Egyptian start-up Technopolitan looks to Saudi Arabia to fill revenue gap

In 2020, the co-founders of Egyptian start-up Technopolitan saw an opportunity in the global rise in demand for remote working due to the Covid-19 pandemic.

That led them to set up the property technology start-up, which has transformed underutilised spaces in Cairo, such as club houses and restaurants, into flexible work environments that can produce recurring revenue and footfall.

Technopolitan is also building its own longer term co-working spaces, branded as Copolitan, and offering technology services to companies through a third line of business, Spaceware.

However, as the PropTech has scaled up, it has run into unexpected challenges over the past year.

The economic fallout of the Russia-Ukraine war has hit Egypt hard, resulting in supply chain challenges, record inflation and a weakening of its currency after several devaluations.

“From the real estate side … every devaluation that has happened [since last year], there is a struggle to finish the construction work and fit-out,” Technopolitan co-founder and managing partner Mohamed Ashraf tells The National.