Banque Misr has successfully conducted Egypt’s first public digital auction for the sale of real estate assets, marking a significant step towards embracing innovative technologies in the banking sector. The auction, in partnership with the Belmazad.com platform, introduces a new era of transparency, efficiency, and fairness in bidding, aligning with Egypt’s Vision 2030.
Belmazad, developed by Tech Mazad, is Egypt’s first digital platform dedicated to real estate asset sales via digital auctions. The platform leverages advanced technology to streamline the auction process, improve transparency, and provide a seamless user experience, further supporting the country’s ongoing digital transformation efforts.
Ahmed Sobhi, Head of the Financial Markets and Investment Sector at Banque Misr, emphasized the bank’s commitment to digital transformation. He noted that Banque Misr’s partnership with Belmazad aligns with the Central Bank of Egypt’s strategy to promote digitalization and drive the shift toward a cashless society. Sobhi also mentioned the bank’s intention to expand the number of real estate assets offered through the platform, including properties owned by the bank as well as those entrusted to its management.
Hassan Samir, General Manager of the Central Administration for Investment and Real Estate Development at Banque Misr, praised the success of the inaugural auction and highlighted the cost efficiency and fairness of the digital process. He pointed out that the auction’s success had inspired the bank to list more assets on the platform, which ensures fair pricing without external influence.
The platform’s advanced system maintains complete confidentiality for bidders, ensuring a competitive and impartial environment where participants’ identities are protected. This feature enhances the auction process’s fairness and integrity.
Looking to the future, Belmazad plans to expand its operations by partnering with other Egyptian banks, government entities, and private organizations, positioning itself as the leading platform for digital auctions in Egypt. The platform’s growth strategy includes introducing innovative services and attracting new participants to the real estate market, further enriching Egypt’s digital auction landscape.
Banque Misr remains dedicated to enhancing its services, fostering sustainable growth, and meeting the evolving needs of its customers. The bank’s focus on innovation and its alignment with national development strategies underline its commitment to supporting Egypt’s long-term prosperity.
