Bayut to receive 50% of new funding raised by parent company
By AMEinfo / AMEinfo
SOURCE: AMEinfo - Bayut to receive 50% of new funding raised by parent company
Emerging Markets Property Group (EMPG), the parent company of property portal Bayut.com in the UAE, has just closed a round of investment totaling $50 million.
Haider Ali Khan, the CEO of Bayut.com, said $25 million of these funds would be deployed in the UAE with a focus on further consolidation. “The remaining funds will be used to further strengthen EMPG’s leading position in its other markets,” he added.
In addition to Bayut.com in the UAE, EMPG owns and operates Zameen.com in Pakistan, Bproperty.com in Bangladesh, and recently announced its acquisition of Mubawab in Morocco. Bayut.com is one of the top portals in the UAE with a lead in some geographies.