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History: October 29, 2020
Bayut and Dubizzle, the first billionaire company specializing in the technology sector emerging from the merger of two companies that originated in the UAE, has officially launched its new headquarters in the Dubai Design District. This step confirms Dubai’s position as an incubator for talented people, a global destination for investment and innovation, and a home for pioneering startups in the world.
Emerging Markets Property Group, the owner of the Dubai-based Bayut platform, and the OLX Group, which owns the Dubizzle platform, announced the merging of their operations in the Middle East, North Africa and South Asia, to form a billion-billion company with market value. To 3.6 billion dirhams (billion dollars).
Ammar Al Malik, Executive Director of Dubai Internet City, said: The supportive environment provided by Dubai and the business-friendly climate enhances its attractiveness as a first destination for various economic activities, especially that relies heavily on the technological infrastructure that Dubai has surpassed in providing.
For its part, the American magazine “Entrepreneur” described the UAE as a “gold mine” for new companies, especially those specializing in the fields of innovation and ultra-modern technologies, known as start-ups.
The magazine published a report on startups with a market value of one billion dollars or more, in which it confirmed that the UAE is the most capable country in the region to establish billionaires. The report pointed out that the UAE acquired this ability through tangible facts represented by it being the only Arab country that has embraced billion startups.
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Dubai Design District, home to the integration of «Homes and Dubizzle»
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