Finance

Moroccan Mubawab pumps $10mln into expansion plan

Friday, 26 February 2021 15:25
Moroccan Mubawab pumps $10mln into expansion plan

(Ecofin Agency) - Real estate ad platform Mubawab, 51%-owned by the Emirati Emerging Markets Property Group (EMPG), is investing $10 million to strengthen its footprint in the Maghreb region.

"Mubawab's vision in supporting real estate professionals reinforces our choice to consolidate its position as a major real estate player in the Maghreb," said Haider Ali Khan (pictured), EMPG's managing director for the Middle East and North Africa (MENA).

This investment operation aligns with Mubawab's strategic plan and 2021-23 vision to contribute to the digitalization of the real estate market in the Maghreb.

In 2020, the platform, which offers ads from real estate promoters and agencies, bet on a digital strategy to curb the impacts of the coronavirus pandemic on its activities. With this plan, the company experienced "a rebound in performance over the last quarter of 2020," according to Haider Ali Khan.

As it takes "a further step in its 2021-23 vision," the digital platform intends to develop new activities specializing in real estate in the Maghreb, invest in research and development, and also recruit about 200 new employees.

The Maghreb represents a high potential market for Mubawab. In addition to betting on technology to accelerate its development in this region, the company will benefit from the "additional real estate expertise and long-term strategic partnership" of its parent company.

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