Rumors say the local real estate sector has been failing recently, but facts are property portals are expanding in the region.
In a statement, Emerging Markets Property Group (EMPG), the parent company of UAE real estate portal Bayut.com, announced that it has acquired Morocco’s largest property portal Mubawab.
EMPG already owns and operates market leading property portals including UAE’s Bayut, Pakistan’s Zameen and Bproperty in Bangladesh.
What will Mubawab bring to the party?
A leading property portal
Headquartered in Casablanca, Mubawab was founded in 2011 by entrepreneurs Kevin Gormand and Toni Puig. It has since grown to become the largest real estate vertical in the country, expanding operations to several cities and registering strong growth across all metrics, including revenue.
The portal has also created a significant brand presence in Morocco, having successfully executed TV campaigns since 2015.
Mubawab-morocco has a revenue of $408.9K, and 12 employees, according to Owler, a community-based insights platform.
Haider Ali Khan, CEO of Bayut and responsible for EMPG’s international expansion and operations, said Mubawab’s founders will continue to lead the portal as EMPG injects capital and introduces its data-driven strategy and technology.
“We believe Mubawab’s core strength is its people, and we are happy that they will continue to lead the charge.” Khan said.
“Kevin and Toni have built a great team, and they are the best people to carry the portal into this new phase of rapid development and consolidation under the EMPG umbrella.”
“The Group will be injecting a substantial amount of funds and expertise into Mubawab, with the singular aim of driving exponential growth across all metrics,” he added.
EMPG has over 1,700 employees spread across the UAE, Pakistan, and Bangladesh.
The group’s websites draw 7.5 million visits and over 40 million page views every month, according to the company.
The company recorded 124% year-on-year increase in revenues in the first half of 2017, with growth in the UAE 112% up year-on-year in the same period.
EMPG Chairman Gilles Blanchard, co-founder of SeLoger in France, said, “Morocco is an excellent market with tremendous potential, and we are excited about the opportunity to develop the real estate ecosystem further.”
Kevin Gormand, CEO of Mubawab, said the Mubawab team was looking forward to benefiting from EMPG’s experience in similar markets.
“We are very excited about this partnership and see a clear path to consolidating the market in the near future. EMPG has done a fantastic job in similar markets and we look forward to leveraging the infrastructure and tools to help us achieve the same in Morocco,” said Gormand.
The acquisition bolsters EMPG’s presence in the region further, where it is already the largest player with Zameen, Bayut, and Bproperty.