Safari Holding signs exclusive PropTech deal with UAE-based HITEK

Safari Holding signs exclusive PropTech deal with UAE-based HITEK

Leading UAE-based smart property management solutions company HITEK Services, which is part of the Farnek group of companies, has signed an exclusive five-year partnership agreement with Riyadh-based Safari Holding.

The contract which was signed at the Safari Group’s head office in Riyadh, allows the Saudi company to offer a suite of smart technology solutions including CAFM, IoT, BMS, energy and carbon management solutions, all developed by HITEK’s in-house technology team, exclusively to building owners and property managers, as well as other FM service providers and consultants, throughout the Kingdom.

In May 2021, the Middle East FM Association (MEFMA) estimated that the Saudi FM market was worth approximately $20 billion, roughly 55% of the total GCC FM spend. However according to a recent report by Fortune Business Insights, the value of the Saudi FM market will grow to $34.86 billion by 2028 and Safari executives reckon that PropTech’s market share will be worth over $1.7 billion.

Commenting at the signing ceremony, Eng. Salim Al-Aydh, Group CEO at Safari Group said. “Residential, commercial and industrial real estate development in the Kingdom is expanding at a phenomenal rate and we have identified three specific issues, which need to be addressed when delivering optimal IFM solutions.

“Firstly, the