Saudi Arabia’s proptech investments surge 35% to $9m: MAGNiTT report

Saudi Arabia’s increase bucked the trend for the industry. Shutterstock
Short Url
Updated 01 October 2024
Follow

Saudi Arabia’s proptech investments surge 35% to $9m: MAGNiTT report

CAIRO: Property technology venture capital investments in Saudi Arabia saw an annual increase of 35 percent in 2023 to reach $9 million, according to MAGNiTT’s latest report.  

The venture data platform emphasized that the Kingdom outpaced Africa, the Middle East, Pakistan, Turkiye, and Southeast Asia regions with six proptech deals last year. 

In funding amount, Saudi Arabia ranked fifth across all markets, with Indonesia leading with $54 million, followed by the UAE with $35 million, and South Africa and Singapore with $13 million and $11 million, respectively. 

In terms of deal count, the UAE followed the Kingdom with five deals, while Indonesia, South Africa, and Turkiye each had three. 

Total funding across all markets in 2023 amounted to $157 million, marking an 81 percent decrease compared to the previous year. 

Deal count also experienced a significant annual decline, reaching 34 transactions, reflecting a 40 percent fall compared to 2022. 

MAGNiTT’s Emerging Venture Markets Real Estate report focused on analyzing the property marketplace, co-working, tenancy management, and facility management subsectors. 

The property marketplace was the leading sub-industry, attracting $120 million in funding, though this represented an 83 percent decline compared to the previous year. 

Africa was the best-performing region, with a 10 percent annual increase in funding, reaching $22 million. 

Property management was the most funded subsector on the continent, receiving $18 million in 2023, reflecting a 6 percent annual growth. 

In terms of deal count, Africa experienced a 53 percent drop, totaling seven transactions for the year. 

In the MEPT region, $59 million in funding was deployed in 2023, marking a 78 percent year-on-year decrease.  

This was spread across 19 deals, with the property marketplace being the most funded subsector at $38 million and the most transacted with 11 investments. 

Notably, seven out of the 10 most active investors by capital deployed in the region are headquartered in the US. 

Founded in 2015, MAGNiTT is the largest venture capital data platform in the Middle East, Africa, Pakistan, Turkiye, and Southeast Asia, with a database of over 32,000 startups and 11,000 investment firms. 


Saudi Arabia’s approach to AI transformation delivering business value: Publicis Sapient CEO

Updated 22 January 2026
Follow

Saudi Arabia’s approach to AI transformation delivering business value: Publicis Sapient CEO

  • Nigel Vaz: We’re reimagining how, in the case of tourism, we transform Saudi Arabia into a destination that is actually relevant and attractive for people to explore
  • Vaz: Our Slingshot platform handles everything from design to deployment, allowing legacy modernization and new digital apps to be built

DAVOS: As 2026 emerges as a tipping point for artificial intelligence, executives across the Middle East are moving from experimentation to scaling AI in ways that can deliver real business value, according to Nigel Vaz, CEO of Publicis Sapient.

Speaking to Arab News at the World Economic Forum in Davos, Vaz highlighted Saudi Arabia’s proactive approach to integrating technology into national and sectoral strategies.

“I was in meetings with the minister for tourism in Saudi Arabia (Ahmed Al-Khateeb), where we do a lot of work for them, and meetings with (Communications) Minister Abdullah Alswaha,” he said.

“What you realize is technology is incredibly critical, but it’s critical to the extent that we’re reimagining how, in the case of tourism, we transform Saudi Arabia into a destination that is actually relevant and attractive for people to explore.”

Vaz also highlighted applications of AI beyond tourism, including energy and healthcare.

“You’re thinking about how it can enable a greener approach to energy, which is a big goal for their government,” he said.

“And in healthcare, predictive and preventative approaches allow trends to be addressed before they occur, which is a significant cost saving for the government,” he added.

The shift in mindset around AI reflects a broader trend globally.

“Last year there was a lot of excitement about AI, but most work was at a proof-of-concept stage,” Vaz said. “What’s tipped this year is the recognition that AI is only valuable if it drives real business outcomes.”

This involves moving beyond automating individual tasks to enabling entire workflows or decision sets that produce superior results.

“Individual tasks being automated by AI don’t create business benefit,” he said. “Entire workflows or decision sets need to be enabled by AI, and they must deliver better outcomes than are currently possible today.”

Vaz underscored the importance of integrating people and AI rather than treating technology as a replacement, adding: “Unless you’re a technology nerd, you’re not really caring about the technology for its own sake.”

Geopolitical tensions further heighten the importance of AI for real-time, intelligent decision-making. Vaz explained that Publicis Sapient has developed platforms such as Slingshot, Bodhi and SustainAI to deliver enterprise-grade AI solutions with measurable business impact.

“Our Slingshot platform handles everything from design to deployment, allowing legacy modernization and new digital apps to be built two to three times faster and 30 to 40 percent cheaper,” he said.

Bodhi leverages industry expertise to create agentic capabilities for autonomous decision-making, while Sustain transforms IT service management, using AI to monitor systems, self-heal, and reduce manual workload, he explained

“All of this is not to sell software; it’s to deliver outcomes to clients. That’s what we care about,” Vaz added.

He offered guidance for leaders navigating the AI era.

“An AI North Star is focusing on an area of the business where untapped value can be unlocked,” he said. “Focus on how that value will drive growth, reduce costs, or improve experiences for customers or employees, and use AI to achieve those outcomes, rather than experimenting in small pockets.”

For Vaz, 2026 represents a year when enterprises, particularly in forward-looking Middle Eastern economies like Saudi Arabia, are moving from theory to practice, scaling AI to deliver tangible impact and measurable outcomes for businesses, governments, and citizens alike.