia, and Algeria.
Following a recent Series D $100 million funding round by EMPG, this acquisition will consolidate Mubawab’s position as the leading real estate portal in the region as well as providing entry to the Maghreb region’s most promising real estate market which is home to more than 90 million people.
EMPG currently employs a workforce exceeding 2,500 people across the UAE, Morocco, Tunisia, Pakistan, Bangladesh, Spain, and Romania, according to a press release on Sunday.
The UAE group’s portals receive over 10 million visits, yielding 70 million pageviews and generating over 2 million enquiries each month.
CEO of EMPG Imran Ali Khan commented, “The intention behind this acquisition is to take the Group's expertise and technology-driven philosophy to the Maghreb region.”
Meanwhile, Co-Founder and Co-CEO of Jumia Sacha Poignonnec said, “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”
