Saudi Arabia’s property giant Al Ramz, one of the largest residential development companies in the Kingdom has partnered with Watcheeq Proptech VC Fund to help develop sustainable housing in Saudi Arabia, according to media reports. The fund invests in property technology startups, which use 3D printing, prefabricated buildings, and construction robots.
This partnership is expected to lead to a faster development process for construction, sales and letting, and individual homeownership. The collaboration between the two will also expedite the development of affordable, sustainable, and quality, quick-to-market residential housing in the Kingdom using various smart technologies that are applicable to construction.
Khaled Zaidan, a managing partner of Watheeq Proptech VC Fund told the media, “We are dedicated to investing in technologies that are reshaping traditional real estate assets while improving the quality of life for homeowners. Technology can decrease the cost and time of construction, increase the quality of residential housing, and stimulate eco-friendly lifestyles. We believe that top-notch entrepreneurs are the growth engine behind every prosperous economy”
Additionally, this fund is also Shariah-compliant and is the first of its kind in the region and is licensed by Saudi Arabia’s Capital Market Authority. This partnership will also support the government’s commitment to supply 1.5 million homes as part of Vision 2030.