Saudi Arabia is accelerating its push for cutting-edge technologies to transform its construction and real estate sectors.
Tonomus, a subsidiary of Crown Prince Mohammed bin Salman’s $500 billion Neom development, has partnered with the Public Investment Fund to launch a competition aimed at AI startups.
The competition, under the Tonomus Venture Studio’s Project PropTech, seeks ventures leveraging artificial intelligence, machine learning, and data analytics. The goal is to enhance pre-build project design, forecast construction costs, reduce overruns, and mitigate supply chain risks. Additionally, the competition invites innovations in sustainable building materials and methods to alleviate environmental pressure.
Global founders are encouraged to submit their ideas, with the chance to validate their concepts in Saudi Arabia and pitch for seed funding. Selected entrepreneurs will receive support from startup experts, mentors, and advisors for customer development, concept refinement, and business model guidance.
Submissions will be evaluated on their visibility, scalability, adoptability, and sustainability, providing a significant opportunity for AI startups to contribute to Saudi Arabia’s futuristic vision.
