Sheikh Hamdan launches 'Dubai PropTech Hub' to make Dubai real estate global leader

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, chaired a meeting of the Committee and issued directives to launch The Dubai PropTech Hub.

The move seeks to fast-track the expansion of the PropTech market in the emirate, aiming to more than double its value to surpass Dhs 4.5 billion over the next five years. It also reinforces Dubai’s position as a global leader in real estate innovation, in line with the Dubai Economic Agenda D33 and the Dubai Real Estate Sector Strategy 2033.

During the meeting, Sheikh Hamdan reviewed the committee’s business report, which detailed the results of past projects, evaluated the progress of ongoing initiatives, and examined new proposals aimed at fostering innovation and accelerating the growth of digital enterprises within a supportive and integrated economic environment.

Sheikh Hamdan said that Dubai, guided by the visionary leadership of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has become a leading global hub for high-value investments and top talent, with the real estate sector being no exception. The emirate has developed a unique model that balances sustainable development with digital transformation, enhancing its readiness for future challenges.

Sheikh Hamdan described the launch of the Hub as a strategic move to accelerate digital transformation in one of Dubai’s key economic sectors. He highlighted that Dubai PropTech Hub will foster a supportive environment for real estate innovation, empowering talents and entrepreneurs to turn ideas into successful ventures. He added that it aims to strengthen Dubai’s PropTech sector, attract quality investments, and enhance the emirate’s global competitiveness.

Sheikh Hamdan said Dubai has laid a strong foundation for a fully integrated digital economy through ambitious initiatives to advance technological innovation. He stressed that adopting the latest technologies is a strategic necessity to create a business environment that is geared for future challenges and growth in a rapidly evolving, competitive world.

He said that Dubai’s digital economy has become a distinct reality, underpinned by a flexible legal framework, advanced infrastructure, and robust support for startups and innovators. He emphasised that integrating key sectors such as real estate, commerce, and industry with emerging digital platforms is essential for sustainable growth and achieving the emirate’s economic and social goals.

The Dubai PropTech Hub aims to drive rapid growth in the property technology sector by adopting cutting-edge digital solutions, aligned with the Dubai Real Estate Sector Strategy 2033 and the Dubai Economic Agenda D33, which seek to double Dubai’s economy and rank it among the world’s top three cities within a decade.

Dubai’s PropTech market was valued at around Dhs2.2 billion in 2023, and the Hub aims to attract over Dhs1 billion investments by 2030, supporting more than 200 PropTech companies, and drawing 20 investment funds.

The Hub offers a comprehensive ecosystem for startups, featuring advanced incubators, interactive workspaces, and smart outdoor areas that foster collaboration and innovation, alongside state-of-the-art infrastructure for developing and testing AI-driven business models.

Sheikh Hamdan reviewed the committee’s report, which outlined progress on major digital initiatives, including the “5,000 Digital Talents” initiative aimed at placing students in top global tech firms. The meeting also covered results from the previous Expand North Star, the world’s largest event for startups and investors, and preparations for its next edition. Sheikh Hamdan was also updated on the IGNITE platform, which was launched recently, and seek to connect founders with a global network of investors, mentors, corporate organisations, and government entities, creating a comprehensive growth ecosystem.

WAM