• Saudi Arabia-based proptech Ayen has acquired the Egyptian contech Elmawkaa in a SAR seven-figure transaction that will see Ayen integrate Elmawkaa’s construction materials marketplace into its property evaluation platform.
• Founded in 2018 by Abdulrahman Al-Mulqi, Ali Al-Mohsen and Aymen Alsarory, Ayenallows its clients to make informed real estate decisions supported by innovative solutions to collect, process, and visualise property data in interactive professional reports.
• Elmawkaa, founded in 2017 by Ebrahem Anwar, Mahmoud Habib and Mohamed Thabet, is an intelligent marketplace that enables construction companies to get their competitive quotations for building materials.
• This acquisition marks a pivotal step in Ayen’s journey of growth  and expansion, opening doors to new markets in GCC, paving the way for accelerated  growth and an expanded range of services for its clients across both private and public  sectors. 

Press release:

Ayen, a leading platform in real estate inspection and appraisal solutions, has  announced the acquisition of Elmawkaa, a prominent construction technology startup, in  a seven-figure deal. This acquisition marks a pivotal step in Ayen’s journey of growth  and expansion, opening doors to new markets in GCC, paving the way for accelerated  growth and an expanded range of services for its clients across both private and public  sectors. 

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. We are excited to work with this talented team, whose expertise will bring  substantial value to our organisation as we continue to innovate and grow. I would also  like to thank my partners and employees for their continuous support, which has played  a vital role in our success.” 

Ebrahem Anwar, CEO of Elmawkaa, expressed his thoughts on the acquisition, saying,  “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.”