15/02/2025
Share:
15/02/2025
Share:
KUWAIT CITY, Feb 15: Kuwait International Bank (KIB), in collaboration with the Real Estate Union, organized a workshop titled "The Digital Transformation Revolution and Its Impact on the Real Estate Market." The event brought together a distinguished group of investors, experts, specialists in the real estate sector, and government agencies.
The workshop explored key topics, including inspiring success stories in PropTech (property technology), the impact of digital transformation on Kuwait’s real estate market, and the role of emerging technologies such as artificial intelligence, big data, and digital real estate services. It also addressed challenges faced by real estate investors and proposed solutions to enhance transparency and data accessibility.
The workshop featured the launch of KIB’s innovative digital services through the KIB Aqari app, underscoring the Bank’s commitment to developing modern solutions that cater to investors' needs. These services include the construction cost calculator for residential plots in the banking sector, and the first digital real estate financing calculator for investment and commercial projects. Additionally, KIB shed light on its real estate appraisal services, the comprehensive real estate database providing accurate market insights to support investor decisions, and a fee-free digital rent collection service designed specifically for property owners.
Commenting on the initiative, Jassim Al-Abdulhadi, General Manager of the Real Estate Department at KIB, stated: "The launch of these services aligns with our ambitious strategy to develop digital banking solutions for the real estate sector, aimed at enhancing transparency, improving efficiency, and enabling investors to access data more quickly and accurately. We are committed to crafting innovative solutions that elevate Kuwait’s real estate market and cater to the needs of both investors and users."
From his side, Ibrahim Al-Awadi, Chairman of the Board of Directors of the Real Estate Union, stated: "There is no doubt that digital transformation has become an urgent necessity in the real estate market, as it enhances the business environment, streamlines processes, and strengthens trust between investors and real estate developers. This workshop highlights the importance of adopting modern technology to ensure the sustainability and growth of Kuwait’s real estate sector."
In his turn, Fahad Al Saleh, Manager of the Real Estate Advisory Division and the Product Development and Support Division (PDSD), elaborated: "Digitizing real estate services enhances efficiency, reduces risks, and increases transparency—key objectives we aim to achieve with KIB’s newly launched services. We are committed to delivering advanced technological solutions that empower real estate investors with the tools they need to make informed decisions, ultimately boosting the attractiveness of Kuwait’s real estate market."
The workshop concluded with practical recommendations for public and private sector entities, including proposals to enhance the real estate sector’s digital infrastructure and strengthen collaboration between the public and private sectors in developing and leveraging technology for real estate services. These efforts aim to improve investor access to reliable, transparent data, ultimately enhancing the attractiveness and sustainability of Kuwait’s real estate market.
