The event also saw the announcement of several partnerships National Housing Co. and AlRajhi Takaful\ inked a pact to provide digital insurance products for residential units that are rented RIYADH: Saudi Arabia’s global property technology summit commenced with the launch of a new center to boost the sector’s performance. Held in Riyadh from Oct. 27-28, the event’s opening featured several announcements, including the inauguration of the Saudi Proptech Center Sph, an initiative set to bolster innovation in the industry. During his opening speech, Abdullah Al-Hammad, CEO of Real Estate General Authority, announced the launch of the initiative, emphasizing its importance. “Today, we launch the Saudi Proptech Center Sph, to be an essential channel for innovation in real estate technologies and a major engine that drives all technical innovations, strategies, and development in the real estate sector,” Al-Hammad said. “This global proptech summit comes as one of the most important initiatives of the Saudi Proptech Center Sph to bring together the most prominent experiences, major investors, venture capitalists that embrace inspiring ideas, entrepreneurs, and emerging companies in the field of real estate technologies,” he added. Saudi Arabia’s Minister of Municipal, Rural Affairs and Housing Majid Al-Hogail also highlighted the Kingdom’s goal to establish Riyadh as a global center for property technology at the summit’s opening. Al-Hogail pointed to the nation’s commitment to advancing the real estate sector by leveraging digital solutions to enhance regulatory frameworks, expand investment opportunities, and drive economic growth through technology. He said that digital transformation is a core component of Saudi Arabia’s Vision 2030, aimed at improving the quality of life for citizens, residents, and visitors while also enhancing service efficiency. Al-Hogail outlined how the integration of advanced technologies, such as artificial intelligence, the Internet of Things, and big data, is projected to create smarter and more sustainable urban environments. This technological push, he explained, is expected to attract investment, particularly in real estate platforms, brokerage services, and financing, which could facilitate transactions and promote market transparency. Al-Hammad also emphasized the role of investment in boosting the overall sector. “Investing and using technologies and real estate technology is an imperative necessity to keep pace with global developments and ensure the provision of the best services. The future belongs to those who invest in technology and harness it in the service of humanity,” he said. “We believe that technology is one of the most important tools that will lead the real estate sector to growth and sustainability, raise its efficiency and effectiveness, and enhance its role in diversifying non-oil sources of income,” he added. Al-Hammad said that real estate technology has a broad horizon, and its growth supports all strategies of scientific research, innovation, digital transformation strategies, and information technology as well as developing real estate legislation and systems. The event also saw the announcement of several partnerships. A cooperation agreement was signed between the Real Estate General Authority and the National Program for the Development of Information Technology. The deal aims to adopt international best practices in the sector. National Housing Co. and AlRajhi Takaful also inked a pact to provide digital insurance products for residential units that are rented. A cooperation agreement between the NHC and Malath Insurance, which aims to provide digital insurance services for rental housing units, was also announced during the event.