His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, Chairman of The Executive Council of Dubai, and Chairman of the Higher Committee for Future Technology and Digital Economy, chaired a committee meeting today and announced the launch of the Dubai PropTech Hub.

This initiative aims to accelerate the growth of Dubai’s PropTech market, targeting a more than twofold increase in its value to exceed AED 4.5 billion (approximately $1.23 billion) within the next five years. It also reinforces Dubai’s position as a global pioneer in real estate innovation, aligning with the Dubai Economic Agenda D33 and the Dubai Real Estate Sector Strategy 2033.

The Dubai PropTech Hub plans to attract investments exceeding AED 1 billion by 2030. It will support over 200 PropTech companies and draw in 20 investment funds, fueling rapid expansion in property technology through cutting-edge digital solutions. This aligns with Dubai’s broader goals to double its economy and rank among the world’s top three cities within the next decade.

Currently valued at around AED 2.2 billion in 2023, the PropTech market will benefit from the Hub’s comprehensive ecosystem. This includes advanced incubators, interactive workspaces, and smart outdoor areas designed to encourage collaboration and innovation, alongside state-of-the-art infrastructure for developing and testing AI-driven business models.

Sheikh Hamdan highlighted that Dubai’s digital economy is now a tangible reality, supported by a flexible legal framework, advanced infrastructure, and strong backing for startups and innovators. Integrating key sectors such as real estate, commerce, and industry with emerging digital platforms is crucial for sustainable growth and achieving the emirate’s economic and social objectives.

During the meeting, Sheikh Hamdan also reviewed the committee’s business report, which outlined the outcomes of previous projects, assessed ongoing initiatives, and considered new proposals to foster innovation and accelerate the growth of digital enterprises within a supportive economic environment.

He emphasized that Dubai has become a leading global destination for high-value investments and top talent, with its real estate sector exemplifying a unique model that balances sustainable development and digital transformation, preparing the city for future challenges.

Sheikh Hamdan described the Dubai PropTech Hub launch as a strategic step to fast-track digital transformation in one of Dubai’s key economic sectors. The Hub will nurture a supportive environment for real estate innovation, enabling entrepreneurs and talents to convert ideas into successful ventures, while strengthening Dubai’s PropTech industry, attracting quality investments, and enhancing the emirate’s global competitiveness.

Dubai has established a robust foundation for a fully integrated digital economy through ambitious initiatives aimed at advancing technological innovation. Sheikh Hamdan underscored that adopting the latest technologies is essential for creating a business environment equipped to meet future challenges and sustain growth in a rapidly evolving, competitive world.