Hamad Bin Saedan converts Proptech to simplified joint stock, raises capital to SAR 23M

Logo of Hamad Mohammed Bin Saedan Real Estate Co.

Hamad Mohammed Bin Saedan Real Estate Co. said its indirectly owned subsidiary, Proptech, has been converted into a simplified joint stock company.

The company holds a 66% stake in Proptech through its subsidiary, Safqatuk Investment Co.

Hamad Bin Saedan said Proptech’s capital was raised from SAR 8 million to SAR 23 million, divided into 2.3 million ordinary shares.

The company said in a statement to Tadawul that the capital increase will be carried out by capitalizing partners’ credit balances according to their ownership shares, while its subsidiary Safqatuk will continue to hold 66% of Proptech’s capital before and after the increase.

The trade name change aligns the company’s new corporate identity with its strategy to expand in the real estate technology (Proptech) sector and strengthen its presence in the local market.

Proptech provides specialized technology solutions for property management and marketing, financial systems, electronic document management, and other digital services. Safqatuk continues to play a strategic role in investing in tech projects and startups within Proptech and other promising sectors.

Hamad Bin Saedan noted that the regulatory procedures for Proptech’s conversion, capital increase, and name change are still ongoing in accordance with the required legal processes.