THE EMERGENCE OF SMART CITIES
Central to urban evolution, smart cities rely on technology to innovate sustainable and efficient processes that address urbanization challenges.
Saudi Arabia sets an exemplar with its smart cities like NEOM, The Line, and Qaddiya, which have harnessed the power of functional smart practices. Segments such as smart infrastructure, smart governance, smart education, smart energy, smart mobility, smart healthcare, smart buildings, and more set the framework for these advanced urban spaces (Allied Market Research).
An excellent case study is The Line, which leverages smart infrastructure and mobility to guarantee access to any service or product within a five-minute commute, promoting market growth and life quality.
Saudi Arabia's National Transformation Program has further enriched this tech-driven approach, implementing five smart initiatives that include smart parking, smart lighting systems, smart solid waste disposal, smart cameras, and environment pollution monitoring tools.
In essence, smart cities strive to enhance urban development, promote tourism, competitiveness, boost urban sustainability, improve city management efficiency, and mitigate environmental impacts.
PROPTECH: THE FUTURE OF REAL ESTATE
The PropTech landscape in Saudi Arabia has shown impressive growth over recent years. A surge of innovative startups has transformed property search, price comparison, and short-term rental platforms.
The property technology paradigm has shifted from basic search and discovery towards immersive experiences such as virtual reality for site viewings, investment platforms, and AI-assisted property management.
Major contributors to Saudi Arabia's PropTech movement include Savills Middle East, Darent, Spaceti, StellaStays Inc, Stealth Proptech, Mabaat, and Simaat Platform.
HEALTHCARE SECTOR EVOLUTION
Vision 2030 also aims to revolutionize the healthcare sector, with an emphasis on boosting hospital capacity, increasing healthcare centers, and enhancing preventative care. As the population of Saudi Arabia expands, the demand for healthcare facilities also grows, prompting the real estate market's evolution in this sector and presenting new opportunities for businesses and investors.
The Health Sector Transformation Program, one of the 11 Vision Realization Programs (VRPs), aims to enhance public health, disease prevention, and accessibility to health services.
KEY MILESTONES ACHIEVED
- Saudi Arabia's healthcare system has seen significant investment and digitisation, resulting in 90% of patients receiving urgent medical care within 4 hours of arrival.
- Saudi Arabia has committed heavily to the construction and maintenance of road infrastructure, resulting in a 55% decrease in road accident fatalities in just five years.
- The launch of the world's largest virtual hospital, SEHA Virtual Hospital, in 2022 has been monumental, employing cutting-edge technologies to support crucial health facilities linked to 130 hospitals and offer 34 specialized services.
- Training of over 345K healthcare volunteers to assist hospital staff and raise health awareness within their communities.
- The average life expectancy in Saudi Arabia has seen an increment from 74.8 to 75.3 years in just four years, due to improved health services, a focus on preventative care, reduction in infectious diseases, and greater primary care utilization.
For an extensive exploration of Saudi Arabia's dynamic transformation in the realm of real estate, consider delving into this insightful report available at Cityscape Intelligence. This comprehensive resource offers an in-depth view of the country's ambitious strides towards redefining real estate, aligned with Vision 2030.