Riyadh - Sharikat Mubasher: Saudi Arabia’s Real Estate General Authority (REGA) launched the Saudi Proptech Hub (SPH), a new initiative to bolster innovation in the property technology (proptech) industry.

The initiative was launched during the Global Proptech Summit that convened on 27 and 28 October in Riyadh to showcase modern innovations and enhance the capital’s position as a hub for advancements in the proptech field.

The new SPH will play an essential role in fostering innovations and driving technical strategies and development in the proptech sector. It will provide a full suite of services to support stakeholders in the sector and enhance its efficiency.

REGA’s CEO Abdullah Alhammad stated that the SPH will include several key initiatives such as the regulatory sandbox, the proptech accelerator, the Global Proptech Summit itself, and the Proptech Council.

He noted that the regulatory sandbox aims to develop regulatory frameworks that keep pace with technological advancements while balancing innovation with regulatory requirements in the real estate sector.

It will enable startups and innovators to test and implement new technologies in a safe and flexible real-world environment before broader adoption.

The Global Proptech Summit gathered the most prominent experiences, major investors, venture capitalists who embrace inspiring ideas, entrepreneurs, and emerging companies in the proptech field.