RIYADH: Saudi Arabia is looking at opening new markets that diversify national income through real estate technologies, said a top government official.
Speaking at the Saudi Proptech Summit that concluded on Tuesday, Real Estate General Authority CEO Saud Al-Hammad said integrating technology with real estate is a global trend expected to help create an investment-friendly environment.
Moreover, it also has the potential to serve the Kingdom, which is diversifying its economy away from oil, he added.
The authority is also working toward creating legislation to attract more investors into Saudi Arabia and further contribute to the Kingdom’s economic diversification journey.
According to a US-based research firm Tracxn, the Kingdom has about 38 real estate tech startups, including Wasalt, Vibes, Aqaraz and Nuzul.
While Wasalt is an online platform for buying, selling and renting properties, Vibes offers a virtual reality experience for property viewing.
Nuzul, on the other hand, provides property management solutions for residential and commercial assets.
The summit aimed at encouraging the real estate technology sector in the Kingdom. Majid bin Abdullah Al-Hogail, the minister of municipal and rural affairs and housing, who is also chairman of the Saudi Real Estate Authority, inaugurated the event.
During the event, Al-Hogail launched the Real Estate Registry Platform, which combines digital services such as registering mortgages and adding real estate rights and obligations, among other services, under one platform.
The two-day event featured dialogue sessions and interactive workshops with the participation of over 25 speakers from 20 different countries.
The primary goal of the summit was to advance knowledge in the domain of real estate technology within the Saudi market and bolster investments in this sector.
A real estate tech exhibition featuring local and international real estate and technology companies was also organized as a part of the summit.