The Egyptian Proptech startup changing the way we buy homes
The Egyptian Proptech startup changing the way we buy homes. Partment, an Egypt-based proptech startup, is making people’s ambitions of owning a second home a reality. Founded in 2022 by Nadim Nagui, Ahmed Raggal and Chinmaya Das, the digital platform enables users to co-own a second home at a fraction of the price, while providing them with an end-to-end property management service. (Cairo Scene)
- In less than a year since Partment’s founding, the startup already witnessed a five-fold increase in its market size in Egypt,
and recently expanded to Greece, a prime real estate destination for vacationers and investors alike. Following the success of its first year of operations, Partment is now eyeing further expansion to regional and international markets. (Cairo Scene)
- Raya Holding plans to offer 30-35% of its IT arm Raya Information Technology on the EGX in 1H 2024.
The company has finished all of the necessary listing requirements and tapped our friends at EFG Hermes to quarterback the transaction. Raya CFO, Hossam Hussein said that the company is eyeing potential acquisitions that would “add value to its portfolio of services, especially in the IT outsourcing and technical system integration projects.” The company also plans to ramp up sales in Saudi Arabia. It also operates in the UAE. (Hapi Journal)
- Transport and logistics company Egytrans will establish a 10 million SAR (2.7 million USD) limited liability company in Saudi Arabia
in partnership with the kingdom’s Link Investments in 1Q 2024. The new entity will have initial capital of 500,000 SAR. On the other hand, frozen fruit and vegetable manufacturer Bostana wants to build an 100 million EGP factory in 6th of October in an effort to increase production capacity and boost exports. The factory should be operational by 2025. (Al Borsa News)
- B.TECH has closed an almost 1 billion EGP securitized bond issuance.
The transaction, which is the second in a two-year, 5 billion EGP securitization program, included two tranches that were rated P1. It is worth mentioning that companies have raised 81.4 billion EGP from securitization so far this year, up 79% from 2022. (Hapi Journal)
- Egypt-based pharma delivery platform Chefaa raised 5.25 million USD from a number of international investors.
The funding round was co-led by South African VC Newtown Partners, Japan-based Global Brain and M3, US investor GMS Capital Partners, and Nigeria’s Verod-Kepple Africa Ventures. The company will use the funds to “scale all models designed to digitize the supply chain and empower industry stakeholders.” (Hapi Journal)
- ADIB Egypt to submit MTO for 100% stake in Cairo National for Investment.
Abu Dhabi Islamic Bank (ADIB Egypt) has approved submitting a mandatory tender offer (MTO) to acquire up to 100% stake in Cairo National for Investment and Securities at an initial price of EGP 10.5 per share. It is worth mentioning that the bank owns 89.99% of the company, including direct and indirect ownership. (Arab Finance)
- Banque Misr, Geidea team up to provide financial, non-financial solutions to microenterprise owners.
Banque Misr has signed a cooperation protocol with the fintech firm Geidea to provide financial and non-financial solutions and products to microenterprise owners. As per the protocol, the bank will provide Geidea with the needed expertise in the field of digital grant models, with the aim of localizing advanced technological services across its operations to boost economic growth. (Arab Finance)
- Suez Canal: 55 ships divert route to cape of good hope due to red sea threats.
Osama Rabie, Chairman of the Suez Canal Authority revealed that 55 ships belonging to major shipping lines diverted to cross the Cape of Good Hope route during the period from November 19 until today, stressing that it is a small percentage compared to the 2,128 ships that crossed the canal during that period. (Al Mal)
- Egypt targets 11.5 billion USD annual medical tourism revenues.
Egypt is targeting achieving medical tourism revenues of 11.5 billion USD annually, or 10% of the global medical tourism revenues. The country is planning to launch an electronic platform for medical tourism services within three months. In 2022, Egypt garnered over 12.2 billion USD in tourism revenues, targeting to raise this number to 14 billion USD by the end of the current year, as per the Ministry of Tourism’s estimations. (Al Arabiya Business)
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