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As Vision 2030 gains momentum, Saudi Arabia is set to become a leader in inbound Foreign Direct Investment (FDI), surpassing recent regional success stories such as the UAE and Qatar. The economic impact of Vision 2030 is already visible, with several targets surpassed. Two sectors poised for significant investment are real estate and construction, which currently contribute around 12% to Saudi GDP.

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New Construction Methods (NCM) have become integral to our building methods and techniques. The quality and depth of these solutions, allied with the ability to deliver demonstrable value, put these at the centre of how we will build. The technologies shaping the NCM space are a key vertical helping solve these issues. The meshing of the flexibility and know-how of humans with the consistency and accuracy of technology is now significantly advanced. 3D printing, Building Information Modeling (BIM) and modular methods of construction (MMC) are the key technologies redefining construction. They facilitate resource efficiency, cost-effectiveness, and enhanced worker safety. With Saudi Arabia undertaking some of the world's leading and largest projects, the KSA will be at the vanguard of these technologies.

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As industries adapt to evolving market demands and global shifts, Proptech has emerged from being a niche offering to becoming integral in reshaping the impact of real estate and construction.‍ Traditional real estate solutions are experiencing a significant shift, losing their relevance due to macro trends, changed expectations and technological advancements. The meaning of Proptech itself has changed, and will keep changing, to meet the needs of these new assets. We, at The PTC, define Proptech as any technology that impacts how we live, work, and consume within space. 2024 heralds an era driven by the convergence of eight trends that we have identified. This report unravels these prominent forces that are shaping the Proptech landscape and steering owner’s investment strategies. This narrative unfolds against a backdrop of environmental consciousness, technological integration, and the practical challenges faced by the industry. We expect these trends to develop in 2024 materially and a changed real estate landscape to emerge.

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The development and economic action plan of the Kingdom of Saudi Arabia (KSA) is truly remarkable. The planned economic development of the Kingdom, across every facet of society, via the Vision 2030 initiative will materially change how people live, consume and work within the Kingdom. ‍ The adoption of the world’s leading technologies across the full asset lifecycle and every sector of the built environment, underpins much of the delivery of the giga-projects. From the mobility and accessibility of NEOM, to the further amplification of a vibrant tourism industry via projects like the Red Sea projects, Saudi Arabia will be a global leader, in demonstrating how tech can enrich how we use space.