Mubawab, a Moroccan based real estate sales platform, has raised US$10-million from a United Arab Emirates (UAE) investor known as Emerging Markets Property Group. Mubawab was established in 2011 by Kevin Gormand and provides a platform for sellers and landlords to advertise their properties in Morocco and Tunisia.
The platform has successfully attracted over 2-million site visits every month, proving the lucrative real estate sector opportunity in the North African region. The funding will be deployed towards the expansion of operations in Morocco and Tunisia as well grow the staff complement by 200 people. The startup will also invest in its research and development capability.
Emerging Markets Property Group owns and operates property platforms in emerging markets. The company has significant exposure to the Middle East and South Asia in platforms such as Bayut.com (UAE), Zameen.com (Pakistan) and Bproperty.com (Bangladesh). In 2020, OLX Group acquired an estimated 39% stake in Emerging Markets Property Group for US$150-million which was valued at US$1-billion at the time of the acquisition.