Like most sectors affected by forced lockdowns, economic contraction, and falling energy prices, the UAE construction industry is reducing the number of new projects. However, leading UAE-based construction companies to see opportunities in digitization and improving the industry by becoming more efficient through the application of technology.
Three quick wins for the industry
a) Good visibility & responsibility
b) Speed in solving problems
c) Effective integration of BIM
As the sector in the UAE faces new realities, the adoption of technology and machine learning will make the industry more systematic and collaborative through architectural tech and protech applications.
Why use technology?
If you are now looking for a property with how we used to, the process is much simpler and more accessible. Gone are the days when newspapers filled with endless pages of classified ads and struggled to find what suited their needs. Now, we can not only use digital resources to streamline property search on the go, but we can also move forward with innovation and further improvements.
How do you see the future of the industry in terms of tech progress?
Although the use of technology in the area’s property market is still in its infancy, the range is truly transformative. We are already beginning to see a wave of technology-based proprotech solutions changing the way we communicate with customers in the industry. Chatbots powered by Artificial Intelligence (AI) has begun to answer customer questions. AI is starting to help agents with property values by processing historical data and analyzing images of certain aspects of the property. AI can compare current and previous user behavior and make recommendations based on different results.
The real estate industry around the world is also closely monitoring blockchain technology. Smart contracts and tokenization can turn real estate into a liquid asset that can be traded through digital channels.
Technology, including smart buildings, robotic process automation, machine learning, AI, Internet of Things (IoT), augmented reality, and blockchain, plays a key role in furthering Dubai’s reputation. The key investment hub, when making rapid purchases — is supported by analytics, which is of particular interest to foreign buyers.
Adel Mawla, Managing Director, Proptech Community, said: “The UAE is well known as a pioneer of change and we are learning from it.
The UAE is the essence of the modern metropolis. It is a smart city that utilizes the most innovative technology in the world to provide the best quality of life. It is a leading investment destination that attracts the largest multinationals around the world due to its strategic position and global business environment.
The Virtual Platform, the UAE’s first proptech community aims to provide real-time information, networking (online and offline) by updating its members by introducing the latest innovations and new business strategies that facilitate industry players.