Dubai created a PropTech Hub worth $1.2 billion which will introduce new technology that will improve its real estate market. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, made the initiative as part of D33 and the Real Estate Sector Strategy 2033.
The Dubai PropTech Hub is hoping to grow the emirate’s property technology field more than double within five years, reaching AED4.5 billion ($1.2 billion) by 2030. The purpose of this policy is to support startups and entrepreneurs, attract worldwide investments and improve the city’s ability in real estate innovation.
In Sheikh Hamdan’s opinion, the hub plays a role in helping Dubai become a leading digital economy player. “Launching this digital platform will help transform one of our major industries,” the speaker pointed out.
The Dubai PropTech Hub is set to back 200 PropTech firms, lure in more than AED1 billion and welcome 20 investment funds from abroad. It will provide modern incubators, intelligent workplaces and AI-powered technology, helping to grow the next generation of real estate industries.
The initiative also supports Dubai’s efforts to bring real estate, commerce and industry in line with new digital technologies. The emirate is encouraging a modern business setting by launching the 5000 Digital Talents initiative and the IGNITE platform, helping local innovators meet and interact with investors and experts worldwide.
The development of Dubai’s digital economy will rely on the PropTech Hub to boost sustainable progress, simplify work processes and deliver better services to customers in real estate.
