Image: Dubai Media Office/ For illustrative purposes
The Dubai Land Department (DLD) has teamed up with the American investment firm Second Century Ventures to introduce REACH Middle East, a real estate technology accelerator aimed at fostering innovation within the industry. Applications are now open for the inaugural cohort of the program, where selected startups could receive a total of up to $1.5 million in funding.
REACH Middle East, overseen by real estate tech entrepreneurs Siddiq Farid and Karim Helal, will span eight months and is set to target as many as 10 startups that are generating revenue, particularly those in the seed to Series A funding stages.
Each chosen startup can secure as much as $250,000 in seed funding, along with mentorship opportunities, access to pilot initiatives with real estate developers and governmental bodies, and avenues for regional and international expansion.
This initiative aligns with the UAE’s broader aims towards digital transformation, as defined in the UAE Digital Economy Strategy, the Dubai Economic Agenda D33, and the Dubai Real Estate Sector Strategy 2033, all of which collectively aim to inject more than $27 billion into the national economy.
Furthermore, the program complements various regional efforts like Abu Dhabi’s Hub71 and innovation centers linked to Saudi Arabia’s Vision 2030, including the NEOM Innovation Hub and the Saudi Real Estate Development Fund.
“Starting from Dubai, this accelerator will deliver unique support to entrepreneurs, nurturing solutions that have a meaningful impact across the Middle East and contributing to the global real estate landscape,” stated Dr. Mahmoud AlBurai, head of Policies and Innovation at DLD.
DLD-SCV accelerator to enhance technology in real estate and related domains
The accelerator aims to assist startups utilizing innovative technologies such as AI, IoT, and blockchain within the realms of real estate, construction, sustainability, and property management.
In addition to financial support, participants will receive valuable mentorship, opportunities to showcase their innovations at key industry events, and integration into REACH’s extensive global network comprising over 330 alumni businesses.
“The MENA region leads the charge in real estate innovation, and REACH Middle East is dedicated to empowering startups to tackle real-world challenges,” remarked Siddiq Farid, Managing Director of REACH Middle East.
Second Century Ventures, the investment arm of the National Association of Realtors, is among the most engaged global funds in the field of real estate tech, supporting REACH programs across various international markets.
“REACH presents a distinctive chance for startups to join a transformative ecosystem,” commented Dave Garland, Managing Partner at Second Century Ventures. “We invite ambitious startups to apply and take part in shaping the future of proptech in the MENA region and beyond.”
Interested startups can submit their applications for the REACH Middle East accelerator through the designated link.