Latest news with #Pakistani-founded
Business Recorder
05-05-2025
- Automotive
- Business Recorder
What Pakistani-founded Dubizzle Group's recent acquisitions mean for potential UAE IPO
Pakistani-founded, Dubai-based Dubizzle Group - an online marketplace giant whose well-known brands include the property website Bayut and the buying and selling platform dubizzle - recently acquired Property Monitor. The move comes amid buzz of an initial public offering (IPO) in the UAE that could be valued between $500 million and $1 billion. The group was founded by Pakistani brothers Imran and Zeeshan Ali Khan. They co-founded real estate portal in 2006, which later evolved into the Dubizzle Group and which also includes online marketplace OLX Pakistan. A third brother, Haider, joined the venture in 2014. In 2022 the group raised $200 million in a funding round led by US-based Affinity Partners. According to a statement announcing the acquisition, Property Monitor - which offers real estate data, analytics and insights - achieved revenue CAGR of 55% from 2022 to 2024 and attracts more than 7,700 monthly users, primarily real estate agencies and property developers. The idea is that this data will make Dubizzle Group's own offerings more attractive. 'As a trusted and respected brand in the UAE, Property Monitor complements our market-leading platforms Bayut and dubizzle,' the statement quoted Haider, who is CEO of Dubizzle Group – UAE, as saying. Haider added in the statement that the recent move 'reflects our broader strategy of targeted acquisitions that strengthen our ability to deliver an exceptional user experience across the region's real estate and automotive sectors.' The announcement marks Dubizzle Group's third acquisition in two years, 'building on continued expansion in the digital marketplace space in the MENA region.' In February this year, it completed the acquisition of Hatla2ee, a marketplace in Egypt for used and new cars. Last year, it acquired Drive Arabia - a source for automotive news, reviews and car comparisons in the Middle East - to broaden its offering for car buyers and its advertising capability for automotive manufacturers. The group said the acquisition of Property Monitor reflects its strategic approach to M&A – targeting complementary businesses in the MENA region. But that's not all. 'This, and other acquisitions, once integrated, should also help in presenting a robust equity story and track record to potential investors for an eventual IPO,' Adnan Fazli, Middle East Capital Market specialist, told Business Recorder. 'The transaction represents acquisitive growth to help establish competitive advantage in the real estate sector and provide scale to the business,' he added. Meanwhile George Pavel, general manager at trading platform Middle East, said that the acquisition 'is particularly relevant given Dubizzle Group's widely reported IPO plans for 2025.' 'Incorporating Property Monitor enhances Dubizzle's financial profile and growth narrative. This could position the group more firmly as a data-centric technology leader, potentially justifying a higher valuation in its anticipated public offering,' he told Business Recorder. 'A key objective is to merge Property Monitor's comprehensive transaction and supply-side data with the extensive user demand insights derived from Dubizzle's classifieds platforms. This synergy could increase the value delivered to clients like real estate agencies and developers.' he added. The IPO buzz In October 2024 it was reported that Dubizzle Group had mandated Emirates NBD, Goldman Sachs, HSBC and Morgan Stanley for an IPO expected to take place this year. More recently, on April 25 2025, Bloomberg reported that the group is 'sounding out equity investors over the coming weeks and is set to meet investors ahead of a potential IPO', citing people familiar with the matter, who also said the company has been planning a floatation since 2023, and has previously done similar rounds of outreach. Details such as its size and timing are still under discussion, though some of the people said it could raise at least $500 million from a listing, Bloomberg said, adding that representatives for Dubizzle declined to comment. Previous reports have said the valuation could go as high as $1 billion. Meanwhile, the report cited people familiar as saying that competing online portal Property Finder has also been sounding out equity investors on a so-called 'non-deal roadshow'. Property Finder's investor meetings are also laying the groundwork for an eventual IPO, they said. 'The investor push comes amid the continued strength of Dubai's real estate market, where property prices have risen more than 70% in the past four years,' Bloomberg said. Dubai Holding, an investment vehicle owned by the emirate's ruler, is also weighing a listing of two separate real estate portfolios to capitalize on this boom, it added. Meanwhile, stock markets in the UAE are expected to receive between six to eight IPOs this year, with companies raising up to $10 billion amid strong investor appetite, the chief executive of Emirates NBD Capital said in March. Copyright Business Recorder, 2025
Business Recorder
28-04-2025
- Business
- Business Recorder
Pakistanis make waves at Dubai AI Week 2025
The first Dubai AI Week was held from April 21 to 25, attracting over 30,000 experts and participants from more than 100 countries from around the world. It included panel discussions and workshops, as well as agreements between government and private sector stakeholders, investors, and startups. The event also saw the participation of major tech giants such as Meta, Microsoft, OpenAI, Google and IBM. With so much going on in one week, Business Recorder breaks down the top four things that happened at this year's inaugural event, including the impact made by Pakistani-founded companies. 1. The Game Company launches cloud gaming platform Dubai-based startup The Game Company (TGC), founded by Pakistani Osman Masud, launched its artificial intelligence (AI)-powered cloud gaming platform, which brings over 1,300 AAA titles directly from the cloud, 'making high-performance gaming accessible to anyone, on any device, without the need for costly consoles or downloads'. AAA in the video game industry refers to high-budget, high-profile games typically produced and distributed by major publishers. Masud, who has studied at LUMS and Harvard Business School according to his LinkedIn profile, said in a statement that 'gaming is not just entertainment. It is culture, economy, and infrastructure.' 'We have built the foundation for a new generation of gaming and we are proud to launch it here in Dubai. Dubai gave us the platform and belief. We are proud to showcase a homegrown product that is setting a new global benchmark.' Dubai AI Week: Huspy launches region's 'first AI-powered mortgage chatbot' According to Faisal Kazim, Head of Dubai Programme for Gaming 2033 - a strategy to establish the emirate as a global leader in gaming and emerging tech - the launch of the platform 'highlights the power of AI to transform industries, augment human creativity, and unlock new creative economies. It's a proud moment to see a product of this calibre launched from Dubai, for the world'. 2. Dubizzle introduces 'Sell with AI' Dubizzle, the well-known online classifieds giant founded by Pakistanis, launched 'Sell with AI' at Dubai AI Week, a new AI-powered feature aimed at transforming the user experience on the platform. The tool is designed to be intuitive and user-friendly, enabling users to effortlessly post ads once they upload an image. Based on the image, the AI-based solution automatically suggests key details such as category, price, and other attributes, significantly reducing manual input and saving users time and effort. Haider Khan, who is not only CEO of dubizzle and Dubizzle Group MENA but also a board member of the Dubai Chamber of Digital Economy, said in a statement: 'Our mission is to continually elevate the experience for our users, keeping innovation at our core by leveraging the use of the latest tech and AI solutions, build products and features that address key pain points'. 'This tool allows us to empower our users—whether individuals or businesses—with a seamless, highly intuitive experience, ensuring they can reach their audience faster and more effectively.' The company has been founded by Pakistanis Imran Ali Khan, who is also Group CEO, and Zeeshan Ali Khan, who is CEO, KSA. The company's current CFO, Areeb Pasha, is also a Pakistani. 3. The importance of a Chief AI Officer According to Shukri Eid, General Manager of IBM Gulf, Levant and Pakistan, organisations with a dedicated Chief AI officer are achieving 10% higher returns on their AI investments, underlining the value of appointing leadership for AI-driven transformation. Dubai to lead next wave of AI development: Crown Prince At Dubai AI Week, he noted that the UAE was among the first countries to establish such roles in both public and private sector institutions. Eid revealed preliminary findings of a study conducted by IBM in collaboration with the Dubai Future Foundation, which show that 26% of organisations in the region have appointed a Chief AI Officer, with this figure expected to rise to between 50 and 65% over the next two years. Eid emphasised that AI has become a strategic priority for organisations in the region, serving as a powerful tool to enhance productivity and maximise returns. He predicted that AI's impact would accelerate in the future with the adoption of 'AI assistants' and 'AI agents' capable of understanding context and making independent decisions with minimal human oversight. 4. AI education top of mind The launch of Dubai's first-ever PhD programme in AI was announced by the University of Birmingham Dubai. It will 'help develop specialised talent in key areas of AI, including smart city development, advanced healthcare, sustainability, and future mobility – core components of Dubai's ongoing digital transformation,' said H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai. The idea is to build a talent pipeline that will drive homegrown innovation and ensure the ethical, inclusive, and impactful development of artificial intelligence in the region. Students accepted in the programme will pursue diverse streams such as AI for medicine and healthcare, natural language processing, computer vision, AI ethics and regulation, and explainable and trustworthy AI. The curriculum includes personalised academic supervision, advanced research training, and access to AI labs, incubators, and government-led innovation initiatives. Separately, Sheikh Hamdan launched the Dubai AI Academy, a new initiative aimed at mainstreaming AI education and advancing its adoption across vital sectors of the economy. Dubai serves as gateway for German businesses eyeing Pakistan market The plan is to educate 10,000 emerging and experienced leaders, positioning itself as a leading provider of AI training and certification programmes, collaborating with globally renowned academic institutions including Oxford University's Saïd Business School, Udacity, and the Minerva Project. His hope is to make Dubai 'the destination of choice' for those who are seeking to lead the future of AI. The Crown Prince has plans to make Dubai AI Week a yearly event, and has already announced the next AI week for April 2026 'with the goal of doubling all targets — expanding to 20 events across the city and welcoming participation from the world's leading technology experts.'
