SoumTech, the Saudi online auction platform licensed by the Entrustment and Liquidation Center “Infath,” closed earlier this week the largest online real estate auction in Saudi Arabia, with sales exceeding SR600 million ($160 million).
The number of registered users in the auction exceeded 2,300, while the number of bidders surpassed 600, and the auction witnessed over 18,000 bids placed on 381 land plots.
SoumTech CEO Khalid Al-Dossary acknowledged the hard work and dedication of the platform team. “Today we’ve not just marked a milestone, but we’ve transformed the way real estate is bought and sold in the Kingdom,” said Al-Dossary. “Nearly 1 million square meters of land were transacted on our platform, demonstrating the power and potential of digitizing real estate auctions.”
Further emphasizing the disruptive nature of SoumTech’s platform, Al-Dossary pointed out the simplicity and transparency of the auction process. “We’ve democratized access to real estate transactions. A buyer can now participate in an auction with just a few clicks — it’s a revolution in convenience and efficiency. At the same time, our robust security measures ensure that every transaction and participant’s data is secure and safe.”
SoumTech specializes in offering real estate for sale via online auctions with 100 percent digital experience, and it is one of the first online auction platforms licensed by Infath in the Kingdom. The startup was built by the Saudi Venture Studio BIM Ventures that focuses on building and investing in tech startups.
Mohamed Amine Merah, managing partner and CEO of BIM Ventures, said: “I am proud of the journey of this pioneering platform, which was launched in late 2022 and made impressive achievements in a record time.” He pointed to the significant ambitions of SoumTech team and its high aspirations and eagerness to make a difference in the proptech field.
