The General Real Estate Authority, launched the Saudi Proptech Center Sph, within the first activities of the World Proptech Summit, to be a center that serves all those interested in real estate technology from inside and outside the Kingdom, and provides services that contribute to empowering stakeholders in the sector, raising its efficiency, and being the main channel for innovation in real estate technologies in the Kingdom.
The Saudi Proptech Center Sph is a center that serves all those interested in real estate technology from inside and outside the Kingdom.
Believing in the role of technology in the real estate sector and its future prospects that contribute to achieving the objectives of Saudi Vision 2030, which called for the necessity of digital transformation and continuing to expand the scope of digital services, and because real estate technologies “Proptech” are an integral part of the technical movement and digital transformation witnessed by various vital and economic sectors in Saudi Arabia, the Authority sought to create an incubator environment for real estate technology and a community that includes real estate technicians by establishing an integrated center to serve those interested and specialized in the field, which contributes to building opportunities to communicate with the community.
The Proptech Saudi Arabia Sph Center includes a number of key initiatives: The Pilot Regulatory Environment, Real Estate Technology Accelerator, Global Proptech Summit, and Proptech Council, where it announced the start of receiving applications for startups to conduct their business and facilitate their procedures through the Pilot Regulatory Environment Sandbox; with the aim of developing regulatory frameworks that reflect technical progress and achieve a balance between innovation, regulations and legislation in the real estate sector and allow startups and innovators in the field of real estate to test and apply new technologies in a safe and flexible realistic environment before adopting them on a large scale, in addition to launching the Real Estate Technology Accelerator in cooperation with the National Program for the Development of Information Technology.
Proptech Council
According to the Real Estate Authority, the Proptech Council includes dialogue sessions that bring together experts working in the real estate technology sector to exchange knowledge and experiences and highlight the latest developments in real estate technologies, which contributes to raising awareness of the importance of technologies in enhancing the efficiency of the real estate market.
- Promote knowledge of real estate technologies and highlight the latest developments in them.
- Encourage business-to-business collaboration by building collaborations and partnerships between different real estate technology stakeholders.
- Spread awareness and education about the importance of modern real estate technologies and how to benefit from them to improve performance and increase efficiency in the real estate market.
- Exchange experiences and ideas by providing a platform where specialists share their experiences, ideas and innovative solutions to meet the challenges of the real estate sector.
Tech Accelerators
According to the Real Estate Authority, the accelerator initiative is an intensive program to promote the growth and expansion of entrepreneurial and startup companies within a specified period of time by providing a comprehensive set of services, including co-working spaces, specialized business development services, consulting, mentoring and training, as well as facilitating access to investors in order to accelerate the development, growth and expansion of emerging and entrepreneurial companies, and to establish them properly to support the real estate sector and increase its contribution to Saudi Arabia's GDP.
According to the Real Estate Authority, the accelerator initiative is an intensive program to promote the growth and expansion of entrepreneurial and startup companies within a specified period of time.
Objectives of the Business Accelerators Initiative:
- Create well-founded startups that support the real estate sector.
- Raising the contribution of startups in the real estate sector to the national economy.
- Expansion of companies in real estate technology locally and internationally.
The first edition of the Real Estate Technology Accelerator program
The Real Estate Technology Accelerator comes in its first edition in cooperation with the National Program for Information Technology Development and we are pleased to announce the opening of registration for the accelerator program through the global business accelerator startup wise guys.
Pilot Regulatory Environment Initiative
According to the Authority, this initiative gives companies and innovators in the real estate industry the opportunity to test their technologies and products and develop their ideas.
Objectives of the initiative
- Promote interaction and collaboration between the public and private sectors.
- Enable companies to practically test their services and innovations.
- Develop regulatory frameworks that reflect technological advances and strike a balance between innovation and regulation in the real estate sector.
- Achieve an effective balance between innovation and regulatory compliance in the real estate sector.
Categories allowed to apply
Technology startups:
Companies that develop new technology solutions or services for use in the real estate sector, whether local or international, and whether or not legislation has been issued to regulate their work.
Business models:
Business models that include innovative solutions or new technologies related to real estate activities for which regulations have been issued or require the issuance of new regulations adapted to the nature of their work.
World Proptech Summit Initiative
A summit that hosts leading international experts and companies in the field of real estate technology, to promote Saudi Arabia's leadership in this field, and review the most prominent opportunities for companies to invest in this field, in line with the Kingdom's Vision 2030 in localizing the latest technologies, supporting entrepreneurs and promoting the sustainable growth of local companies and economic development.
Global Proptech Summit.
Objectives of the initiative
- Strengthen Saudi Arabia's position as a leading center for real estate technology.
- Opening opportunities for international companies to invest locally in real estate technology.
- Exchanging technical expertise by attracting international expertise.
- Promote local entrepreneurship.
