< Previous40 FEBRUARY 2023 | OP-ED | AI IN REAL ESTATE: THE PATH TO A DIGITAL FUTURE? Over the years there has been a multitude of technological advancements that have played their part in shaping the framework of businesses across industries, but none has been as progressive or disruptive as Artificial Intelligence (AI). This can be primarily demonstrated in the increased investment in AI from $3 billion in 2012 to $75 billion in 2020, marking a staggering 2500% increase. Having said that, while this first-of-its-kind technology has been disrupting the way of work in many industries across the globe, real estate has been relatively slow in adopting it. However, change is on the horizon given the rise in venture capital investment and the PropTech market’s emergence which is anticipated to grow from $18.2 billion in 2022 to $86.5 billion in 2032. With buyers resorting to technology for every light bulb moment, AI has assumed an elevated status quo globally, slowly infiltrating every aspect of the built environment, renovating, and innovating it for the future. The MEA reality market is undergoing a similar transformation. While the early stages of this transformation witnessed the use of disparate and largely unconnected digital technologies, AI advancements have now ushered in more sophisticated and integrated applications, with a greater emphasis on virtual design and construction (VDC). Liberating stakeholders from the compulsion to use a single enterprise- wide solution, advances in AI have further empowered them to ‘mix and match’ technologies from different vendors according to their relative performance at different stages in their project’s life cycle. Evolving technologies such as ‘digital twins’ have highlighted how AI-driven solutions can transform the design, delivery, and operation of projects creating a huge stir among industry players. Today, technology is responsible to shape some of the biggest projects in MEA like NEOM, Lamina Towers, and One Human Reality to name a few. While its adoption was initially leveraged for major developments, such as new and master planned CBD, largely controlled by a single owner, it is most likely to find a commonplace in smaller projects in the near future. As the region’s developers, contractors, and owners rethink their strategy playbook to make AI a focal point, a variety of AI- based tools and technologies are rapidly expanding in the market, making it more cost-effective and thus broadening its appeal to the larger real estate community. For instance, the same digital twins that are currently assisting urban planners to create livable cities could potentially be leveraged by architects for designing projects, property developers seeking virtual design and construction tools, facility managers seeking operational efficiencies, and major space occupancies. While AI is poised to upend the realty world, the key to future success will involve the identification of a range of independent but consistent technologies that can be combined to create an enterprise architecture road map covering the entire life span of any real estate project. This will necessitate a flexible and technologically agnostic approach that is able to identify the right tool for the right job at the right time. Even though many companies are yet to explore the real potential of the technology, progress is being made, propelled by the region’s ambition to create digital economies. We are confident that AI is here to stay and is bound to scale the growth trajectory of the real estate sector to greater heights. AI has assumed an elevated status globally, slowly in ltrating every aspect of the built environment, explains Samit Sheth, digital delivery lead MEA for JLL Samit Sheth, digital delivery lead, JLL MEA. | OP-ED |TUESDAY 7TH MARCH 2023 CROWNE PLAZA JEDDAH AL SALAM, KSA BUILDING A WORLD-CLASS INFRASTRUCTURE FOR JEDDAH REGISTER TO A TTEND RERERERERERERERERERERERRERERERERRRREEEEEEEEEEE GIGIGIGGGIGGGIGGGGGGGG IGGGGGGGSTST ERER T OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOATATATATAAAAAAAAAAAAAAAAAAAAAAAAAATAAAAAAAAAAAAAAAAATETETETETETETETETETETETEETETETETETETETETETETET ETETT EEEETT EE NDNDNDNDNNNNNDNNNNNNN As the principal gateway to Makkah, Jeddah is a key, growing urban hub for the Kingdom of Saudi Arabia and for the Middle East. With a strong list of transportation and infrastructure projects, Jeddah is committed towards achieving the Saudi Vision 2030 goals. Analysing the infrastructure project pipeline in Jeddah, the Construction Week KSA Infrastructure Summit will bring industry leaders and experts on the ground to discuss about making it a smart city with world-class infrastructure. Register to attend: www.constructionweeklive.com For sponsorship enquiries: MOUTAZ GADELHAK Senior Sales Manager T: +971 4 444 3177 E: Moutaz.Gadelhak@itp.com For event related enquiries: PARUL RANA Conference Producer T: +971 4 444 3226 E: Parul.Rana@itp.com42 FEBRUARY 2023 | THE LAST WORD | THE ART OF MASTERPLANNING SUSTAINABLE, SMART CITIES The inclusion of smart technology is no longer seen as an add-on to the master planning process and is now a fundamental cornerstone of any strategically planned development, either on individual developments or full city planning. Smart technology is vital to overcome the challenges that all urban planners alike face; namely traffic congestion, waste removal, the provision of energy and the environmental living conditions. With current estimates that over 4 billion people are expected to live in cities by 2050, this will only serve to intensify the challenges that city planners face, which in turn will require the acceleration of the development and implementation of the appropriate technologies needed to alleviate these issues. The United Nations Economic Commission for Europe (UNECE) and the International Telecommunication Union (ITU) jointly defined a smart sustainable city as an “innovative city that uses information communication technologies (ICTs) and other means to improve quality of life, efficiency of urban operation and services and competitiveness, while ensuring that it meets the needs of present and future generations with respect to economic, social, environmental as well as cultural aspects.” The UAE as a nation is at the forefront of leading the implementation of these smart strategies in their future projects and is both investing and implementing these technologies directly across its current infrastructure. In 2021, Dubai launched, Smart Strategy Dubai with the intention of developing and implementing key technology initiatives across its city. By sponsoring and hosting a number of key technology startups geared towards improving the lives of residents, they have real time access to both the technology and the ongoing developments at planning stage to ensure application. Typically, these strategies have centred around energy and water efficiency through reduction and efficient usage; waste reduction and the lowering of carbon emissions. The Middle East in particular is striving through innovative design to improve the walkability of its cities which has always been considered a significant challenge in this region. This aspect of lifestyle is considered fundamental to the enhancement of the human experience. With the impact the pandemic has had on the world in the last few years, our living and working conditions have altered drastically, seeing an increase in demand for easier access to the fundamental components of any community. Solving this challenge and improving walkability will have a significant impact on energy usage, emissions, traffic congestion and the potential for carbon-free public transport. With people becoming more connected to everything the components of community living have now altered with the necessity for cloud kitchens and mobile data centres now considered a key factor in any masterplan, with the latter vital to ensuring the connectivity of the technologies. Blockchain has now started to factor more heavily in this thinking and again the UAE has long been a driver in advancing technology limits and as such they seek to be the first in the world to be powered entirely by blockchain technology. Patrick Rouse is the chief development & projects of cer at Eltizam Middle East.FUTURE OF BIM & DIGITAL TWINS STARTS HERE! Event theme is Enabling Digital Transformation and includes a 2-day conference plus workshop on latest developments for BIM, Digital Twins, GIS, and related technology. Presentations focus on the role of digital construction from project concept and design, project management, to full lifecycle asset management. This is the Kingdom’s leading event for BIM & Digital Twins! Presentations are by government and private sector organizations at the forefront of the Kingdom’s construction industry, and mega projects. Plus, international organizations that are leaders in smart sustainable construction and built asset management. Event website with further details is: www.bimdtksa.com NETWORK, MEET YOUR TARGET MARKET, AND DO BUSINESS! Adjacent to the strategic level conference is the expo area where event sponsors and exhibitors showcase the latest digital construction and asset management technology and services to delegates during the conference breaks. If this is your target market, then book now as the 2022 event booked out. For further details including event sponsorship and exhibitor opportunities call: Anthony Sprange Director of Conferences at ITP Media Group +971 (0)58 598 9062 or email: anthony.sprange@itp.com 14 & 15 FEBRUARY 2023, CROWNE PLAZA RIYADH AL WAHA LUNCH SPONSORASSOCIATE SPONSORGOLD SPONSORPOWERED BYMEDIA PARTNER BIM & DIGITAL TWINS SAUDI ARABIA 2023 CONFERENCE & EXPO OPEN BIM & DIGITAL TWINS: THE KEY TO INDUSTRY 4.0 EVENT PARTNER: STR ATEGIC PARTNER: Scan the QR code to learn more about the event and register KEYNOTE PRESENTATIONS INCLUDE: CASEY RUTLAND Vice Chair, UK BIM Alliance & Chair, buildingSMART UK & Ireland MENNO DE JONGE Director Digital Delivery, NEOM DAVID GLENNON Senior Digital Delivery Director, The Red Sea Development Company DR. ABDULLAH AL-HALAFI Digital Twin Consultant & VP, International Society of Automation WASSIM GHADBAN Vice President, Global Innovation & Digital Engineering, Kent BADR BURSHAID President, Project Management Institute KSA Chapter DR SALAH OMRAN Senior Projects BIM Manager, Turner International ABDELRAHMAN ABOUHADID BIM Manager, MaceHOIST & MAST CLIMBER Rental SolutionsNext >