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almunaikh

KUWAIT - Telecoms & IT

Mohammed Al Munaikh

CEO, Ajar

Bio

Mohammed Al Munaikh was appointed CEO of Ajar in 2020. Prior to joining the company, he founded a B2C start-up in the music industry. Earlier, he held several positions in investments firms such as Kuwait Investment Authority and Al Ajial holding Co. He is a finance and accounting graduate of Kuwait University.

"Ajar was founded to digitalize and transform the real estate sector."
TBY talks to Mohammed Al Munaikh, CEO of Ajar, about milestones for the company and a partnership with Visa.
What is the mandate of Ajar, and what have been the company’s milestones since its founding in 2016?

Ajar was founded to digitalize and transform the real estate sector. As we grew, we learned about our customers’ needs and evolved into a management system for real estate. Ajar is a solution for any property manager. They can manage their properties, collect rent, or organize their portfolios through Ajar. The biggest milestone since 2016 is that we manage about 10% of the units in the Kuwaiti market. With such a base, we are able to quantify and qualify market trends. We are increasingly being approached by financial institutions and banks seeking information related to these trends in real estate. The beauty of it is that we know what is happening at the moment; it is up-to-date, live research. We can offer valuable information that helps with companies’ decision-making processes. Even the Central Bank of Kuwait has been using our data for its recent real estate reports. Generally, our vision is to be the foundation of technology for anything real estate related. We want to revolutionize the real estate market; that is the purpose of our company.

Ajar recently partnered with Visa. What is the scope of this partnership?

Our partnership says a lot about Visa’s focus on real estate and its support for digitalizing payments. Every payment provider or card issuer knows that most of the cash being handled is in real estate and digitalizing it will take a host of partnerships rather than just one player. That is where Visa’s partnership helped in terms of reducing the cost on both the landlord and banking sides. This way, we can provide better and more affordable payment options. Both Mastercard and Visa understand the dynamic of real estate and that it has to be treated separately and differently. A landlord does not want to pay a transaction fee, which is why they prefer cash. Banks miss out on that, which is why they are working on different digital solutions and plans that favor the landlord and make them want to use the banking system instead of cash.

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