Riyadh - Sharikat Mubasher: Property technology (proptech) is rapidly transforming the real estate landscape in Saudi Arabia, triggered by Vision 2030, with proptech innovations playing a pivotal role in modernizing property transactions and enhancing operational efficiencies.

The Saudi Tech Fund (STF) recently acquired a majority stake in PropertyNet, a leading Saudi provider of real estate management software solutions, to enhance collaboration in the proptech sector.

In a statement, Abdulrahman Alkulaybi, CEO of PropertyNet, said that the acquisition accelerates the company’s growth and paves the way for PropertyNet to expand into new markets in neighboring countries, backed by STF’s resources and strategic capabilities.

He noted that the acquisition is a testament to PropertyNet’s leading position in the tech sector in general and the proptech sector in particular.

The CEO further affirmed PropertyNet’s commitment to providing top-notch services and solutions that meet customers’ expectations and aspirations.

On the sidelines of Cityscape Global, STF signed an acquisition agreement to acquire a 92% stake in PropertyNet, in a move to promote the proptech sector in Saudi Arabia.

Cityscape Global 2024, the largest real estate exhibition in the world, took place in Riyadh from 10 to 13 November, with the participation of more than 400 exhibitors, over 100 institutional investors, and more than 500 speakers.

It served as a vital platform for facilitating global real estate transactions and fostering investment opportunities within the Kingdom.