Riyadh June 14 2023: SoumTech, the Saudi online auction platform licensed by the Entrustment and Liquidation Center “Infath”, closed earlier this week, the largest online real estate auction in Saudi Arabia, with sales exceeding SAR 600 million.
The number of registered users in the auction exceeded 2,300, while the number of bidders surpassed 600, and the auction witnessed over 18,000 bids placed on 381 land plots.
SoumTech’s CEO, Khalid Al Dossary, proudly acknowledged the hard work and dedication of the platform team. “Today we’ve not just marked a milestone, but we’ve transformed the way real estate is bought and sold in the Kingdom,” said Al Dossary. “Nearly one million square meters of land were transacted on our platform, demonstrating the power and potential of digitizing real estate auctions.”
Further emphasizing the disruptive nature of SoumTech’s platform, Al Dossary pointed out the simplicity and transparency of the auction process. “We’ve democratized access to real estate transactions. A buyer can now participate in an auction with just a few clicks – it’s a revolution in convenience and efficiency. At the same time, our robust security measures ensure that every transaction and participant’s data is secured and safe.”
It is worth mentioning that SoumTech specializes in offering real estate for sale via online auctions with 100% digital experience, and it is one of the first online auction platforms licensed by “Infath” in the Kingdom. Furthermore, SOUMTECH is a startup built by the Saudi Venture Studio BIM Ventures that focuses on building and investing in tech startups.
On his part, Mohamed Amine Merah, Managing Partner and CEO of BIM Ventures said: “I am proud of the journey of this pioneering platform, which was launched in late 2022 and made impressive achievements in a record time.” He pointed to the significant ambitions of SoumTech team and its high aspirations and eagerness to make a difference in the PropTech field.
