April 2021 (Manama, Bahrain) – One of MENA’s leading FinTech Hub; Bahrain FinTech Bay joins efforts with the Real Estate Regulatory Authority (RERA) to bolster PROPTECH within the Kingdom and make it a pioneer in the MENA region. The joint efforts of the two entities, in line with the Kingdom’s Vision 2030 and the National Real Estate Plan (2021-2024) will be accelerated to achieve a strong and sustainable real estate sector.
Bahrain FinTech Bay will support in developing practical, scalable, and innovative solutions for the real estate sector with prime focus on the first key pillar ‘Leadership in service innovation’ of the National Real Estate plan. Furthermore, the largest FinTech Hub in the region will develop strategic initiatives in partnership with RERA including key joint projects, PropTech focused acceleration programs, and more.
In this occasion, His Excellency Sheikh Mohammed bin Khalifa Al Khalifa, Chief Executive Officer of RERA stated: “ Leadership in service innovation is one of the main pillars in the National Real Estate Plan and RERA’s Collaboration with Bahrain FinTech Bay will accelerate this mission to create an integrated investment-friendly ecosystem and bring in technology-focused regulatory reforms that will further position Bahrain as the premier destination for real estate investment both regionally and globally.”
His Excellency added that RERA is taking measures to ensure the sustainability of the growth achieved in the performance of the real estate sector and maintain the important position and its positive contribution to the growth of GDP of the Kingdom of Bahrain, and that all RERA efforts is based on legal framework and effective procedures to achieve sustainability and competitiveness in this sector.
The Middle East particularly a large and far-reaching PropTech market has emerged. Bahrain FinTech Bay will support RERA in harnessing PropTech tools and solutions to better engage and enhance technology within the sector. In the kingdom, various proptech solutions have been rolled out that allow comparative house hunting, or competitive asset management to be undertaken from home or the office.
CEO of Bahrain FinTech Bay, Khalid Dannish commented on this partnership, “We are proud to be partnering with RERA to assist in the execution of the one of the pillars of the National Real Estate Plan, which is aligned to the Kingdom’s Vision 2030. The real estate sector is ripe for disruptive innovation and PropTech solutions leveraging technologies such as blockchain and A.I. in equity and debt crowdfunding platforms, Mortgage Tech, and creating liquidity in the asset class will play a pivotal role in enabling the growth of the sector by being more automated, efficient and optimized for investors, property managers, developers and consumers. FinTech in Real Estate is a large vertical of the next wave of PropTech solutions.”
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