MANAMA: Bahrain is a hotbed of innovation and the top ‘proptech’ destination in the Mena region, says the founder of HexGn, a community of serial entrepreneurs, industry experts, professors and growth-stage start-ups.
According to HexGn chief executive Jappreet Sethi, proptech (property technology) is the use of information technology (IT) to help individuals and companies research, buy, sell and manage real estate.
He said Bahrain’s proptech scenario is continually being fuelled with the help of the government, academia and international players which means investment and revenue flow in the proptech segment can be expected to see “impressive growth in the coming years’.
Bahrain’s ecosystem and business landscape has an edge over the other hubs in the region, said the expert.
“The academia in the kingdom has been contributing significantly by setting up smart campuses in a bid to make their education system more advanced and to transform it into a source of inspiration for innovation.
“Local talent is being shaped to help Bahraini ecosystem increase its dependency on homegrown talent by offering courses in entrepreneurship, blockchain and much more. Additionally, agencies like Tamkeen are already giving impetus to entrepreneurial ventures in Bahrain through an array of schemes and services for easy-hiring of locals for various fields,” he added.
Mr Sethi was speaking during the GCC PropTech Time Summit 2019 held yesterday at the Crowne Plaza Hotel, as part of the annual Tech Week series organised by the Economic Development Board.
Experts attending were in agreement with HexGn assessment that entrepreneurs planning to be part of the Bahraini proptech segment are offered several benefits.
The country has been the friendliest to business in the region. In most sectors, foreigners can enjoy a 100 per cent ownership rights making it one of the most appealing places in the Gulf for doing business.
For start-ups, there is an ample local talent as well as a robust digital infrastructure for leading their tech-based quests in the Bahraini ecosystem, they said.
In addition, the kingdom is among the most expat-friendly place in the Mena region.
Held with sponsorship support of Diyar Al Muharraq and in partnership with JLL, RICS and Arabnet, the summit saw the unveiling of an insightful report based on a survey conducted by HexGn.
The report identified the key technologies that have the potential to disrupt the real estate industry in the next five years.
While currently proptech solution in sales and leasing, planning and design, and property management are the most sought after by the industry, technology advancements in new building materials, AI and Big Data, IoT and sensors, and drones are considered to have the most impact in real estate industry, according to the report.
In general, the majority of real estate professionals across the lifecycle segments believe that the industry will face disruption due to technology in four to seven years.
Further, the report also finds that almost 80 per cent of the industry considers proptech as an opportunity that is yet to be fully tapped, but only half the industry seems to be ready to embrace technology with a documented plan and allocated budget.
Among business segments, asset managers, followed by advisers and construction managers are most ready to adopt proptech solutions.
Diyar Al Muharraq chief executive Ahmed Alammadi said the event proved to be “a great platform for leading experts, officials and decision makers from the real estate and technology sector to network, develop business relationships, enhance communication and exchange knowledge”.
“Our participation was in line with our commitment towards Bahrain to elevate the standards of technology in the real estate sector,” he added.
Addressing the opportunities in Bahrain, the event also featured a session by Ali Murtaza, the director of real estate and tourism at EDB.
“The real estate sector is one of five sectors that the EDB is focusing on developing it as part of its mission to attract and direct investments in order to create jobs in the kingdom,” he said.
“Bahrain has time and again proved to be fertile for businesses especially for the tech-driven industries and is doing the same for proptech. The Bahraini ecosystem can help proptech players grow at an unmatched rate, as it has no dearth of any of essential resources for start-ups.”
Eman Al Mannai, vice-president for sales and marketing at Golden Gate, highlighted the importance of such conferences and workshops on the importance of technology and its integration with real estate – which is one of the most vital sectors of any modern economy.
“We at Golden Gate are in constant pursuit of latest technologies that seek to improve the value of this sector. We are delighted that Bahrain has been selected to host such events and it stands as a testament to the geographical, economic and strategic importance of Bahrain both historically and in modern times as a regional hub for international trade,” she added.
Copyright 2019 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
