$500 billion NEOM megacity a catalyst in driving investments in Saudi Arabia’s PropTech sector – Saudi Gazette

$500 billion NEOM megacity a catalyst in driving investments in Saudi Arabia’s PropTech sector – Saudi Gazette

While the construction industry has been traditionally slow at adopting the latest technology compared with other sectors, digital technology has ignited a change in attitude in the industry.. Buildings will become more human with IoT and other technological improvements connecting individuals to assets.“¢ How do you assess the current level of digitalization of companies in real estate investment and real estate asset management within KSA?GCC nations and Saudi Arabia are now rapidly adopting new technologies to construct and maintain real estate more effectively.. The Kingdom is building its own smart city called "NEOM" as part of the Vision 2030 program that aims to lower the country's dependence on oil, diversify its economy, and build public service sectors.. Apart from this, the PropTech industry is gaining momentum with the development and funding of several startups in the space, such as:Seed funding of $2 million in home maintenance services startup B8ak by Riyad Taqnia Fund and Darwa Emaar Development and Investment Company in 2018Ajeer, a Riyadh-based home services marketplace raising $0.5 million in seed funding from two angel investors in 2018“¢ How did proptech startups perform in KSA in 2019 and earlier years?Currently, there are very few. It is a priority for