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Egypt Launches First Proptech Startup Incubator to Innovate Real Estate

Proptech

Business Honor
15 September, 2024

Egypt launches its first real estate startup incubator to drive innovation and proptech adoption.

At the Invest-Gate's roundtable on Proptech Innovations, Khaled Abbas-the Chairperson and Managing Director of Administrative Capital for Urban Development (ACUD)-announced launching of Egypt's first real estate startup incubator. According to Abbas, technology is no more a luxury but a necessity in the real estate sector. He underscored the importance of creating a massive real estate database that could give valuable insights that help clients, developers, and investors make quicker decisions. Abbas also focused on the New Administrative Capital (NAC) as a model for smart technology infrastructure, using advanced technologies to develop smart cities and improve quality of life.

Bedeir Rizk, Paragon Developments CEO, stated how proptech cuts down material costs and maximizes sustainability but enhances sales operations and property management. He insisted that the growth of proptech in Egypt relies on improvement of user experience. Abdallah Sallam, President of Madinet Masr, mentioned how proptech is an integral part of simplifying real estate operations-from initiation of sales to post-sales services.

The head of Cred, Ahmed Mansour, explains how technology has driven up the region's building material production and mitigated the wrong data problem of Egypt's real estate market. He further notes that the company is working to develop an augmented reality app that would enhance better communication and transaction.

Ahmed Abdallah, Vice Chairman of REDCON Properties, stressed that technology, including virtual reality (VR), is vital for the real estate sector, offering remote property exploration to help clients make decisions. Abdallah also emphasized the importance of an integrated marketing plan to attract proptech investments.

Karim Shaalan, CEO of Royal Developments, elaborated that Egypt is not a newcomer in real estate technology but is constantly moving toward progress at a rapid pace. He urged real estate companies to adopt proptech and create awareness of its benefits. On the other hand, Ahmed Kadri, CEO of SAK Developments, raised the necessity to ramp up the adoption of blockchain technology within real estate to simplify property sales and registration.