In a significant move for the region’s property technology sector, a new platform dedicated to supporting PropTech entrepreneurship has been launched in Cairo. The initiative is a strategic partnership between Coldwell Banker Commercial Advantage, Modern Solutions Company (part of Prime Egypt Group), and Saudi Arabia’s Edafa Venture. The platform aims to empower innovators and startups developing solutions for Egypt’s real estate market, a sector that contributes approximately 20% to the country’s GDP.
Forging a Cross-Border Partnership
The collaboration brings together deep-rooted real estate expertise, investment acumen, and a forward-looking technological vision. Leaders from the partner entities emphasized their shared goal of identifying and nurturing startups with high-growth potential.
“This partnership reflects the convergence of three investment visions at a moment of real transformation in the market,” stated Mahmoud Farag, CEO of Prime Egypt Group. “We are looking for ideas capable of evolving into executive companies that can be financed and scaled regionally.”
Amjad Al-Taweel, CEO of Coldwell Banker Commercial Advantage, highlighted the strategic shift towards technology in the industry. “We believe that PropTech is not just a complementary sector; it is the future of the real estate industry,” he noted. “Our goal is to empower a new generation of entrepreneurs to develop smart solutions that enhance investment decision-making and redefine real estate asset management.”
Echoing this sentiment, Eng. Essam Ali, Chairman of Edafa Venture, underscored the cross-border ambition of the initiative. “We are launching this step with confidence that technology is the main driver for the future of the sector, and we seek to build companies capable of regional expansion from day one.”
From Local Incubation to Regional Expansion
The platform has opened a 45-day application window to attract promising concepts and early-stage startups, including those with viable ideas or existing Minimum Viable Products (MVPs). Following the submission period, a rigorous screening process and technical interviews will be conducted to select the inaugural cohort.
The selected companies will be officially announced at a formal ceremony, marking the beginning of their investment and expansion phase. The initiative has outlined a clear regional growth trajectory, with the first phase of expansion targeting key markets including the United Arab Emirates, Saudi Arabia, and Oman.
Tapping into Egypt’s Digital Real Estate Transformation
This venture arrives at a pivotal time, aligning with a growing national focus in Egypt from both public and private sectors on digitalizing the real estate industry. Recent national projects, such as the implementation of digital property identities and the adoption of technologies like Artificial Intelligence (AI), Virtual Reality (VR), and blockchain, are aimed at increasing transparency and attracting foreign investment. This new platform is poised to become a key player in accelerating this transformation by fostering homegrown innovation.
About the PropTech Initiative
The newly established platform is a Cairo-based joint venture between Coldwell Banker Commercial Advantage, Prime Egypt Group’s Modern Solutions Company, and Saudi Arabia’s Edafa Venture. Its primary mission is to identify, fund, and support early-stage PropTech startups in Egypt. The initiative provides a structured pathway for these startups to scale their operations, with a strategic focus on expanding into key markets across the MENA region.
Source: Iskan Misr
