This is one the latest investments in the Middle East internet sector after the acquisition of Dubai-based career website WorldwideWorker by Dice Holdings for $9 million; which we covered before.
More details follows:
MIH Internet, a wholly-owned division of the South Africa headquartered media group Naspers Ltd, has announced a new strategic partnership with the region's leading online classifieds and community website Dubizzle.com. Having worked together on a number of previous projects--including the roll out of Dubizzle.com across 14 countries in MENA--the management at MIH Internet have confirmed that their latest investment in Dubizzle is the first step in developing a more robust network of media ventures across the region.
Russell Dreisenstock, GM of Business Development at MIH Internet, commented that the investment in Dubizzle.com perfectly illustrates the MIH Internet thesis of investing in strong management teams that have demonstrated effective execution capability based on a sound understanding of their business model as well as local market conditions and requirements. "Having watched Dubizzle develop over the years into a classifieds platform that competes globally in terms of technology and features, made our investment decision very easy. We see Dubizzle as an exciting example of what this region has to offer and look forward to future projects with as much potential."
As a sign of the group's commitment to the MENA region, MIH Internet will also be establishing a new hub office in Dubai, UAE.
"MIH Internet's extensive knowledge of media and technology industries, as well as their experience in emerging markets, has made them a potentially ideal partner for organizations in the Middle East," said Sim Whatley, co-founder of Dubizzle.com. "Dubizzle's own alliance with MIH Internet has been instrumental in turning our creative ideas into thriving business platforms."
Dubizzle continues to thrive in their new markets growing month on month and seeing significant traction. Having recently launched their mobile site there is much excitement with where this platform is heading.
Many Naspers / MIH Internet businesses--such as Tencent, Mail.Ru and Allegro--hold leading market positions in their respective territories. The media group's most significant operations are located in emerging markets including South Africa and the rest of sub-Saharan Africa, China, Latin America, Central and Eastern Europe, Russia and India.
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