Abdallah Salam, CEO of Madinet Masr, has stated that his company has launched a new innovative platform entitled “Madinet Masr Innovation”, adding that it will launch several new products during the coming period.
On the sidelines of the company’s press conference on Monday, Salam said that the first product was its new mobile app “Touba” which provides a new mechanism for real estate acquisition in Egypt, and serves the company’s goal of creating sustainable communities.
The application took about six months of development.
The “Madinet Masr Innovation” platform adopts a development and innovation plan for the real estate market, not just the company.
The platform will be available to all real estate companies in Egypt. It will also be involved in the field of research and development of building materials to change the way real estate development looks in Egypt.
The platform is expected to innovate many products after launching Touba application, in addition to revamping the identity of the savings application that the company launched at the end of last year.
Touba is 100% owned by the company’s innovation platform. It is open for more projects other than “Elan Sarai” to be added to it. The start will be with one project as a preliminary test for the results, provided that other projects will be added in the coming period.
What the application does is it uses bricks as a measuring unit. It provides the unit with a certain number of bricks over payment periods of up to 10 years, provided that the delivery takes place after four years, without any checks – a problem that was solved through this application. Moreover, the application provides exit mechanisms through a resale process.
Madinet Masr will be providing a mechanism for acquiring real estate through its new application for residential customers, according to Salam.
Regarding financing, he pointed out that there are a large number of major financial institutions and banks flocking to finance the ideas presented by Madinet Masr.
