The CEO announced The General Real Estate Authority Engineer Abdullah bin Saud Al-Hammad announced the launch of the Saudi PropTech Center (Sph) as a hub serving all those interested in real estate technology both within and outside the Kingdom, providing services that empower stakeholders in the sector, enhance its efficiency, and serve as the primary channel for innovation in real estate technologies in the Kingdom.
The CEO of the “Real Estate Authority” explained that this announcement came during the opening of the Global PropTech Summit organized by the Authority in the capital, Riyadh, that digital transformation plays a pivotal role in all areas of life, particularly in the real estate industry, and that the Kingdom—thanks to the unlimited support provided by the wise leadership —may God support them—is positioned to rank among the world’s leaders in digital transformation. It is in this context that the Saudi PropTech Center (Sph) is being launched with the aim of creating a flexible environment for sustainable innovation in the real estate sector, facilitate and promote service providers“ entry into the local market, improve the quality of services and products offered, create job opportunities in the sector, enhance the skills of workers, and contribute to achieving the goals of the Vision and the overall strategy for the real estate sector, which will help improve global rankings for real estate technologies—including the Digital Competitiveness Index and the Talent Index—and strengthen the Kingdom’s position as a global hub for innovation and investment in real estate, in addition to helping increase the share of non-oil revenues in GDP, as the Center will fulfill the Authority’s the Authority’s efforts to issue regulations and legislation that support innovators and startups, foster a flexible environment with partners to test innovative models, and create innovative startups in the fields of real estate technology.
Al-Hammad noted that the Saudi PropTech Center (Sph) encompasses a number of key initiatives, including: the regulatory sandbox, the real estate technology accelerator, the Global PropTech Summit, and the PropTech Council. He announced that the Authority has begun accepting applications from startups to conduct their business and streamline their procedures through the regulatory sandbox; with the aim of developing regulatory frameworks that reflect technological progress and strike a balance between innovation, regulations, and legislation in the real estate sector, and to provide real estate startups and innovators with the opportunity to test and apply new technologies in a safe, flexible, real-world environment before adopting them on a large scale. Additionally, the Authority has launched a real estate technology accelerator in collaboration with the National Information Technology Development Program (NTDP) and the global partner ”Startup Wise Guys,“ which will serve as an incubator providing the resources and expertise necessary for growth and expansion.
Al-Hammad added that the Authority seeks to enhance competitiveness in the field of proptech through collaboration with government agencies and the private sector, to ensure the Kingdom’s leadership in the digital transformation of real estate regionally and internationally.
He explained that real estate technology represents a vast field, and its growth is supported by all strategies related to scientific research and innovation, digital transformation and information technology, as well as the development of real estate legislation and regulations.
The summit, organized by the Authority under the patronage of His Excellency the Minister of Municipalities and Housing, Mr. Majid bin Abdullah Al-Hogail, and in partnership with the National Housing Company (NHC), featured more than 100 speakers from 80 countries, including a select group of global experts, investors, and startup leaders in the real estate technology sector, with the aim of exchanging experiences and knowledge.
The summit addressed important topics regarding the digital transformation journey in the real estate sector, the application of emerging technologies such as artificial intelligence and virtual reality in automating real estate processes, and the role of PropTech solutions in improving urban development and supporting sustainable investment decisions.
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