Quant, led by Ahmed Bukhamseen, is transforming Saudi Arabia’s real estate market by providing critical data to investors. With recent regulatory changes around data protection, Quant transitioned to local hosting in Saudi Arabia, improving its operations. Partnering with Huawei, the company enhances its app with comprehensive property data, aiming to facilitate seamless transactions for both local and foreign investors.
Saudi Arabia, despite its wealth and the attractiveness of its property market to investors, has historically lacked robust data in the real estate sector. Ahmed Bukhamseen, through his company Quant, aims to transform this landscape by providing comprehensive pricing and property information to potential buyers and investors. Central to Quant’s operation is its extensive data collection, including advertised and realized prices, mapping, construction details, and geo-spatial data.
During a recent discussion at the Mobile World Congress in Barcelona, Mr. Bukhamseen detailed the regulatory challenges faced by the company, primarily around data protection. The newly implemented Saudi data protection laws, similar to GDPR, necessitated a local data hosting solution. This drove Quant to transition from using Azure services in Europe back to local hosting within Saudi Arabia to comply with the regulations.
Quant initially derived its data from Saudi municipal registries but has since enhanced this information with local and high-resolution satellite imagery. The need for robust data storage and processing capabilities grew as the company expanded its operations, necessitating a shift from using a European data centre to a local one. This transition reduced costs and allowed for effective data management.
The company utilizes satellite imagery to generate up-to-date views of buildings, initially capturing images every two weeks, now enhancing that frequency to daily. Implementation of Huawei’s cloud services was crucial due to low latency for data streaming, ensuring a seamless experience for users of Quant’s applications. The app caters to a diverse audience, including first-time buyers, property managers, investors, and landlords, fostering a more transparent property market.
Quant integrates multiple data sources, such as property prices, maps, and government documents, to aid users in making informed property decisions. Moving forward, the company plans to refine and augment its data offerings, focusing on specific feature detection and object recognition to provide further insights into property development.
While Quant possesses the expertise to develop its own analytical models, it has chosen to collaborate with Huawei, significantly reducing deployment time from six months to four hours. Future services could guide retailers in selecting optimal store locations based on neighborhood demographics, enhancing the value of collected data.
As Saudi Arabia rapidly evolves, Quant and Huawei recognize the necessity of maintaining this pace. The aim is to facilitate instant property purchases for foreign investors and provide essential data for informed decisions. The Quant app, available for download, along with Huawei’s offerings, promises to reshape real estate investment dynamics in the region.
In conclusion, Quant is revolutionizing Saudi Arabia’s real estate market by providing essential data and market insights. Through strategic partnerships, particularly with Huawei, the company addresses significant challenges in data management and protection. As Quant continues to enrich its services and expand its offerings, it aims to empower investors and streamline property transactions in the rapidly developing Saudi market.
Original Source: www.artificialintelligence-news.com
