An alliance of major real estate and technology firms has announced the launch of PropteX, a new accelerator program and an initial $5 million fund dedicated to supporting property technology (PropTech) startups across the MENA region. The coalition includes Egypt’s Paragon for Real Estate Development, Saudi’s Adeer International, and Egypt’s B-maistro, along with German co-founding partner QNTF.
The program, managed by B-maistro’s startup support arm Startup Factory, is designed to empower emerging PropTech companies by providing essential resources, mentorship, and guidance to achieve investment readiness and scale their operations.
A Strategic Push Into PropTech
PropteX aims to fuel economic growth by nurturing innovation within the regional real estate technology sector. The $5 million fund, backed by Paragon, Adeer, and B-maistro, will be deployed to accelerate the growth of startups specializing in digital transformation and real estate technology in Egypt, Saudi Arabia, the GCC, and the broader MENA region.
Beyond funding, the accelerator will offer business development services and strategic consulting to its portfolio companies, helping them navigate the competitive market landscape.
Fostering Smart And Sustainable Communities
The initiative aligns with Paragon’s strategy of developing smart and innovative cities. The company is known for constructing intelligent buildings that leverage Internet of Things (IoT) technology to manage lighting, air conditioning, and other systems, reportedly achieving up to 60% in energy savings and promoting sustainable, eco-friendly environments.
Paragon also focuses on building vibrant communities around its commercial spaces by integrating services that cater to the needs of employees and clients, aiming to create a comfortable and stress-free work environment.
Executive Vision For Regional Growth
Leaders from the partner companies have expressed strong confidence in the program’s potential to transform the regional PropTech landscape.
Basil Al-Serafi, CEO of Adeer International, described the initiative as a pivotal first step for the company into technology solutions. “The establishment of the PropteX accelerator fund is a foundational move for Adeer International in the tech space. This partnership is an opportunity to exchange ideas about the future of real estate technology, especially with the trend towards smart and sustainable communities.”
Bedier Rizk, CEO of Paragon for Real Estate Development, highlighted the program’s role in driving innovation. “We are proud to support PropteX, which strengthens innovation in the region’s PropTech industry,” he stated. “We believe in the importance of building smart, sustainable communities and are eager to see the program’s positive impact on startups, accelerating PropTech adoption across the Middle East and North Africa, starting from Egypt.”
Mohamed Mounir El-Ahwal, CEO of B-maistro, emphasized the urgent need for such platforms. “The world is moving towards digital fields at an unprecedented speed, especially in real estate, creating numerous opportunities in Egypt for PropTech companies to grow. PropteX is part of B-maistro’s broader vision to support corporate growth through digital transformation across various sectors in Egypt and the Arab world.”
About PropteX
PropteX is a MENA-focused PropTech accelerator program and fund launched by a coalition of Paragon for Real Estate Development, Adeer International, and B-maistro. With an initial fund of $5 million, its mission is to identify, fund, and mentor early-stage startups that are developing innovative technological solutions for the real estate industry, with a focus on smart cities, digital transformation, and sustainability.
Source: Al Mal News
