KSA’s Ayen Acquires Egypt’s Elmawkaa to Boost GCC Expansion
As part of this acquisition, Ayen plans to integrate Elmawkaa’s marketplace into its property evaluation platform, allowing Ayen to expand its service offerings.
Riyadh-headquartered Ayen, a real estate inspection and appraisal solutions platform, has acquired Elmawkaa, an Egypt-based construction technology startup, in a seven-figure-SAR transaction. The acquisition will allow Ayen to tap into new markets in the Gulf Cooperation Council (GCC) and enhance its service offerings for clients in both the private and public sectors.
As part of this acquisition, Ayen plans to integrate Elmawkaa’s marketplace into its property evaluation platform, allowing Ayen to expand its service offerings.
Founded in Riyadh in 2018 by Abdulrahman Al-Mulqi, Ali Al-Mohsen, and Aymen Alsarory, Ayen provides a platform that helps clients gather, process, and visualize property data through interactive professional reports.
Elmawkaa, established in Cairo in 2017 by Ebrahem Anwar, Mahmoud Habib, and Mohamed Thabet, enables construction companies to obtain competitive quotations for building materials, contributing to efficiency in the construction industry.
In a statement, Engineer Ali Almohsen, founder and CEO of Ayen, commented, “We’ve achieved a 10x growth rate over the past year, and we are now opening a new investment round as a pre-IPO stage focused on project financing and real estate insurance. Through acquiring Elmawkaa, we will complete our service cycle for clients and unlock new markets.”
Ebrahem Anwar, CEO of Elmawkaa, said, “This acquisition is a major milestone in Elmawkaa’s journey. We are deeply grateful to our team, investors, clients, and partners who have supported us from the very beginning, including angel investors, Oqal, Flat6Labs, 500 Global, Hub71, Taqadam, and Injaz, whose support has been instrumental in helping us reach this point. We could not have achieved this success without the dedication and expertise of my co-founders, Mahmoud Habib (CTO) and Mohamed Thabet (CBO), who have been crucial to our accomplishments.”
Ebrahem added, “I look forward to driving change and development in the proptech sector with Ayen across the MENA region, working alongside Engineer Ali Almohsen on Ayen’s pre-IPO investment round. I welcome partnerships with proptech companies in this sector to join Ayen’s vision and journey.”
