Redcon International and Saudi ConTech have signed an agreement to create a new ConTech Fund in Saudi Arabia, with the aim of boosting innovation and digitalization in the sector, according to Daily News Egypt. The agreement was formalised during the FII PRIORITY Europe 2026, held in Rome, between 17 and 19 June.

The new ConTech Fund was created with the aim of supporting innovation, accelerating digital transformation and promoting the adoption of technologies under construction on a national scale.

The initiative combines Redcon’s experience in engineering and construction with Saudi ConTech’s specialization in technology applied to the sector, with the aim of generating synergies between the different agents of the ecosystem.

The fund is expected to promote collaboration between companies, technology providers and startups, to achieve a more integrated and innovative ecosystem, according to the information published.

Tarek El Gamal, president of Redcon Group, explained that the fund is aimed at supporting the development of the construction sector in Saudi Arabia and the growth of its volume of projects.

In this context, Redcon has highlighted its experience in the implementation of construction technologies and sustainable practices in various projects.

For his part, Fehaid Alruqi, CEO and co-founder of Saudi ConTech, stressed that the agreement will facilitate the adoption of digital tools in the Saudi market.

The creation of this fund represents a new step in the consolidation of a growing ConTech ecosystem, capable of attracting innovation and accelerating the transformation of the construction sector.

With initiatives such as this, Saudi Arabia strengthens its position as a key market in the development of new construction models, in line with the objectives of its national strategy.