{"id":613976,"date":"2024-01-23T00:00:00","date_gmt":"2024-01-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/23\/meet-nadim-nagui-founder-and-ceo-of-partment\/"},"modified":"2024-01-23T00:00:00","modified_gmt":"2024-01-23T00:00:00","slug":"meet-nadim-nagui-founder-and-ceo-of-partment","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/23\/meet-nadim-nagui-founder-and-ceo-of-partment\/","title":{"rendered":"Meet Nadim Nagui, founder and CEO of Partment"},"content":{"rendered":"

OUR FOUNDER OF THE WEEK-<\/strong> Every Tuesday, Founder of the Week looks at how a successful member of Egypt\u2019s startup community got their big break, asks about their experiences running a business, and gets their advice for budding entrepreneurs. Speaking to us this week is Nadim Nagui (LinkedIn<\/a>), co-founder and CEO of Partment<\/a>.<\/p>\n

My name is Nadim Nagui and I\u2019m the co-founder and CEO of <\/strong>Partment<\/strong>. <\/strong>My company offers a new concept: A way to customize your real estate investment by having a digital platform that offers zero-hassle second home ownership. We provide people the chance to co-own second homes in prime locations at a fraction of the price while providing an end-to-end property management service.<\/p>\n

My educational background is actually in engineering, of all things. <\/strong>After I graduated from Virginia Tech with a degree in Industrial Engineering, there was this sudden trend of people going into consulting, which made me eager to pursue the same thing. But I soon realized it wasn\u2019t what I expected it to be, so I moved back to Egypt. I then got yet another chance to work in a consultancy firm in Germany but due to military conscription issues, it didn\u2019t pan out. <\/p>\n

I don\u2019t have hard feelings about that chance falling through.<\/strong> Instead, I opted for the traditional family business route. Working with my father at the time provided me with a lot of insight into the business industry that later helped me.<\/p>\n

Around that time I landed a position at Uber and that completely transformed my career<\/strong>.<\/strong> It was early 2014 when Uber had just launched in Egypt. I had used the app a few times when I was in the US but I knew that it was the most funded startup in the world, so to me it was a big break. Ironically, though, it\u2019s also the job that pushed me towards entrepreneurship. I felt like my hands were tied and that I didn\u2019t have space for experimenting, and I enjoy the idea of organizing chaos and making something out of it.<\/p>\n

The story of Partment started when I was looking at one of the up-and-coming vacation <\/strong>homes in a compound near the Red Sea.<\/strong> The first thing that came to mind was that this equally can be both an investment \u2014 because it will appreciate over time \u2014 as well as a vacation home. Still, the property was very expensive and five hours away, and when I crunched the numbers, I realized the house would be mostly vacant for 11 months unless I were to go through the hassle of renting it out.<\/p>\n

To me, it\u2019s not a balanced investment to spend so much money on a property you will <\/strong>use a few weeks a year. <\/strong>Usually, people bring someone they trust or know to share the house \u2014 and that\u2019s what I did. I started with a friend where we bought a property and split it in half including utilities, days, maintenance, etc.<\/p>\n

That\u2019s when it clicked. I took two months off from work to research the market<\/strong>, because I saw that I wasn\u2019t the only one who was interested in this type of investment. It was also at a time when hybrid work setups became more common, so people could work from home \u2014 even if it\u2019s a vacation home. <\/p>\n

We\u2019re not replacing owning or renting a vacation home \u2014 we\u2019re offering the community <\/strong>another option. <\/strong>Accessibility to a second home or a vacation home is something I strongly believe in,and this is what I\u2019m trying to solve or make more accessible in Partment.<\/p>\n

Instead of wasting your money renting every year, you can accumulate your money to <\/strong>buy a share and let it appreciate over time and sell it whenever<\/strong> \u2014 and then invest in another property without fully committing. Now you have a vacation home on the back of a real estate foundation that gives you a seamless experience. But for the co-ownership idea to succeed we had to focus on three key issues: Legality, as in who owns what; a system to govern who goes when; and the framework for property management, meaning who\u2019s responsible for design, furnishing, utilities, cleaning, maintenance, etc. <\/p>\n

The way Partment works is very seamless and eliminates the hassle of a lot of things. <\/strong>We acquire a property based on location and demand. We completely redesign the house\u2019s interior and exterior starting from the landscape, artwork, and bedding right down to the cutlery. Through fractional ownership, co-owners access a set number of nights for personal use or rentals, managed by Partment\u2019s Smart Booking System, with comprehensive property management and potential returns upon divestment. <\/p>\n

We pick our properties based on seasonal accessibility and proximity<\/strong>.<\/strong> This is why we expanded out of Egypt to Athens first due to its proximity as well as popularity with Egyptians and Egyptian investors. The real estate market there has been extremely stable and is equally rewarding for investors when they sell or rent their property in EUR. <\/p>\n

The three key performance indicators (KPIs) I consistently monitor are<\/strong>growth metrics, <\/strong>customer satisfaction, and cashflow.<\/strong> These indicators hold significant importance, especially considering our status as an early-stage startup. Tracking growth, assessing customer satisfaction through NPS<\/a>, and maintaining a close eye on our cashflow is critical for our strategic decision-making and long-term success.<\/p>\n

For our short to mid term plan, we\u2019re aiming to target expats<\/strong> who come to Cairo to visit family or are interested in Cairo to buy houses and invest in Egyptian real estate. <\/p>\n

As for expansion, Athens is the first step but not the last: <\/strong>We\u2019re aiming to expand in the MENA region as well as southern Europe. But our more immediate concept is bringing together Partment co-owners to encourage the idea of swapping properties.<\/p>\n

At present, <\/strong>Partment<\/strong> has closed at USD 1.5 <\/strong>mn<\/strong> in a pre-seed round in September 2022, led by Nclude<\/a>, Plus Venture Capital<\/a>, and a renowned list of Angel investors including Emil Michael<\/a>.<\/p>\n

When I am not working I like building my Lego collection and sports.<\/strong> I live between three homes and in each household you\u2019ll find some of my Legos there \u2014 I\u2019ve been doing it for the past 30 years. I\u2019ve even been forcing my son to love it also because it\u2019s a great toy for building. The biggest one I\u2019ve done so far is a 3k-piece model of a rocket. I\u2019ve also loved playing sports, specifically football \u2014 I\u2019ve been playing it all my life \u2014 but sadly with Partment I haven\u2019t had much time to focus on it. I also enjoy traveling, which was also part of the inspiration for starting Partment.<\/p>\n","protected":false},"excerpt":{"rendered":"

Partment new concept offers the chance to co-own second homes at a reduced cost and provide end-to-end property management services<\/p>\n","protected":false},"author":1,"featured_media":613977,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7357],"tags":[633,1530,8327,2484,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-613976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-founder-of-the-week","tag-enterprisepm","tag-founder-of-the-week","tag-nadim-nagui","tag-partment","tag-startups","wpautop","entry"],"acf":{"mongo_id":"143a2dcb-acc1-4c67-ad1d-14ef442d3317","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1847.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[613960],"teaser":"Partment new concept offers the chance to co-own second homes at a reduced cost and provide end-to-end property management services","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.208608de-38f0-42ca-8c0f-c32053ed8290.mp3"},"yoast_head":"\nMeet Nadim Nagui, founder and CEO of Partment - 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