Dubai is now home to another $1 billion 'unicorn company', following the merger of the technology firms Bayut and Dubizzle.
Bayut is part of the Emerging Markets Property Group (EMPG), while Dubizzle is owned by OLX.
These mother companies have now merged their MENA and South Asia operations to form an AED 3.6 billion holding company.
It’s the third such mega deal in Dubai’s digital space over the last three years, starting with Amazon picking up Souq.com and then Uber acquiring Careem last year.
Both Bayut and Dubizzle started their journey from Dubai Internet City.
"Even in these exceptional times, Dubai has demonstrated its attractiveness as an international investment destination," said Ammar Al Malik, Managing Director of Dubai Internet City.
"Our infrastructure and business-friendly environment have created an enabling ecosystem for entrepreneurs to scale up their ventures in a community that is home to everyone from startups to Fortune 500 companies," he added.
The latest agreement includes an AED 550 million (US$150 million) investment round, led by existing EMPG shareholders and OLX group. With this merger, OLX has become EMPG's largest single shareholder with 39 per cent of shares.
In the UAE, both Dubizzle and Bayut will be operated by EMPG. Global presence for EMPG other than the UAE includes Pakistan with Zameen, Bangladesh with Bproperty, Morocco and Tunisia with Mubawab, and Thailand with Kaidee, with all assets under EMPG ownership.
In addition to Dubizzle, the merger brings OLX entities in Egypt, Lebanon, Pakistan and several GCC countries into EMPG’s fold as well.