In a move set to reshape Egypt’s construction technology and real estate sectors, Saudi-based property appraisal and real estate solutions provider Ayen announced its acquisition of Elmawkaa, an Egyptian startup specializing in construction materials and technology. This seven-figure Saudi riyal transaction, structured as a share swap, will integrate Elmawkaa’s materials marketplace into Ayen’s core property valuation platform. This step comes as Ayen positions itself to expand in Egypt and the Gulf Cooperation Council (GCC) region, enhancing its offerings for both individual and corporate clients.
Transaction Details and Strategic Integration
The acquisition represents a full exit for Elmawkaa’s founders and investors, with Ayen assuming full ownership of the Egyptian startup. Founders Ibrahim Anwar, Mohamed Thabet, and Mahmoud Habib will transition to leadership roles within Ayen, a move expected to help streamline the integration of Elmawkaa’s marketplace with Ayen’s real estate valuation services.
The merger is seen as a natural progression for Ayen, allowing it to incorporate Elmawkaa’s construction materials offerings directly into its property valuation services. Through this integration, Ayen aims to provide clients with an end-to-end experience that includes renovation recommendations, making it possible for property owners to access materials directly from an in-house marketplace. “This acquisition not only helps us expand into Egypt but also brings us closer to delivering a comprehensive service ecosystem to our users,” Anwar commented.
Expanding Footprint in MENA Region
The acquisition marks a key milestone in Ayen’s regional growth strategy. With an eye on both organic and acquisition-led growth, Ayen aims to use this acquisition to deepen its footprint in Egypt and to explore new market opportunities in Saudi Arabia, the UAE, and other parts of the GCC. Eng. Ali Al Mohsen, Founder and CEO of Ayen, emphasized the strategic timing, stating, “We have seen remarkable growth, and we’re now preparing for a pre-IPO investment round, aiming to expand into real estate financing and insurance sectors.”
This strategic round will seek to attract capital for further expansion into real estate insurance and project financing, which Al Mohsen believes will position Ayen as a leading service provider across the MENA real estate technology landscape.
For Elmawkaa, the acquisition marks a significant success for its founders and early investors, who include entities such as Flat6Labs, TIEC, 500 Global, and Taqadam. The startup initially gained traction through its materials marketplace and technology services, attracting clients from across Egypt’s rapidly growing construction sector. The acquisition by Ayen provides an opportunity for Elmawkaa’s team to continue innovating within a larger platform and geographic reach.
In a statement, Ibrahim Anwar expressed his commitment to advancing the PropTech sector in partnership with Ayen, noting, “This acquisition is a milestone for us, and we’re excited to continue contributing to the MENA region’s PropTech growth. Working alongside Ayen will allow us to scale our offerings and deliver additional value to our clients.
As Ayen looks to the future, it faces a competitive landscape of regional PropTech and real estate startups racing to provide integrated solutions to a booming property market. With this acquisition, Ayen is signaling its intent to become a key player, developing services that cater to evolving market needs in valuation, construction, and real estate financing.
Through Ayen’s ambitious expansion strategy, the company is poised to tap into the robust growth potential within the GCC real estate sector while strengthening its presence in Egypt, a country experiencing high demand for property investment and infrastructure development. With further investment and strategic partnerships on the horizon, Ayen’s integration of Elmawkaa could become a case study in how cross-border acquisitions can transform the PropTech landscape across emerging markets.