Dubai-based Emerging Markets Property Group (EMPG) is considering an initial public offering, Bloomberg reported on Thursday, citing sources.
The Group owns and operates websites “Bayut.com” and “Dubizzle” for classified ads in UAE.
UAE bourses have been active since last year amid the government’s interest in reviving the markets of major companies such as DEWA, which listed on the Dubai market last year, and ADNOC Gas. Abu Dhabi market in March.
According to data from the UAE Ministry of Economy, the group operating in the emerging markets sector was established in Dubai in 2015.
The group operates in 18 countries worldwide and owns and operates a group of specialist advertising platforms in emerging markets including the Middle East, North Africa, South Asia and Southeast Asia.
According to its official website, the company has 10 brands, including OLX in Pakistan and Egypt, and Mubaap in North Africa, and the number of visits to its sites reaches 217 million visitors per month.
The UAE Ministry of Economy considers the company a success story and is one of the companies associated with the UAE’s plan to become a regional hub for international companies.
Bayut, a platform for classified real estate ads in the UAE, connects buyers, investors, real estate owners, sellers, tenants and agents to search and offer real estate, according to its official website.
As for Dubizzle, it is an ad platform in the United Arab Emirates that was launched in 2005 and helps users buy, sell or find anything, including cars and jobs, according to its official website.
(Prepared by: Shaima Hefzi, contact [email protected])
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