Keynote at Real Estate Future Forum

Published on
June 3, 2024
RFF in Jan 2024

Our management team, will be traveling again to Riyadh, Saudi Arabia, later this week for keynotes and panel discussions with our strategic partner, the "Real Estate Future Forum".

In our recent visit to Saudi Arabia in December 2023, our team had very fruitful meetings with senior public officials, c-suite of large giga-projects and other players in this rapidly growing market with more than 1 trillion USD in the pipeline. There is a significant gap between demand and supply, and we are supporting the KSA ecosystem to bridge these two worlds as we open up foreign businesses into Saudi real estate and construction companies.

Saudi Arabia: A Burgeoning Economy

The Kingdom of Saudi Arabia (KSA) has seen huge transformation in the last 20–30 years and continues to evolve and develop materially across most indicators. It has a youthful population and its use of technology is already part of day-to-day life. Technology will play a pivotal role in the next phase of Saudi Arabia's growth.

Saudi Arabia: A Burgeoning Economy

The Vision: Impact of Vision 2030 on Real Estate

The three pillars are the bedrock of Vision 2030 (V2030), the growth roadmap for how Saudi Arabia will deliver economic, cultural and social prosperity.

Delivery of Vision 2030, will be in part attained via the completion of the 13 “giga-projects” – a series of real estate centric projects with an estimated value of at least US$900 billion. This is under the leadership of HE Mr. Majed Al Hogail, Minister of Municipal Rural Affairs and Housing.

The Rise of Saudi Proptech: Specialism in Transaction Facilitation

Digitizing transactions, principally through marketplaces and portals, is where the majority of Proptech offerings in Saudi Arabia operate. Although, the recent rise in investments has seen a greater breadth and depth of offerings across multiple sectors. Proptech is key to Vision 2030

KSA Proptech Trends - Regulatory Driven
KSA Proptech Trends - Regulatory Driven

Hybrid Domestic + Global Model

While much of the global real estate industry is having to convert suboptimal spaces and older stock, the Kingdom has the in-built advantage of factoring this into current construction and design in the ambitious projects in train.

Whilst currently a net importer of the world’s leading technologies, local Proptechs have an unparalleled opportunity to grow in tandem with the KSA’s transformation of real estate. With opportunity across every sector, lifecycle and use case – the incentive for local entrepreneurs is clear.

Yet given the journey to develop such advanced technologies, not all Proptech will be locally sourced. We, at The PTC, see a hybrid of the leading domestic and global Proptechs being the optimal model – with Proptech partnerships being a key stepping stone towards this steady state.

These factors and the significant investment available, makes the future of Saudi Arabian Proptech look very bright.

Keynote at Real Estate Future Forum

Interested in a full market research report on the state of the KSA real estate and technology market?

Get free access here.

Are you interested in entering the Saudi market and looking for a "soft landing" or new clients?

Are you looking for strategic Saudi investors to propel your business growth to the next level?

Want to understand how to start your business, get licensing, and find your first POC projects?

Please do get in touch with our team, and we are happy to explore how we can support you in this exciting journey!

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