Bahrain’s Director of Real Estate and Tourism Ali Murtaza addressed a crowd of prominent figures from the international industry during a session at the Gulf Cooperation Council Time Summit 2019. The session was held in Manama on September 17.
Ali Murtaza spoke about the importance of the real estate business in Bahrain, calling it one of the five major sectors that the Bahrain Economic Development is working on to generate more employment opportunities in the country.
The conference also introduced new and innovative technologies in the real estate realm. PropTech is an innovative technology solution that aspires to change the real estate and development industry.
The segment of technology for the conference was organised by the Bahrain EDB and HexGn, powered by the sponsorship of Diyar Al Murraq. Developers introduced their technologies which are committed to the real estate industry, hoping that in an age where every aspect of our lives is becoming more digitalized, real estate investors and industry professionals can also benefit from growth in this area.
Start-up businesses also used this opportunity to pitch their ideas to investors and share their insights on how they can revolutionise and transform the industry.
The CEO of Diyar Al Murraq, Ahmed Alammadi started the keynote address by sharing how pleased he was with the participation of the company in the event, which served its purpose for being an inclusive platform for experts and officials to make decisions in the technology sector, develop strong business relations and improve communication.
The summit is the first event to initiate a new prop-tech energy within the business hub of Bahrain, starting a conversation about further developments in the area. Tech that can benefit the real estate industry includes AI & Big Data, IoT & Sensors and drones. However, majority of the real estate professionals across the segment believed that the industry could face disruption due to an influx of technology in the next 4-7 years.
A HexGn report that was unveiled during summit also recorded that almost 80% of the industry considered prop-tech as an opportunity that still needs to be explored, but only half the industry is ready to welcome technology with a plan and a budget.
According to Murtaza, entrepreneurs planning to be a part of the Bahraini proptech segment are being offered several benefits. He further talked about the ample amounts of talent and employment opportunities for businesses who would embrace this technology.
Furthermore, at a grassroots level the local future workforce is getting the opportunity to hone it’s skillset via courses in subjects including entrepreneurship and blockchain amongst others.