{"id":656425,"date":"2024-12-04T00:00:00","date_gmt":"2024-12-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/04\/banque-misr-concludes-egypts-first-ever-public-sector-online-real-estate-auction-with-belmazad\/"},"modified":"2024-12-04T00:00:00","modified_gmt":"2024-12-04T00:00:00","slug":"banque-misr-concludes-egypts-first-ever-public-sector-online-real-estate-auction-with-belmazad","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/04\/banque-misr-concludes-egypts-first-ever-public-sector-online-real-estate-auction-with-belmazad\/","title":{"rendered":"Banque Misr concludes Egypt\u2019s first ever public sector online real estate auction with Belmazad"},"content":{"rendered":"

Going once, going twice, sold:<\/strong> Banque Misr has concluded the country\u2019s first-ever online public sector real estate auction in collaboration with auction platform Belmazad.com<\/a>, selling off a number of the bank\u2019s real estate assets, according to a statement (pdf)<\/a> from the state-owned bank. <\/p>\n

We thought that something might be in the works:<\/strong> Banque Misr signed a strategic partnership with Belmazad.com back in May<\/a> that saw the bank make what it called a \u201csignificant\u201d investment in the company. <\/p>\n

Belmazad?<\/strong> Belmazad.com \u2014 a subsidiary of Tech Mazad \u2014 is a digital real estate auctioning platform that aims to more efficiently and transparently facilitate real estate sales, with the company having auctioned some EGP 3.5 bn worth in assets, Belmazad.com COO and co-founder Omar El Dewey told EnterpriseAM. <\/p>\n

How did the auction work?<\/strong> Through Belmazad.com\u2019s digital platform, auction participants were able to view property videos, pictures, and maps, as well as anonymously place bids, Belmazad.com said in a separate statement. The auction also leveraged Banque Misr\u2019s resources by allowing participants to block funds on their accounts rather than send deposits via check or bank transfer, ensuring streamlined refunds and payments. <\/p>\n

A fairer playing field:<\/strong> In addition to benefiting from pure anonymity, the digital event introduced safeguards to prevent sniping, with the system automatically extending the auction time if a new bid was placed in the final five minutes. The auction also saw fair prices reached without external interference, Banque Misr\u2019s real estate investments division head Hassan Samir said.<\/p>\n

The new venture is aligned with Egypt\u2019s wider goals:<\/strong> Digital real estate auctions align with the government\u2019s directive to promote digitization as part of Egypt\u2019s Vision 2030 program and is consistent with Banque Misr\u2019s commitment to building a cashless society, the bank\u2019s statement read. The bilingual auctions are also set to promote inclusivity in public auctions, allowing foreign investors to take part in the resale of local assets, El Dewey noted. <\/p>\n

These auctions could be used to sell more public sector assets: <\/strong>Banque Misr and Belmazad.com plan to jointly leverage the platform\u2019s current system and know-how to scale digital auctioning to the national level \u2014 including potentially selling public sector assets in partnership with the government, Belmazad.com co-founder and CEO Mahmoud Farahat told EnterpriseAM.<\/p>\n

More Egyptian banks want to get in on the action:<\/strong> As a primary investor in Belmazad.com, Banque Misr\u2019s collaboration offers a blueprint for further partnerships, with Farahat noting that 90% of major Egyptian banks are looking to implement the company\u2019s digital auctioning services. <\/p>\n

What\u2019s next? <\/strong>Banque Misr plans to add more of the bank\u2019s own assets and third-party assets entrusted to them on the platform in the coming period, Chief Investment Officer Ahmed Sobhy noted in Banque Misr\u2019s press release. <\/p>\n

In the long term<\/strong>, the platform aims to expand in Middle Eastern and African markets, with El Dewey noting that the platform could be used for non-real estate assets in the future.<\/p>\n","protected":false},"excerpt":{"rendered":"

The bank plans to leverage the platform\u2019s current system and know-how to scale digital auctioning to the national 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Under the agreement, both parties will work to streamline the lending\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":652967,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/23\/sodic-nearing-official-bid-on-250-feddans-in-dream-land\/","url_meta":{"origin":656425,"position":2},"title":"SODIC nearing official bid on 250 feddans in Dream Land","author":"enterpriseam admin","date":"23 January 2017","format":false,"excerpt":"SODIC is reportedly close to presenting an official bid to acquire 250 feddans in Dream Land owned by National Bank of Egypt (NBE) and Banque Misr owned Misr Real Estate Assets, sources at NBE told Al Shorouk. Negotiations between Misr Real Estate Assets and Hassan Allam have reportedly stopped due\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571460,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/mnhd-signs-egp-2-1-bn-loan-agreement-with-nbe-aaib-and-banque-misr\/","url_meta":{"origin":656425,"position":3},"title":"MNHD signs EGP 2.1 bn loan agreement with NBE, AAIB and Banque Misr","author":"enterpriseam admin","date":"12 May 2020","format":false,"excerpt":"Madinet Nasr Housing and Development has signed a EGP 2.1 bn long-term joint loan agreement with the National Bank of Egypt, the Arab African International Bank and Banque Misr, the local press reports. The loan will be used to partially finance MNHD\u2019s Saray 1 and Saray 2 real estate projects\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574188,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/01\/banque-misr-nbe-sign-egp-4-bn-agreement-with-talaat-moustafa-subsidiary-to-develop-residential-projects\/","url_meta":{"origin":656425,"position":4},"title":"Banque Misr, NBE sign EGP 4 bn agreement with Talaat Moustafa subsidiary to develop residential projects","author":"enterpriseam admin","date":"1 September 2020","format":false,"excerpt":"Banque Misr and the National Bank of Egypt (NBE) have signed a EGP 4 bn financing agreement with Talaat Moustafa Group subsidiary the Arab Company for Projects and Urban Development to construct two mixed-use projects in Madinaty and Rehab City on a combined 341k sqm of land, according to an\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559809,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/04\/misr-capital-is-setting-up-an-egp-500-mn-real-estate-investment-fund\/","url_meta":{"origin":656425,"position":5},"title":"Misr Capital is setting up an EGP 500 mn real estate investment fund","author":"enterpriseam admin","date":"4 February 2021","format":false,"excerpt":"Misr Capital plans to set up a EGP 500 mn real estate investment fund, according to Hapi Journal, citing sources familiar with the matter. The Banque Misr subsidiary has submitted to the Financial Regulatory Authority (FRA) the incorporation documents for the company, which will invest directly in real estate assets,\u2026","rel":"","context":"In "Finance"","block_context":{"text":"Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/656425","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=656425"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/656425\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/656415"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/656426"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=656425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=656425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=656425"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=656425"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=656425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}