Riyadh, Saudi Arabia — Saudi-based PropTech platform ARK has successfully raised $1 million in a pre-seed funding round led by Core Vision Investment. This fresh capital is set to bolster Ark’s capabilities in Saudi Arabia’s dynamic real estate market, positioning the platform to deliver innovative, Shariah-compliant investment solutions that meet growing demand.
Founded in 2023 by Waheed Al-Jassas, Ark operates under the Real Estate General Authority’s license, enabling it to offer diverse real estate investment options, including usufruct contract trading, across all regions in Saudi Arabia. As part of its commitment to ethical standards, Ark’s platform imposes no late penalties, ensuring full Shariah compliance.
Commenting on the investment, Faisal Abdul Salam, CEO of Core Vision Investment, commended Ark’s business model, expressing confidence in the platform’s potential to revolutionize the PropTech landscape in Saudi Arabia. “Ark’s approach aligns with the Kingdom’s vision for real estate innovation, fulfilling investor needs while enhancing the investment framework for usufruct contracts,” he said.
The funding announcement aligns with the Global PropTech Summit organized by the Real Estate General Authority, which spotlights digital transformation and the critical role of emerging technologies in shaping the future of the real estate sector. Ark’s strategic expansion into PropTech reflects this momentum, paving the way for new investment opportunities and fostering growth in Saudi Arabia’s evolving real estate market.
