Banque Misr has conducted Egypt’s first public digital auction to sell its real estate assets, marking a milestone in the adoption of innovative technologies in the banking sector. The auction, held in partnership with the Belmazad.com platform, represents a new era of transparent, efficient, and fair bidding, aligning with the goals of Egypt’s Vision 2030.
The Belmazad platform, developed by Tech Mazad, is the first digital platform in Egypt specializing in real estate asset sales via digital auctions. By leveraging advanced technology, the platform simplifies the auction process, enhances transparency, and delivers a seamless user experience, all while supporting Egypt’s digital transformation initiatives.
Ahmed Sobhi, Head of Financial Markets and Investment Sector at Banque Misr, highlighted the bank’s commitment to digital transformation as a cornerstone of its operations. He noted that Banque Misr’s support for the Belmazad platform aligns with the Central Bank of Egypt’s strategy to promote digital transformation and advance the shift towards a cashless society. Sobhi emphasized that Banque Misr intends to expand the volume of real estate assets offered on the platform, including assets owned by the bank and others entrusted to its management.
Hassan Samir, General Manager of the Central Administration for Investment and Real Estate Development at Banque Misr, underscored the advantages of the digital auction process. He noted that the success of the inaugural auction has encouraged the bank to list more assets on the platform, citing its cost efficiency and ability to achieve fair pricing without external influence.
The platform’s advanced system ensures complete confidentiality for bidders, fostering a competitive environment where participants’ identities remain undisclosed. This feature enhances the fairness and integrity of the auction process.
Looking ahead, Belmazad aims to expand its operations by partnering with other Egyptian banks, government entities, and private institutions, positioning itself as the primary destination for digital auctions in Egypt. The platform’s growth strategy includes introducing innovative services and attracting new participants to the real estate market, thereby enriching the digital auction landscape.
Banque Misr remains committed to enhancing its services, maintaining sustainable growth, and meeting its customers’ evolving needs. The bank’s focus on innovation and its alignment with national development strategies reflect its dedication to supporting Egypt’s long-term prosperity.
