Moroccan based and Dubai-owned real estate portal ‘Mubawab’ has acquired Jumia’s property portal ‘Jumia House’ in Morocco, Tunisia and Algeria. Mubawab was initially bought by Dubai-based Emerging Market Property Group.
The fee for Jumia House purchase was not disclosed and it comes few months Jumia went public and EMGP secured its $100 million series D funding. All Jumia House sites in Morocco, Algeria and Tunisia are now redirecting to Mubawabs.
According to Kevin Gormand. Co-Founder and CEO of Mubawab, they have trust in their ability to meet their customers’ needs via their ‘sophisticated platform. He said they are excited to leverage their success and experience in Morocco to provide a broader platform, whilst maximizing consumer reach and visibility to provide personalized and local support to our customers.
See also: Amazon’s Electric Bracelet to help You Deal with Bad Habits
Jumia confirmed in an official statement that the sale will accord them ample time to focus on their core marketplace which is physical goods and digital services, and properly groom its Fintech and logistics arm; JumiaPay and Jumia Logistics. Mubawab said they will leverage the purchase to strengthen its position as the leading real estate website in North Africa. They said the will grant access to the most promising real estate market in Maghreb to over 90 million people.
This latest purchase will add to the list of real estate sites that the EMGP has acquired in recent times. The company has been on a shopping spree for competitors in the Middle East and North Africa. The company acquired Lamudi in the UAE, Jordan, Bangladesh and Saudi Arabia.