meed-logo

line1 line2 line3
SIGN IN / REGISTER

PropTech sets out to transform built world

8 September 2022

PropTech has become a new buzzword in today’s highly digitalised world. The umbrella term for tech-driven innovative building industry solutions, its adoption is accelerating rapidly – rising by a staggering 1,072 per cent from 2015-19, according to Forbes.  

Property technology is only poised to keep growing. A recent study by PwC and the Urban Land Institute highlighted that the use of technologies by real estate companies in Europe will trend upwards over the next three to five years.

Expedited further by the pandemic, property technology is reconfiguring how all stakeholders relate to the built environment, from how they experience, design, construct and market buildings to property management. 

Outlined below are some important ways this unfolds across the five property development stages.

Digitalised cities 

Data technology is the cornerstone of smart cities. Offering multiple sustainability benefits, it is being used to integrate building and infrastructure systems.

Sensors, data centres and digital twins monitor key historical and real-time indicators of demographic trends, property inventories, power and water use, and building carbon emissions. By using urban data analytics, policies for waste reduction, building decarbonisation and even affordable housing can be better achieved.

A prime example is Singapore’s pioneering digital twin experiment. Data in the form of GIS, lidar and satellite imagery were processed to create a 3D digital replica called ‘Virtual Singapore’.



A snapshot of Virtual Singapore, the city’s pioneering digital twin project. Source: National Mapping Archives – gwprime (geospatialworld.net)

The single, centralised, real-time database is already helping the city to respond to challenges related to water supply management, track real estate market changes, and deploy solar farms to meet growing domestic and industrial demands.

PropTech adoption accelerated by 1,072 per cent from 2015 to 2019 

E-real estate

In the real estate sector, technology is helping to solve problems such as lack of transparency, information asymmetry and high investment risks. In the UAE, a person renting or buying property exclusively through a broker is almost unheard of, while 93 per cent of US buyers use real estate websites when searching for a home. This may mean the entire market is becoming digitalised. 

And for very good reasons. For one, online sales platforms simplify the arduous task of property hunting for people with little background knowledge in a sophisticated and highly technical field. Platforms such as Bayut and RealAR app offer in-depth information on listing characteristics, provide analysis of comparable properties, and even furnish virtual simulations to help guide purchase and modification decisions. 

But technology is poised to go even further. For example, price-gouging algorithms are being developed to use predictive analytics that process data on transactions, forecast future trends, value property returns and assess mortgage quotations, all aimed at oiling the wheels of a heavy-moving sector. 

  Subscribe to MEED.com

  The #1 platform for business news and intelligence trusted by 1,000+ leading, global brands 
Building information management

BIM has sounded the death knell for the age of Computer-Aided Design (CAD). Architects and urban designers are now using advanced software to model multi-layered information instead of physical forms. By doing so, integrated design – so crucial for sustainable development – has become business-as-usual.

BIM allows professionals to design, modify and manage the building’s entire lifecycle using a single virtual model that simulates its performance. Further, using parametric tools, designers can even tweak design factors to meet priority sustainability targets.  

This is how the National University of Singapore delivered its new School of Design and Environment. Using BIM technology, architects were able to explore options in massing and orientation, canopy and opening sizing, and room layouts by reporting their environment and energy performances in real time.

Optimising these, they passively minimised the building’s baseline energy and material demands. Then, a parity was struck by deploying renewable energy technologies such as 1,225 photovoltaic panels and hybrid cooling systems, allowing the university to pioneer the city’s first net-zero energy building.



The School of Design and Environment – Singapore’s first net-zero energy building. Source: NUS School of Design & Environment, SDE 4 – Surbana Jurong

3D construction 

Technology’s introduction to construction is transforming the sector into a safer, wasteless, cost-effective and faster enterprise. One way this is happening is through innovations in 3D printing machinery. These use BIM models to digitally produce on-site or prefabricated components most efficiently, while complementary smart machinery robotically performs repetitive tasks like concrete pouring and plastering. 

One notable example is Dubai Municipality’s largest 3D printed structure in the world, built in 2019. Standing 9 metres tall with an area of 640 square metres, the edifice employed only three workers.



Apis-Cor’s award-winning 3D-printed building, Dubai. Source: Apis Cor builds world’s largest 3D-printed building in Dubai (dezeen.com)

The breakthrough came in constructing the walls by a printer instead of the traditional wooden formwork, steel reinforcement and concrete pouring methods. This was complemented by precast slabs and prefabricated windows, which offered multiple cost and environmental savings.

Nonetheless, the extent of the scalability of 3D printing to multi-story residential and office buildings remains to be explored.

Technology is percolating and reforming every stage of the real estate value chain, from smarter cities to efficient building design, construction, operation and marketing

Green building management

Surprisingly, it has been reported that green-rated buildings can miss their performance and savings targets. According to a recent study, the primary cause is human behaviour. Either uninformed or disincentivised to take full custody of carefully-designed systems, end users frequently misuse them.

But technology has provided the solution: building management systems (BMS), through IoT or digital twins, can track parameters like energy and water usage, waste generation, carbon emissions and indoor air quality, and help to control them. 

BMS can even compare performance to design metrics. This is demonstrated by the newly completed Beeah headquarters in the UAE. Acclaimed to be the first fully AI-integrated office in the Middle East, this LEED-certified smart building employs a digital twin as the basis for a Smart Facility Management System.

By learning occupancy habits, one novelty of this system is its ability to forecast energy demands and optimise electricity consumption, conduct predictive maintenance checks, and even take autonomous decisions to rectify faults in equipment performance, achieving a huge 90 per cent energy efficiency saving.



Zaha Hadid’s Beeah headquarters is futuristic in form and operation. Source: BEEAH Headquarters – Zaha Hadid Architects (zaha-hadid.com)

Although a relative laggard in digital transformation, the building sector is swiftly catching up. Technology is percolating and reforming every stage of the real estate value chain, from smarter cities to efficient building design, construction, operation and marketing.

By doing so, PropTech is helping to solve some of the sector’s perennial problems. It is improving information transparency, social inclusion, building design and residents’ wellbeing, in addition to reducing risk and limiting waste generation and carbon emissions, among many other benefits.

The views expressed are those of the author and do no necessarily reflect the company's position.

https://image.digitalinsightresearch.in/uploads/NewsArticle/9988753/main.gif

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Nakheel awards $143m Dubai Islands infrastructure deal

    20 April 2026

    Register for MEED’s 14-day trial access 

    Dubai-based developer Nakheel, now part of Dubai Holding, has awarded a AED527m ($143m) contract for the construction of the primary infrastructure and utilities works on Island B at the Dubai Islands development.

    The contract was awarded to local firm Al-Nasr Contracting Company.

    The scope covers the construction of roads, water networks, electrical and telecommunications networks, drainage and sewerage systems, and integration with the district cooling plant network at Island A.

    In October last year, Nakheel awarded Al-Nasr Contracting Company a AED169m ($46m) contract for the construction of the internal roads and utilities for the Bay Villas development at Dubai Islands.

    In August, MEED reported that Nakheel had awarded a AED2.6bn ($708m) contract to Abu Dhabi-based Fibrex Contracting to build the Bay Villas project at Dubai Islands. The contract includes the construction of 636 villas.

    The Dubai Islands development consists of five islands spanning 18.6 square kilometres. It features more than 59 kilometres (km) of waterfront and 20km of beaches, as well as parks, golf courses, promenades and cycling paths.

    The offshore island project gained renewed momentum in 2022, when Nakheel unveiled a new masterplan and rebranded it as Dubai Islands.

    The reclaimed islands were originally part of the Palm Deira project, which was partially completed before being put on hold in 2008.

    READ THE APRIL 2026 MEED BUSINESS REVIEW – click here to view PDF

    Economic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.

    Distributed to senior decision-makers in the region and around the world, the April 2026 edition of MEED Business Review includes:

    > GCC CONTRACTOR RANKING: Construction guard undergoes a shift
    To see previous issues of MEED Business Review, please click here

     

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16476987/main.jpg
    Yasir Iqbal
  • Borouge International appoints chief financial officer

    20 April 2026

    Newly formed chemicals giant Borouge Group International AG (Borouge International) has appointed Patrick Jany as chief financial officer (CFO). He will take office from 1 May, until which time Daniel Turnheim will continue to serve as interim CFO.

    Jany joins Borouge International with more than three decades of international finance leadership across industrial, logistics and chemical businesses. “With 20 years’ CFO experience in publicly listed companies, he brings deep financial expertise and a disciplined approach to capital management,” Borouge International said in a statement.

    Most recently, Jany served as executive vice-president and CFO of Danish shipping company A P Moller-Maersk, where he joined the executive board in 2020 and played a central role in strengthening financial discipline, portfolio management and value creation during a period of major strategic transformation.

    Prior to Maersk, he spent 25 years at Swiss specialty chemicals company Clariant AG, holding a range of senior finance, general management and corporate development roles across Europe, Asia and the Americas, eventually becoming group CFO. Earlier in his career, he held finance leadership roles at Sandoz AG, Clariant’s predecessor.

    Jany holds a Master of Business Administration degree from ESCP Business School.

    “As CFO, he will be part of a strong management team, leading and shaping Borouge International into a global industrial leader with scale, reach and financial discipline, supporting its long-term growth ambitions,” the company said in its statement.

    Chemicals giant

    Abu Dhabi National Oil Company’s (Adnoc Group) overseas investment arm XRG and Austrian energy major OMV completed the creation of Borouge International, a global chemicals giant with the fourth-largest polyolefins production capacity in the world, on 31 March.

    The new entity was formed by the merger of Adnoc Group and OMV’s respective shareholdings in Abu Dhabi chemicals producer Borouge and Austria-based Borealis, as well as the acquisition of Canada-based Nova Chemicals.

    Adnoc and OMV started the transaction to merge their interests in Borouge and Borealis, as well as acquire Nova Chemicals, in March last year. In July, Adnoc announced it would transfer its stake in Borouge International to XRG upon completion of the transaction.

    Borouge International is headquartered and tax-domiciled in Austria, with regional headquarters in Abu Dhabi, UAE. The new company will operate corporate hubs across North America, Europe and Asia, with innovation centres in the UAE, Austria, Canada, Finland and Sweden.

    Financial prospects

    Borouge International will benefit from a superior resilient margin profile and well over $500m in identified earnings before interest, taxes, depreciation, and amortisation (ebitda) run-rate synergies per annum, with 75% expected to be realised within the first three years, XRG said at the time of creation of the entity.

    “The company’s global reach, combined with long-term shareholders and a robust capital structure, will deliver resilience throughout the business cycle and an enhanced ability to drive consistent performance and sustainable value for shareholders,” XRG said in its statement.

    The new company has also secured credit ratings of A (Negative) / Baa1 (Stable) / A- (Stable) ratings from S&P, Moody’s and Fitch, respectively, “confirming its robust financial position and capital structure and ability to access a range of long-term financing options”.

    “XRG and OMV are committed to maintaining investment-grade credit ratings for Borouge International,” they said.

    Additionally, Adnoc and OMV plan to tender an offer to convert Borouge Plc shares to Borouge International AG shares, thereby “creating a simplified structure that will enable value creation from the new global growth platform”.

    The tender offer is expected to take place in 2027, subject to market conditions and approval by the UAE Capital Market Authority, with its timing “aligning with the new company’s future equity raise, to maximise value for all shareholders”.

    Until then, Borouge International will be privately held, and Borouge Plc shares will remain listed on the Abu Dhabi Securities Exchange (ADX). The recently received credit ratings factor in the impact and flexibility on timing of both the future equity raise and the planned acquisition of Borouge 4 at cost by Borouge International.

    Borouge International also recently announced a dividend payment of $1.32bn for 2025, “reflecting the company’s strong operational performance and record sales”.

    The final shareholder-approved dividend payment for 2025 amounts to $658m (8.1 fils per share), bringing the total 2025 dividend to approximately $1.32bn (16.2 fils per share). The dividend will be paid on or around 7 May to all shareholders of record as of 17 April.

    Including this dividend, Borouge Plc will have distributed $4.89bn in dividends since listing, one of the largest payout levels on the ADX over this period.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16476909/main.gif
    Indrajit Sen
  • Dubai’s RTA opens Hessa Street upgrade

    20 April 2026

    Dubai’s Roads & Transport Authority (RTA) has opened Hessa Street for public traffic after announcing that the construction of the road’s expansion has been completed.

    The scope of the project included expanding Hessa Street from two to four lanes in each direction and developing four intersections with Sheikh Zayed Road, First Al-Khail Street, Al-Asayel Street and Al-Khail Road. 

    The project increases the road’s capacity from 8,000 to 16,000 vehicles an hour in both directions.

    It will reduce the travel time from Sheikh Zayed Road to Hessa Street from 15 minutes to just four minutes.

    The Sheikh Zayed Road intersection will have a two-lane road heading from Sheikh Zayed Road to Hessa Street, eastwards to Emirates Road.

    The upgrade of the First Al-Khail intersection includes increasing the number of lanes from three to four in each direction on the existing Hessa Street Bridge.

    The third improvement covers upgrading the Hessa Street and Al-Asayel Street intersection by increasing the number of lanes from two to four in each direction.

    The Hessa Street and Al-Khail Road intersection upgrade includes the construction of a two-lane road to serve traffic travelling northwards to Al-Khail Road in the direction of Sharjah.

    The project mainly serves residential areas, including Al-Sufouh 2, Al-Barsha and Jumeirah Village Circle.

    In February 2024, MEED exclusively reported that the RTA had awarded a AED689m ($187.5m) contract to Turkiye’s Gunal Construction for the first phase of the Hessa Street improvement project.

    The RTA recently started the construction works on the second phase of the project.

    The scope covers upgrade works on three intersections, including the construction of bridges totalling 8.8 kilometres (km), a 480-metre tunnel, and enhancements to access points on surrounding roads to improve entry and exit flow on a 3km stretch between Al-Khail Road and Sheikh Mohammed Bin Zayed Road.

    READ THE APRIL 2026 MEED BUSINESS REVIEW – click here to view PDF

    Economic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.

    Distributed to senior decision-makers in the region and around the world, the April 2026 edition of MEED Business Review includes:

    > GCC CONTRACTOR RANKING: Construction guard undergoes a shift
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16475593/main.jpg
    Yasir Iqbal
  • Kuwait LNG project expected to be worth about $200m

    20 April 2026

     

    The planned Kuwaiti project to develop a reliquefaction unit at the Al-Zour LNG import terminal is expected to be worth about $200m, according to industry sources.

    The client on the project is state-owned Kuwait Integrated Petroleum Industries Company (Kipic).

    The project is focused on the development of a boil-off-gas unit at the import terminal, according to a report in Kuwait’s Al-Anba newspaper.

    The project scope includes engineering, procurement and construction works, along with pre-commissioning, commissioning and performance testing services.

    The list of prequalified companies is:

    • Fluor (US)
    • GS Engineering & Construction (South Korea)
    • Tecnicas Reunidas (Spain)
    • Larsen & Toubro (India)
    • Hyundai Engineering (South Korea)
    • CTCI Corporation (Taiwan)
    • Daewoo Engineering & Construction (South Korea)
    • Hyundai Engineering & Construction (South Korea)
    • Saipem (Italy)
    • Samsung Engineering (South Korea)
    • Sinopec Engineering (China)
    • JGC Holdings (Japan)
    • KBR (US)
    • China National Petroleum Corporation (China)
    • Technip (France)

    Kuwait’s LNG import terminal is currently not operating due to disruption caused by the US and Israel’s war with Iran.

    READ THE APRIL 2026 MEED BUSINESS REVIEW – click here to view PDF

    Economic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.

    Distributed to senior decision-makers in the region and around the world, the April 2026 edition of MEED Business Review includes:

    > GCC CONTRACTOR RANKING: Construction guard undergoes a shift
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16445370/main1228.jpg
    Wil Crisp
  • Saudi Arabia’s Misk tenders residential package

    17 April 2026

     

    Saudi Arabia’s Mohammed Bin Salman Foundation (Misk Foundation) has floated two tenders for the construction of a residential community in District 5 of Prince Mohammed Bin Salman Nonprofit City in Riyadh.

    The first tender is split into two packages, one that covers the construction of 237 villas and the other covering 223.

    The second tender covers the construction of a community centre, swimming pool, mosque and school.

    The bid submission deadline for both tenders is 27 April.

    Misk Foundation is jointly developing the project in collaboration with local real estate developer Kinan.

    The estimated SR900m ($240m) project will span an area of about 121,692 square metres.

    In March 2022, the Misk Foundation released the masterplan for Prince Mohammed Bin Salman Nonprofit City.

    Saudi Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud said in November 2021 that the Misk Foundation development in Riyadh will be the world’s first non-profit city.

    “Prince Mohammed Bin Salman Nonprofit City, which implements the digital twin model, will host academies; colleges; Misk schools; a conference centre; a science museum; and a creative centre offering a space to support the ambitions of innovators in sciences and new-generation technology, such as AI [artificial intelligence], IoT [Internet of Things] and robotics,” he said.  

    “It will also feature an arts academy and art gallery, a performing arts theatre, a play area, a cooking academy and an integrated residential complex.

    “In addition, the city will host venture capital firms and investors to support and incubate innovative enterprises to drive community contributions from around the world.”

    The consultants working on the project include Germany’s Albert Speer + Partner as master planner and architect, and UK-based Buro Happold as the engineer. The project manager for the first phase of construction is UK-based Mace.

    MEED’s April 2026 report on Saudi Arabia includes:

    > COMMENT: Risk accelerates Saudi spending shift
    > GVT &: ECONOMY: Riyadh navigates a changed landscape
    > BANKING: Testing times for Saudi banks
    > UPSTREAM: Offshore oil and gas projects to dominate Aramco capex in 2026
    > DOWNSTREAM: Saudi downstream projects market enters lean period
    > POWER: Wind power gathers pace in Saudi Arabia
    > WATER: Sharakat plan signals next phase of Saudi water expansion
    > CONSTRUCTION: Saudi construction enters a period of strategic readjustment
    > TRANSPORT: Rail expansion powers Saudi Arabia’s infrastructure push

    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16440697/main.png
    Yasir Iqbal