Finance

African e-commerce giant Jumia sells its North African real estate branch to EMPG

Tuesday, 18 June 2019 16:28
African e-commerce giant Jumia sells its North African real estate branch to EMPG

(Ecofin Agency) - Mubawab, a Morocco-based real estate advertiser 51%-owned by the Emirati group Emerging Markets Property Group (EMPG), announces it has taken over African e-commerce giant Jumia’s subsidiay Jumia House Maghreb (present in Morocco, Tunisia and Algeria). Amount of purchase is not disclosed.
According to Jumia’s managers, this operation will enable the company to focus on its core activity; being a “marketplace for physical products and digital services, while expanding the scope of our payment and logistics activities,” said Sacha Poignonnec, Jumia's co-founder.
EMPG, which owns and operates real estate platforms in Pakistan, Bangladesh and the United Arab Emirates, hopes to strengthen its position in the online real estate market in North Africa through its Moroccan subsidiary Mubawab.
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