Middle East News 247

Dubai to have another unicorn as Bayut, dubizzle mother companies set to merge

Dubai-based technology firms Bayut and dubizzle on Tuesday announced their merger, creating another Dh3.6 billion ($1 billion) unicorn company in the emirate.

The merger is the latest in a series of entrepreneurial successes that reinforce Dubai’s reputation as a global hub for talent, enterprise, investment and innovation.

Bayut is owned by Emerging Markets Property Group (EMPG) while dubizzle is owed by OLX Group.

The accomplishments of Bayut and dubizzle, which began their ventures out of Dubai Internet City, the region’s largest technology hub, point to the emirate’s dynamic startup ecosystem and the environment it provides innovators to present and execute their ideas.

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