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Riyadh Hosts Inaugural Saudi Proptech Summit  

The inaugural Saudi Proptech Summit will kick off in Riyadh on Monday. (Saudi Proptech Summit)
The inaugural Saudi Proptech Summit will kick off in Riyadh on Monday. (Saudi Proptech Summit)
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Riyadh Hosts Inaugural Saudi Proptech Summit  

The inaugural Saudi Proptech Summit will kick off in Riyadh on Monday. (Saudi Proptech Summit)
The inaugural Saudi Proptech Summit will kick off in Riyadh on Monday. (Saudi Proptech Summit)

The inaugural Saudi Proptech Summit will begin in Riyadh on Monday to review the most prominent technical developments and beneficiaries’ experiences.

The two-day conference includes dialogue sessions and workshops with more than 25 speakers representing 20 countries and will be accompanied by a real estate technology exhibition.

Minister of Municipal and Rural Affairs and Housing and Chairman of the Board of Directors of the Real Estate General Authority Majid bin Abdullah al-Hogail will inaugurate the conference.

Hogail said on his X account that he looks forward to meeting the creative and innovative people at Saudi Proptech, hoping it would develop the sector.

The Minister also expected the conference to enhance innovation and open investment horizons for entrepreneurs and emerging companies in real estate technologies to help achieve Vision 2030.

Real estate technology is an integrated system of emerging and rapidly growing companies that provide various innovative products or services in commercial and residential real estate.

It consists of four main areas: smart real estate, building technology, financial technology within real estate, and consumer-facing technology.

The summit will bring together a diverse array of participants, including specialists and experts in proptech, investors, and real estate service providers, with the participation of startups in the real estate and technology sectors.

It will also attract the latest international technical practices and experiences in the real estate field and showcase them within the Saudi market through partnership agreements among stakeholders.

Proptech brings together key activities, namely the technological ecosystem of real estate, government entities responsible for regulating the real estate sector, support for startups, real estate developers, proptech platforms, pioneering investment companies, and business accelerators.

It will also address the technological solutions sector in property and facilities management, artificial intelligence, data analysis, virtual and augmented reality, financing, mortgage, and construction technologies.

The conference will review several global technologies in real estate in the European market and the real estate technology in Hong Kong, China Sea region.

The Authority explained that the conference will discuss several topics through plenary sessions and workshops.

It would address important themes such as the role of technology in shaping public policies, the digital transformation of the Saudi real estate sector, the digital infrastructure of the Kingdom, and the future outlook for the real estate sector.

Moreover, the conference will explore urban environment innovations, the influence of smart city development on the real estate sector through information and decision-making mechanisms, and real estate technology solutions and their need in building the cities of the future.

Proptech connects technology and real estate and refers to various digital technologies used in the real estate sector and asset management.

It also contributes to managing various aspects of the real estate industry, including sales and delivery, facilities management, maintenance operations, and contract management utilizing computer technologies and software and mobile phone applications along with related devices, such as sensors, cameras, VR, and augmented reality technologies.

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Saudi Arabia Sees Highest Level of Non-oil Private Sector Activity in 4 Months

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
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Saudi Arabia Sees Highest Level of Non-oil Private Sector Activity in 4 Months

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)

Business activity in Saudi Arabia's non-oil sector accelerated to a four-month high in September, driven by strong demand, which led to faster growth in new orders. The Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI), adjusted for seasonal factors, rose to 56.3 points from 54.8 in August, marking the highest reading since May and further distancing itself from the 50.0 level that indicates growth.

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders, alongside challenges in supply. The improvement in business conditions contributed to a significant rise in employment opportunities, although difficulties in finding skilled workers led to a shortage in production capacity.

At the same time, concerns over increasing competition caused a decline in future output expectations. According to the PMI statement, inventories of production inputs remained in good condition, which encouraged some companies to reduce their purchasing efforts.

Growth was strong overall and widespread across all non-oil sectors under study. Dr. Naif Al-Ghaith, Senior Economist at Riyad Bank, said that the rise in Saudi Arabia's PMI points to a notable acceleration in the growth of the non-oil private sector, primarily driven by increased production and new orders, reflecting the sector’s expansionary activity.

Al-Ghaith added that companies responded to the rise in domestic demand, which plays a crucial role in reducing the Kingdom's reliance on oil revenues. The upward trend also indicates improved business confidence, pointing to a healthy environment for increased investment, job creation, and overall economic stability.

He emphasized that this growth in the non-oil sector is particularly important given the current context of reduced oil production and falling global oil prices. With oil revenues under pressure, the strong performance of the non-oil private sector acts as a buffer, helping mitigate the potential impact on the country's economic conditions.

Al-Ghaith continued, noting that diversifying income sources is essential to maintaining growth amid the volatility of oil markets. He explained that increased production levels not only enhance the competitiveness of Saudi companies but also encourage developments aimed at expanding the private sector's participation in the economy.

This shift, he said, provides a more stable foundation for long-term growth, making the economy less susceptible to oil price fluctuations.