Al Ramz, one of the largest residential development companies in Saudi Arabia, has partnered with Watheeq property technology (PropTech) Venture Capital Fund, the first such facility in the Mena region PropTech VC fund, as an investor and supporter of its portfolio of start-ups.
The partnership between Al Ramz and Watheeq Proptech VC will help the development of affordable, sustainable and quality, quick-to-market residential housing in Saudi Arabia using smart technology.
The fund is investing in property technology start-ups that are adopting new technologies such as 3D printing, pre-fabricated buildings, and construction robots, with new business models that are disrupting the real estate industry.
This will facilitate the development of residences and result in a much faster real estate life cycle, from construction through to sales and letting, and individual home ownership.
The partnership will support the government’s commitment to supply 1.5 million homes as part of Vision 2030.
Watheeq Proptech VC Managing Partner Khaled Zaidan said: "We are excited that our partnership with Al Ramz will support the government's efforts to provide housing for the rapidly growing, young population through novel, smart technology."
"We are dedicated to investing in technologies that are reshaping the traditional real estate assets while improving the quality of life for home owners. Technology can decrease the cost and time of construction, increase the quality of residential housing, and stimulate eco-friendly lifestyles," he noted.
"We believe that top-notch entrepreneurs are the growth engine behind every prosperous economy," stated Zaidan.
The partnership with Al Ramz is important to The Fund’s mission to bridge the gap between real estate and technology start-ups in Saudi Arabia.
"This is an unprecedented opportunity for the young start-ups in our portfolio to be supported by a large and experienced Saudi residential development company," he added.
As one of the largest residential developers in the Saudi residential market, not only will Al Ramz be an investor in the Fund, but will also support The Fund’s portfolio of companies by providing business development opportunities.
AI Ramz CEO Harun Al Rasheed said: "We are delighted to partner with Watheeq to improve the customer's experience in the sector by investing with the fund in many PropTech companies that will improve customer experiences in the real estate sector at its various stages."
"Technology companies are the future, and The Fund is providing us with the opportunity to explore local and global markets and to inject fresh creativity to our business,"stated Al Rasheed.
"We also trust the fund's team to find the best opportunities for our investment that will have a positive impact on our core business and achieve good returns," he added.
Watheeq Proptech VC’s relations and partnerships emanate from Mena to reach every region in the world including US, Europe, Africa, and Asia.
The shariah-compliant fund is the first of its kind in the region, and is licenced by KSA’s Capital Market Authority.