Saudi property giant partners with Shariah-compliant fund

RIYADH: Al Ramz, one of the largest residential development companies in the Kingdom, has partnered with Watheeq Proptech VC Fund as an investor to help develop sustainable housing in Saudi Arabia.

The fund invests in property technology startups, which use 3D printing, prefabricated buildings, and construction robots.

The partnership will lead to a faster development process from construction through to sales and letting, and individual homeownership.

Khaled Zaidan, a managing partner of Watheeq Proptech VC Fund, said: “We are excited that our partnership with Al Ramz will support the government’s efforts to provide housing for the rapidly growing, young population.”

The collaboration between Al Ramz and Watheeq Proptech VC will help the development of affordable, sustainable, and quality, quick-to-market residential housing in Saudi Arabia using various smart technologies that are applicable to construction.

The deal seeks to support the government’s commitment to supply 1.5 million homes as part of Vision 2030.

“Technology can decrease the cost and time of construction, increase the quality of residential housing, and stimulate eco-friendly lifestyles,” Zaidan said.

Al Ramz CEO Harun Al-Rasheed said the partnership will help “improve the customer’s experience in the sector.”

The Shariah-compliant fund is the first of its kind in the region and is licensed by Saudi Arabia’s Capital Market Authority.