Mohammed Al Balushi, the CEO of the Innovation Hub at the Dubai International Financial Centre, has emphasized the primary goal of positioning Dubai as a global leader in PropTech through the recently launched Dubai PropTech Centre. He noted that this initiative aligns with the broader strategy aimed at enhancing the emirate’s leadership in advanced technology and future-oriented sectors.
In statements to local media, Al Balushi highlighted that the Dubai PropTech Centre is the first innovation hub of its kind in the region, serving as a vital platform to attract talent and startups from across the globe. The objective is to draw over 200 specialized PropTech companies by 2030, which will generate more than 3,000 job opportunities and attract investments exceeding $300 million (1.1 billion dirhams) by that time.
He confirmed that the new center will initiate with an initial program at its current location in the Innovation Hub at the Dubai International Financial Centre, with ambitious plans for expansion in response to demand. Al Balushi explained that the center is collaborating closely with regulatory bodies such as the Land Department and the Dubai Financial Authority through joint workshops to develop legal frameworks and legislation for real estate technology, emphasizing the importance of creating a supportive environment that bridges public and private sectors to accelerate industry growth.
Al Balushi added that the Dubai PropTech Centre not only supports existing businesses but also provides training and support programs for entrepreneurs and innovators. He stated, “Our team is planning to participate in regional and international events to visit key innovation hubs such as London, New York, California, Hong Kong, and Singapore to attract startups and entrepreneurs, encouraging them to expand into Dubai.”
He mentioned that the center aims to attract local and international startups across all facets of real estate development, from planning and construction to energy provision, facility management, sales, marketing, and digital platforms. Al Balushi reiterated that the center seeks to foster partnerships with local developers to understand market needs and technological challenges that they aim to address in collaboration with companies at the center.
Concerning the market size for real estate technology in the UAE, he elaborated that the sector reached $600 million (2.2 billion dirhams) in 2023, with projections of growing to $1.2 billion (4.4 billion dirhams) by 2029, marking a 160% increase over this period. The Dubai PropTech Centre is expected to play a critical role in facilitating this growth.
Strong Growth
Al Balushi reported that the Innovation Hub is expected to host over 1,200 companies by the end of 2024, predicting robust and positive growth for the center this year, supported by the fintech and real estate sectors. He noted that according to their annual results for 2024, the fintech sector experienced a 38% growth, making it the fastest-growing sector within the hub and a significant contributor to the emirate’s economic expansion.
According to the latest Global Financial Centres Index, Dubai has climbed to fifth place globally in the fintech sector for the first time, thanks to initiatives from the Dubai Financial Centre. He indicated that expansion efforts are ongoing, with completion of the project anticipated by 2026.
Al Balushi also spotlighted the success of several startups that emerged from the accelerator programs managed by the Innovation Hub, including Tarabut Gateway and SmartCrowd, which evolved from innovative ideas into leading companies after joining specialized programs offered by the hub. These startups have benefitted from various enabling facilities, including mentorship services, training programs, office spaces, and access to capital, funding, and investment opportunities.