The Chief Executive Officer of the Real Estate General Authority (REGA), Engineer Abdullah bin Saud Al-Hammad, announced the launch of the Saudi PropTech Hub (SPH)—a dedicated center for all stakeholders interested in real estate technologies, both within and outside the Kingdom. The Hub is designed to empower players across the sector, enhance operational efficiency, and serve as the primary platform for innovation in real estate technologies in Saudi Arabia. The announcement came during the opening of the Global PropTech Summit organized by REGA in Riyadh.
Engineer Al-Hammad emphasized that digital transformation plays a pivotal role across all aspects of life, especially within the real estate sector. He noted that, thanks to the unwavering support of the Kingdom’s wise leadership—may God protect it—Saudi Arabia continues to advance in global digital transformation rankings. Within this context, the launch of the Saudi PropTech Hub (SPH) aims to create a flexible environment that fosters innovation and sustainability in the real estate industry. The Hub will also facilitate the entry of service providers into the local market, improve the quality of services and products, generate employment opportunities, enhance skillsets in the sector, and contribute to achieving the strategic objectives of Vision 2030 and the broader real estate sector strategy. SPH is expected to boost the Kingdom’s standing in global rankings related to real estate technologies, including the Digital Competitiveness Index and Talent Index, while also positioning Saudi Arabia as a global center for real estate innovation and investment. Furthermore, it will support the diversification of the national economy by increasing the real estate sector’s contribution to non-oil GDP. The Hub aligns with REGA’s broader mission to develop regulatory systems and legislation that empower innovators and startups, enabling a flexible environment for testing new business models and fostering the creation of cutting-edge real estate technology enterprises.
Al-Hammad outlined that SPH encompasses several key initiatives, starting with the Regulatory Sandbox, which has now begun accepting startup applications. This initiative offers a controlled environment where innovators can test new technologies and business models, aiming to develop adaptive regulatory frameworks that strike a balance between innovation and legal and legislative requirements in the real estate sector. Another major initiative is the Real Estate Technology Accelerator, launched in collaboration with the National Technology Development Program (NTDP) and the global partner European Business Accelerator Startup Wise Guys. This accelerator acts as an incubator, providing the necessary resources and expertise to support startup growth and expansion. The Global PropTech Summit stands out as a cornerstone of the Hub, bringing together leading global experts, major investors, venture capitalists, entrepreneurs, and technology startups under one roof. Complementing these efforts is the PropTech Council, a platform designed to host pioneers and experts in the real estate industry, enabling them to exchange ideas, explore emerging opportunities, and address future challenges, thereby propelling the sector toward broader and more innovative horizons.
It is worth noting that the Global PropTech Summit, launched in Riyadh, contributes significantly to shaping the future of the real estate sector by fostering international cooperation, promoting sustainable practices, and identifying forward-thinking solutions. The summit serves as a key platform for real estate and technology professionals seeking to stay ahead of industry trends, expand their networks, and drive progress within the sector.