As part of supporting entrepreneurs and startups, Al Mufaraj said that the authority will announce within hours the extension of receiving applications to join the pilot regulatory environment for an additional two months, giving companies more time to benefit from this initiative. As part of supporting entrepreneurs and startups, Al-Mufaraj explained that the authority will announce within hours that it will extend the period of receiving applications to join the pilot regulatory environment for an additional two months, giving companies more time to take advantage of this initiative.
Mufaraj explained that the decision comes after the decision to extend the period of receiving applications to join the pilot regulatory environment for an additional two months. This decision comes after the first announcement of the program during the Global Real Estate Technology Summit last October, as the Authority seeks to create a supportive environment for the development of real estate technology solutions “Proptech”, which contributes to enhancing innovation in the second largest economic sector in the Kingdom after oil.
Mufaraj explained that the Authority will announce within hours the extension of applications to join the pilot regulatory environment for an additional two months, giving companies more time to benefit from this initiative.
Programs and initiatives to support startups
At the Future of Real Estate Forum held in Riyadh, Al Mufaraj stressed that the authority is working on launching and implementing innovative programs to enable real estate technology companies, including:
Regulatory Pilot Environment: A platform to test technical projects and their compatibility with regulations.
Real Estate Tech Accelerator: Provides mentorship and support to startups.
Proptech Council: Bringing together investors and experts to foster collaboration and expansion.
Global Real Estate Technology Summit: To highlight the achievements of Saudi companies locally and internationally.
Technology at the service of real estate
Modern technologies such as artificial intelligence and data analysis play a vital role in facilitating buying and renting decisions, as well as off-plan sales applications, real estate marketing, and flexible leasing of office spaces.Mufaraj explained that modern technologies such as artificial intelligence and data analysis play a vital role in facilitating buying and renting decisions, as well as off-plan sales applications, real estate marketing, and flexible leasing of office spaces. He also pointed out that the Authority's efforts are in line with Saudi Vision 2030, by supporting innovation and providing an attractive regulatory environment, which boosts investments and makes the Kingdom a leading regional center for real estate technologies.
The Authority launched the Real Estate Accelerator. KDIPA launched the Real Estate Technology Business Accelerator in cooperation with the National Information Technology Development Program and STARTUP WISE GUYS, to accelerate the growth of startups and support their expansion.
The program includes specialized training workshops, mentoring sessions, developmental consultations, showcasing success stories, providing co-working spaces and connecting accelerator graduates with a network of potential customers, which contributes to the sustainability of their business.
Thanks to these initiatives. With these initiatives, Saudi Arabia is laying a solid foundation for the growth of the real estate technology sector, enhancing the attractiveness of the market for local and international investors, and paving the way for the Kingdom to become a regional hub for digital real estate entrepreneurship.
With these initiatives, Saudi Arabia is laying a solid foundation for the growth of the real estate technology sector.
