Eng. Khaled Abbas, Chairman and Managing Director of the Administrative Capital for Urban Development (ACUD), has unveiled the launch of a business incubator tailored for real estate startups, Invest-Gate reports.

The initiative aims to equip these startups with optimal solutions and methodologies to enhance their effectiveness and success within the realm of real estate technology. This announcement was made during his engagement in a roundtable organized by Invest-Gate titled “Proptech Innovations: Shaping the Future of Real Estate.”

In his statement, Abbas emphasized the pivotal role that proptech plays in shaping the future landscape of urban development in Egypt. He underscored ACUD’s belief in leveraging cutting-edge technologies to ensure project sustainability and deliver innovative solutions that bolster the transition towards smart cities.

Abbas underscored the significance of leveraging technology effectively to build a comprehensive real estate database that furnishes crucial information and analytics essential for understanding real estate dynamics, value determinants, and utilization factors. He highlighted how this database expedites decision-making processes for foreign investors, developers, and clients.

Moreover, Abbas mentioned that every real estate asset within the New Administrative Capital (NAC) is assigned a unique code, and ACUD is collaborating with the Ministry of Justice to launch the national real estate ID project. He pointed out that registering real estate properties within the NAC plays a fundamental role in shaping their overarching development strategy, even extending to transportation infrastructure within the NAC.

Expressing the company’s ambitious outlook, Abbas articulated their vision to deploy advanced technologies fostering the creation of smart cities that deliver an elevated standard of living through integrated technological solutions. He emphasized that proptech stands as the linchpin for achieving sustainability goals and meeting the demands of progressive societies, serving as a foundational element in the NAC’s evolution into a smart city grounded in innovation and technology.

The roundtable witnessed the participation of a cohort of experts and specialists in the real estate domain, engaging in dialogues concerning the importance of fortifying partnerships in the private sector to implement contemporary technological solutions capable of enhancing quality of life.

The discussions delved into avenues for nurturing a conducive environment for proptech startups, alongside the significance of developing a robust infrastructure to support these enterprises. Furthermore, strategies related to financing and investment were explored to propel real estate development in alignment with global trends towards smart cities.

Noteworthy challenges confronting proptech in Egypt were also brought to the forefront, including the imperative of updating laws and regulations to bolster rapid advancements in this sector. Participants emphasized the necessity of collaborative efforts among companies, investors, and governmental bodies to establish a regulatory framework conducive to driving the anticipated progress.