Dubai has established a PropTech Hub with the goal of doubling real estate innovation to $1.2 billion within five years.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, Chairman of The Executive Council of Dubai, and Chairman of the Higher Committee for Future Technology and Digital Economy, presided over a meeting of the Committee and issued directives to establish The Dubai PropTech Hub.
The move aims to accelerate the expansion of the emirate’s PropTech business, which is expected to more than double in value to exceed AED4.5 billion ($1.2 billion) over the next five years.
Dubai PropTech Hub
It also enhances Dubai’s position as a global leader in real estate innovation, which is consistent with the Dubai Economic Agenda D33 and the Dubai Real Estate Sector Strategy 2033.
During the meeting, the committee’s business report was reviewed, which detailed the results of previous projects, assessed the progress of ongoing initiatives, and examined new proposals aimed at encouraging innovation and accelerating the growth of digital enterprises in a supportive and integrated economic environment.
Sheikh Hamdan stated that Dubai, under the visionary leadership of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has emerged as a major worldwide hub for high-value investments and top talent, including in the real estate sector.
The emirate has created a one-of-a-kind approach that mixes sustainable development with digital transformation, making it better prepared for future problems.
Sheikh Hamdan highlighted the hub’s opening as a strategic decision to accelerate digital transformation in one of Dubai’s core economic sectors.
He emphasized that the Dubai PropTech Hub will create a supportive environment for real estate innovation, allowing talent and entrepreneurs to convert ideas into profitable companies.
He stated that its goal is to promote Dubai’s PropTech sector, attract quality investments, and boost the emirate’s worldwide competitiveness.
Sheikh Hamdan stated that Dubai has established a solid foundation for a fully integrated digital economy through ambitious initiatives to promote technical innovation.
He emphasized that embracing cutting-edge technologies is a strategic imperative for creating a business environment ready for future challenges and growth in a quickly changing, competitive world.
He stated that the city’s digital economy has become a unique reality, bolstered by a flexible regulatory framework, advanced infrastructure, and strong support for startups and entrepreneurs.
He emphasized that combining major sectors such as real estate, commerce, and industry with growing digital platforms is critical for long-term growth and meeting the emirate’s economic and social objectives.
The PropTech Hub aims to drive rapid growth in the property technology sector by implementing cutting-edge digital solutions, in line with the Real Estate Sector Strategy 2033 and the Economic Agenda D33, which aim to double Dubai’s economy and place it among the world’s top three cities within a decade.
The emirate’s PropTech industry was valued at roughly AED2.2 billion ($599 million) in 2023, and the Hub expects to attract more than AED1 billion ($272 million) in investments by 2030, supporting over 200 PropTech firms and pulling 20 investment funds.
The Hub provides a comprehensive environment for startups, including enhanced incubators, interactive workspaces, and smart outdoor areas that promote collaboration and invention, as well as cutting-edge technology for developing and testing AI-powered business models.
Sheikh Hamdan bin Mohammed examined the committee’s report, which detailed progress on important digital projects, such as the “5,000 Digital Talents” program, which aims to place students in top global IT organizations.
The group also discussed the results of the previous Expand North Star, the world’s largest event for startups and investors, as well as plans for the next edition. Sheikh Hamdan was also updated on the recently created IGNITE platform, which aims to connect entrepreneurs with a global network of investors, mentors, corporate organizations, and government agencies, resulting in a full growth ecosystem.