Dubai-Based Bayut & Dubizzle Merge
The merger of two giant technology companies in Dubai
Last Updated on June 11, 2020 by livelydubai
Dubai continues to affirm its position as the city of the future and opportunities, and a leading destination in the world for innovation-based investment, after merging the “Bayut” platform with the “Dubizzle” platform, where the pioneering platforms “Bayut” and “Dubizzle” were launched from Dubai Internet City .
The Emerging Markets Property Group, owner of the Dubai-based Bayut platform, and the Olx Group, owner of Dubizzle, have unified their operations in the Middle East, North Africa and South Asia, creating a billion-dollar company, with a market value of 3.6 One billion dirhams (billion dollars), according to a press release.
The new merger comes less than 15 months after the announcement of the acquisition of “Kareem” by the global company “Uber”. Kareem also started from the city, and was acquired by Uber as part of a deal worth $ 3.1 billion, according to the statement.
Dubai Internet City as International Business Hub
While Dubai Internet City was also the cradle of huge deals in which companies launched from the city were able to reach the world, most notably the “Souq.com” platform that was acquired by the e-commerce giant “Amazon”, and the “Maktoob” website, which also started from Dubai Internet City and was acquired by the global search engine Yahoo, which was then one of the largest technology institutions around the world.
Dubai Internet City celebrated late last year 20 years of its founding as a business hub dedicated to innovation and technology and a strategic base for companies targeting emerging markets.
The launch of Dubai Internet City – which formed the core of the TECOM Group – was the result of the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, foreseeing the future in which His Highness realized that leadership will be in the hands of the technology leader.
The announcement of the establishment of the city as a specialized business complex for this sector was the starting point from which Dubai set out to lay the foundations for a knowledge economy that started strengthening its pillars over two decades, attracting the most important and largest international companies involved in this field.