Dubizzle Group Acquires Property Monitor Amid IPO Speculation

Dubizzle Group, a prominent online marketplace based in Dubai and founded by Pakistanis, has recently acquired Property Monitor. Dubizzle Group is known for its popular platforms like Bayut (a real estate website) and dubizzle (a buying and selling platform). This acquisition occurs amidst growing anticipation of a potential initial public offering (IPO) in the UAE, with a projected valuation ranging from $500 million to $1 billion.

The Dubizzle Group was established by Pakistani brothers Imran and Zeeshan Ali Khan. In 2006, they co-founded Zameen.com, a real estate portal that evolved into the Dubizzle Group, which also encompasses OLX Pakistan, an online marketplace. In 2014, a third brother, Haider, became part of the venture.

In 2022, the group secured $200 million in a funding round spearheaded by Affinity Partners, a US-based firm.

Property Monitor Acquisition

According to a statement regarding the acquisition, Property Monitor, which specializes in offering real estate data, analytics, and insights, demonstrated a revenue CAGR of 55% between 2022 and 2024. It attracts over 7,700 monthly users, primarily comprising real estate agencies and property developers.

The core objective is to leverage this data to enhance the appeal of Dubizzle Group’s existing services.

Executive Perspective

Haider, CEO of Dubizzle Group – UAE, stated that Property Monitor, as a respected brand in the UAE, complements their market-leading platforms, Bayut and dubizzle. He added that the acquisition aligns with their broader strategy of targeted acquisitions aimed at strengthening their ability to provide an exceptional user experience across the region’s real estate and automotive sectors.

This acquisition marks Dubizzle Group’s third in the past two years, reinforcing its ongoing expansion in the digital marketplace arena within the MENA region. In February of this year, they finalized the acquisition of Hatla2ee, an Egyptian marketplace for both new and used vehicles. Last year, Drive Arabia, a source for automotive news, reviews, and car comparisons in the Middle East, was acquired to broaden their offerings for car buyers and enhance advertising capabilities for automotive manufacturers.

The group emphasized that the acquisition of Property Monitor reflects its strategic focus on M&A, targeting businesses that complement their existing operations in the MENA region.

Adnan Fazli, a Middle East Capital Market specialist, noted that these acquisitions, once integrated, should contribute to a compelling equity narrative and a strong track record for potential investors in anticipation of an IPO.

George Pavel, general manager at trading platform Naga.com Middle East, highlighted the relevance of the acquisition in light of Dubizzle Group’s widely discussed IPO plans for 2025.

He further stated that incorporating Property Monitor strengthens Dubizzle’s financial profile and growth story, potentially positioning the group as a data-centric technology leader and justifying a higher valuation in its anticipated public offering.

Pavel added that a key objective is to combine Property Monitor’s detailed transaction and supply-side data with the extensive user demand insights obtained from Dubizzle’s classifieds platforms, potentially enhancing the value delivered to clients such as real estate agencies and developers.

IPO Considerations

Reports from October 2024 indicated that Dubizzle Group had engaged Emirates NBD, Goldman Sachs, HSBC, and Morgan Stanley for an IPO expected to occur this year.

More recently, on April 25, 2025, Bloomberg reported that the group is gauging interest from equity investors and is scheduled to meet with them ahead of a possible IPO. The report cited sources familiar with the matter, who indicated that the company has been planning a floatation since 2023 and has conducted similar outreach efforts previously.

While details regarding the size and timing are still under discussion, Bloomberg noted that some sources suggest the listing could raise at least $500 million. Dubizzle representatives declined to comment. Earlier reports suggested a potential valuation of up to $1 billion.

The report also mentioned that Property Finder, a competing online portal, has been engaging with equity investors on a “non-deal roadshow,” also laying the groundwork for a future IPO, according to sources.

Bloomberg highlighted that this investor activity coincides with the continued strength of Dubai’s real estate market, where property prices have surged by over 70% in the last four years.

Dubai Holding, an investment vehicle owned by the emirate’s ruler, is also considering listing two separate real estate portfolios to capitalize on the current market boom.

Stock markets in the UAE are projected to host between six and eight IPOs this year, with companies potentially raising up to $10 billion amid strong investor interest, according to the chief executive of Emirates NBD Capital in March.

Copyright Business Recorder, 2025