As part of the Real Estate General Authority’s commitment to advancing technology in the real estate sector and its alignment with Saudi Vision 2030—which emphasizes digital transformation and the continuous expansion of digital services — PropTech has become a fundamental component of the broader technological movement and digital transformation across key economic sectors in Saudi Arabia. Recognizing this, the Authority has established an integrated center dedicated to fostering an incubating environment for real estate technology and creating a specialized community for real estate technologists. This initiative facilitates engagement with local and international entities, connects technology companies and entrepreneurs with investors and capital owners, and promotes knowledge exchange, innovation, and the development of real estate technologies, all in pursuit of comprehensive strategic objectives for the sector.
Saudi PropTech Center is an integrated community serving those interested and specialized in real estate technology locally and globally. It provides various services enabling stakeholders to contribute to sector development, growth enhancement, and efficiency improvement.
This initiative provides companies and innovators in real estate an opportunity to test their technologies, products, and develop their ideas, while enhancing public-private sector interaction to promote innovation and growth in the real estate sector.
Initiative Objectives
Enhance public-private sector interaction and cooperation
Enable companies to practically test their services and innovations
Develop regulatory frameworks reflecting technological advancement and balancing innovation with regulation in real estate
Achieve effective balance between innovation and regulatory compliance in real estate
Eligible Categories
Technology Startups
Companies developing new technical solutions or services for use in the real estate sector, whether local or international companies, with or without existing regulatory legislation.
Business Models
Business models incorporating innovative solutions or new technologies related to real estate activities, either with existing regulatory frameworks or requiring new regulatory frameworks aligned with their operational nature.
Application Deadline 31/03/2025
FAQs:
What is the Regulatory Sandbox and its purpose?
The Regulatory Sandbox is a controlled environment that enables real estate companies and innovators to test their technologies and products under a flexible regulatory framework, supervised by the Real Estate General Authority. Its purpose is to enhance collaboration between the public and private sectors, allowing companies to pilot new services and innovations within the existing legal framework. Simultaneously, it provides the Authority with an opportunity to assess these innovations and develop regulatory frameworks that accommodate technological advancements while maintaining a balanced approach between innovation and regulation in the real estate sector.
Why does the Real Estate General Authority offer the Regulatory Sandbox?
The Real Estate General Authority offers the Regulatory Sandbox to provide companies with an opportunity to collaborate with government entities in shaping regulatory frameworks that support their business operations.
What is the target audience?
Entrepreneurs and local/international small and medium-sized startups
Are there acceptance criteria?
Yes, applicants must submit a detailed proposal and business plan model for evaluation.
How will acceptance to the regulatory environment be notified?
Via email.
Do regulatory sandboxes lead to streamlined regulations and contribute to creating supportive systems?
Yes.
What should innovation-based companies do to join the regulatory sandbox?
Test their innovative model and verify if systems support completing legal and legislative procedures regarding licensing.
What is the duration for model testing?
12 months.
What constitutes a successful test for innovative services and products?
Applicants define criteria for their innovative services and products, while the working team will also establish specific acceptance criteria.
If trials succeed, will licensing be granted directly?
The process involves several stages, and qualified candidates will be notified accordingly.
The initiative also includes dialogue sessions that bring together real estate technology experts to exchange insights and experiences, showcase the latest advancements in PropTech, and enhance awareness of the critical role of technology in improving real estate market efficiency.
Initiative Objectives:
Enhance knowledge of real estate technologies and highlight latest developments
Encourage cooperation between companies by building collaborative relationships and partnerships among various entities involved in real estate technologies
Spread awareness and education about modern real estate technologies and their utilization to improve performance and increase market efficiency
Exchange expertise and ideas through a platform where specialists share experiences, ideas, and innovative solutions to address real estate sector challenges
Frequently Asked Questions:
What is the PropTech Council?
Dialogue sessions bringing together experts and professionals from real estate and technology sectors
What is the Council's purpose?
Enhance knowledge of real estate technologies
Exchange expertise and ideas
Raise awareness about modern real estate technologies
Improve performance and increase real estate market efficiency
Build cooperation and partnerships between various entities involved in real estate technologies
Enhance integration and achieve mutual benefits
Is there a certificate of attendance?
No.
What is the target audience?
Entrepreneurs and small and medium-sized startup owners
An intensive program designed to accelerate the growth and expansion of pioneering and startup companies within a defined timeframe. It offers a comprehensive suite of services, including shared workspaces, specialized business development support, consulting, mentoring, and training, while also facilitating access to investors. The program aims to strengthen the foundation of startups, ensuring their sustainable development and expansion, thereby enhancing the real estate sector and increasing its contribution to Saudi Arabia’s GDP.
Initiative Objectives:
Create properly established startups supporting the real estate sector
Increase startup companies' contribution to the national economy
Expand real estate technology companies locally and internationally
First Edition of Real Estate Technology Accelerator:
Launched in collaboration with the National Information Technology Development Program, with registration open
through the global accelerator "Startup Wise Guys"
Application Deadline: 15/12/2024
Frequently Asked Questions:
What is the Real Estate Technology Accelerator?
The Real Estate Technology Accelerator is an intensive program designed to drive the growth and expansion of pioneering and startup companies within a set timeframe. It offers a comprehensive range of services, including shared workspaces and offices, while also facilitating access to investors. The program is conducted in collaboration with the IT Development Program and STARTUP WISE GUYS to support innovation and business development in the real estate sector.
What does the accelerator offer?
The accelerator provides knowledge support for startups through a range of programs, including training, guidance, and mentoring, ensuring that companies are built on a solid foundation for sustainable growth and success.
What does the accelerator program consist of?
Specialized real estate technology workshops
Success stories from prominent entrepreneurs and influencers
Consulting and guidance sessions
Connection with funding entities
How long is the program?
6 months
Is there a fee to participate in the accelerator?
No, it is free.
The Summit hosts prominent experts and leading global companies in real estate technology to enhance Saudi Arabia's leadership in this field. It showcases key investment opportunities for companies, aligning with Vision 2030's goals of localizing cutting-edge technologies, supporting entrepreneurs, and promoting sustainable growth for local companies and economic development.
Initiative Objectives
Enhance Saudi Arabia's position as a leading real estate technology center
Create opportunities for global companies to invest locally in real estate technology
Exchange technical expertise through attracting global experience
Advance local entrepreneurship
Evant Date & Location
Location: (Movenpick Hotel Riyadh)
Date: October 27-28, 2024
FAQs
Where is the Global PropTech Summit held?
in Riyadh on October 27-28 at Movenpick Hotel
What is the PropTech Summit?
A summit attracting prominent experts and leading global companies in real estate technology to enhance Saudi Arabia's position in this field. It showcases key investment opportunities aligned with Vision 2030's goals of localizing cutting-edge technologies, supporting entrepreneurs, and promoting sustainable growth for local companies and economic development.
Who is the target audience?
Entrepreneurs, local and international startup and medium-sized company owners, and those interested in real estate technology.
Is registration required for summit attendance?
Yes.
Are there participation fees?
No fees for visitors; fees apply only to exhibitors and sponsors.
