The panel discussion titled “Innovation as a Catalyst for Egypt’s Real Estate Transformation” explored how the use of technology in residential communities not only improves individuals’ well-being but also drives the creation of a more sustainable environment by reducing resource consumption and increasing the efficiency of daily operations.
A model for smart cities
These innovations are expected to contribute to transforming Egypt’s real estate sector into a model for smart cities that offer a better and more advanced quality of life for their residents.
The session was moderated by Hassan Fekry, Founder and MD of Dabs, and included participants such as Amr El-Kady, Founder and MD of ADK; Bedier Rizk, CEO of Paragon Developments; Aya Ashraf, CEO of Aqarmap, and Mohamed Suleiman, Co-Founder of Rawmart.
Consuming resources and increasing operational efficiency
The participants emphasized that the use of technology in residential communities not only enhances the well-being of individuals but also creates a more sustainable environment by reducing resource consumption and increasing operational efficiency.
These innovations are expected to transform Egypt into a model of smart cities that provide a better and more advanced quality of life for their residents.
High initial costs of innovation
Amr El-Kady, Founder and MD of ADK, stated, “Innovation comes with high initial costs, but it is essential for progress.
All parties in the sector must focus on research and development to adopt and continuously update new technologies. Investing in human capital is crucial, as they are the key element in driving innovation in this industry.”
Bedier Rizk, CEO of Paragon Developments, pointed out that artificial intelligence and data analysis have a significant impact on the market.
artificial intelligence
AI relies on learning from available data, similar to how a person learns through practice. It is one form of artificial intelligence.
There is also guided learning, where inputs are directed to obtain specific outputs and train the client on required conclusions. Another type relies solely on inputs and, through experience, can reach conclusions. AI helps extract the best results that serve the product.
Rely on manual searches or newspaper ads when purchasing real estate
Aya Ashraf, CEO of Aqarmap, remarked, “Fifteen years ago, consumers relied on manual searches or newspaper ads when buying a property.
Today, the situation is entirely different; real estate units can be easily accessed online, highlighting the role of technology in simplifying the process of obtaining all specifications electronically.”
Mohamed Suleiman, Co-Founder of Rawmart, explained that innovation helps reduce construction costs while improving efficiency at the same time.
Opportunities for startups to harness artificial intelligence
A challenge exists as around 98% of companies do not rely on innovation in the construction industry. However, there are opportunities for startups to harness artificial intelligence and adopt it to improve their processes and increase efficiency.
It is worth noting that Cityscape was established in 2012 and is one of the most important regional exhibitions, held in Egypt, Saudi Arabia, Bahrain, and Qatar.
Cityscape Egypt attracts more than 80 real estate developers and over 40,000 visitors, showcasing hundreds of different projects, with strong participation from all entities and institutions under the sponsorship of the Ministry of Housing, Utilities, and Urban Communities.
The 13th edition is the largest in Cityscape’s history, featuring the continuation of the “Cityscape Talks” platform for the second consecutive year to discuss real estate developments, along with the organization of the “Egypt Proptech Challenge” for the first time to support startups in digital transformation.
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