Dubai launches new proptech hub in DIFC to help startups merge tech with real estate
To accomplish this, the DIFC Innovation Hub in partnership with the Dubai Land Department launched the PropTech Hub on Thursday.
Proptech (property technology) refers to any technological advancements that make it easier to buy, sell, and manage real estate.
The PropTech Hub is anticipating a lot of growth and demand from the region and beyond, Mohammad Al Blooshi, CEO of DIFC Innovation Hub, told Khaleej Times. 'Already, we have a somewhat robust ecosystem, but I think what we're more keen on this time around is bringing everyone together under one roof to build this sector,' he said.
Al Blooshi said the newly launched PropTech Hub will bring together investors, startups, regulators like DIFC, and most importantly, real estate developers. 'The key here is real estate developers. No matter what we try to do, if they are not willing to accept or they are not willing to embed the innovation, it doesn't mean anything,' he said.
The Hub will be open to everyone from across the world, not just in Dubai. The CEO said that the centre will focus on developing the real estate sector by supporting startups and giving them an opportunity to work with real estate developers. It will also provide access to advanced incubators, which are programmes that support startups, hands-on venture building, and thought leadership programmes which will help startups stay updated with global proptech trends.
'There will be specific programmes that we will kick off through the centre that will be on incubation level and acceleration level or scale up level,' Al Blooshi added. He said that he feels that 'now there is a dedicated centre that will help develop the overall [proptech] ecosystem. So, more and more people will start thinking about creating a Proptech business. And that's what we want.'
The DIFC Innovation Hub is a financial hub which houses over 1,300 fintech and innovation firms. Its stated mission is to generate new economic value by promoting innovation, enterprise, and talent across various sectors. It is also home to the first and largest fintech accelerator in the Middle East, Africa, and South Asia regions.
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