Bayut.com’s parent EMPG raises $50 million

Dubai

Emerging Markets Property Group (EMPG), the parent company of Bayut.com, said on Thursday it has wrapped up a first close of $50 million as part of a substantially larger investment round.

Haider Ali Khan, the CEO of Bayut.com, said in a statement $25 million of these funds would be deployed in the Emirates 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.

EMPG has raised a total of $60 million in its four previous rounds, and the current round is its largest yet, bringing up the grand total to $110 million. The group has presence in 40 cities across the UAE, Pakistan, Bangladesh, Morocco, Spain and Romania with over 1,500 employees.