Finance

Morocco’s Mubawab raises $7mln in Staff Capacity Building Fund from EMPG

Monday, 13 January 2020 15:19
Morocco’s Mubawab raises $7mln in Staff Capacity Building Fund from EMPG

(Ecofin Agency) - Emerging Markets Property Group (EMPG) is investing $7 million to strengthen the staff within its Moroccan real estate advertising arm Mubawab, local media reported.

With about 150 employees in Morocco, Mubawab plans to recruit 100 new workers by the end of 2020 in its Maghreb subsidiaries (Algeria and Tunisia) as well as in Morocco. The real estate advertising portal, which boasts a customer portfolio of nearly 1,000 partners as well as 150,000 active ads, also plans to finance the opening of new offices in strategic cities in Morocco in the course of 2020.

The fundraising follows the acquisition in June 2019 of rival Jumia House Maghreb present in Morocco, Tunisia, and Algeria. The acquisition was aimed at strengthening Mubawab's presence on the Maghreb market of online real estate ads.

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