The market is expected to witness a compound annual growth rate of nearly 12% during the period from 2024 to 2032.
● Rizk: At Paragon, we believe that startups in the proptech sector are the main drivers of developing smart and sustainable cities.
By : Bakinam Khaled
Paragon, a leading Egyptian real estate development company, announced its participation in a roundtable organized by Invest-Gate on "Proptech Innovations: Shaping the Real Estate Market." This participation is part of Paragon's support for the "PropteX" comprehensive accelerator, which focuses on supporting proptech startups working in smart and sustainable cities. The event takes place on September 9th at the Nile Ritz-Carlton in Cairo.
The roundtable, officially sponsored by Paragon, featured a select group of experts and speakers who discussed the latest developments in the proptech sector and their impact on the Egyptian real estate market. Eng. Bedeir Rizk, CEO of Paragon Real Estate Development, Managing Partner at ABEC (Al-Bedeir Engineering and Construction), and Initiator of PropteX, highlighted the pioneering experience of both companies in creating an incubating environment for startups in this field.
Rizk stated, "At Paragon, we believe that startups in the proptech sector are the main drivers of developing the cities of the future. Therefore, we are committed to supporting and accelerating the growth of proptech companies in the Middle East through our comprehensive accelerator program 'PropteX,' which offers business development services, consulting, and investment guidance to startups, empowering them upon graduation. This contributes to building smart and sustainable cities and enhancing Egypt’s position as a regional hub for innovation in the proptech sector.
These facts align with the increasing global expectations for the proptech market, as a study by Fortune Business Insights indicates that the Middle East and Africa are anticipated to showcase adequate progress during the forecast period, with this market expected to witness a compound annual growth rate of nearly 12% from 2024 to 2032, reaching $89.93 billion by 2032. These projections provide tremendous opportunities for proptech companies and other businesses operating in this sector."
The roundtable, featuring 15 prominent speakers, highlighted the role of various sectors in supporting innovation and developing the real estate field in Egypt. In terms of the private sector, The PropteX comprehensive acceleration program, supported by Paragon and other prominent companies, contributes to supporting startups through investment provision and encourages private sector companies to form alliances to support them. Meanwhile, the government sector's role is to issue regulations governing the real estate sector as a whole, enhancing Egypt's position as an attractive investment destination.
