Dubai AI Week: Huspy launches region's ‘first AI-powered mortgage chatbot'
Dubai-based proptech startup Huspy launched what it said is the GCC's first AI-powered mortgage chatbot on WhatsApp during Dubai AI Week 2025, as Pakistani interest in Dubai real estate continues to soar.
'This is more than just a technological milestone — it is a step toward a fully digital and frictionless home financing experience, in line with the UAE's vision for AI and innovation,' said Jad Antoun, founder & CEO of Huspy in a statement released on Thursday.
Dubai to lead next wave of AI development: Crown Prince
'The UAE's real estate sector continues to experience high demand, and now with AI, we are excited to power the future of home mortgages,' he added.
Huspy provides users with access to interest rate usage, real-time mortgage comparisons from a wide network of UAE banks, tailored eligibility assessments, and clear guidance on required documentation.
'At Huspy we are on a mission to radically transform the home buying journey, simplifying every step for the users with technology and innovation,' Antoun said.
He noted that UAE's AI market is expected to grow from approximately $3.47 billion in 2023–2024 to $46.33 billion by 2030, and will contribute 14% of the GDP.
The launch comes at a time of significant expansion in the UAE's real estate market, following record highs in 2024 when the UAE saw home sales exceed $243 billion in transactions, with mortgages growing to over $62 billion, the statement noted.
Huspy said it is the UAE's largest mortgage provider, processing 25% of home financing in Dubai.
In an exclusive chat with Business Recorder back in 2022, Huspy had said it has Pakistan's buyers and investors on its radar as it doubles down on the growth opportunity for its property platform.
'Pakistanis have been among the top 10 nationalities of home-buyers in Dubai for a number of years. They, in fact, own over $10 billion worth of properties in Dubai,' Azzam Fakhoury, then Head of Real Estate at Huspy, had told Business Recorder at the time.
2024: Pakistanis among top 5 buyers of real estate in Dubai
'We work to help both end-users and investors in Pakistan as well as other countries by finding the property, getting financing from their bank of choice at the lowest interest rate, and closing the deal,' he had added.
Dubai AI Week kicked off on Monday. Taking place from 21-25 April 2025, it will bring together over 10,000 participants from more than 100 nationalities, with attendees including global experts, entrepreneurs, policymakers, regulators, investors and tech innovators.
At the start of the week, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, said AI is crucial to shaping Dubai's future and those who do not embrace it will fall behind.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
2 hours ago
- Express Tribune
Pakistan's poverty rate rises to 44.7% under new World Bank thresholds
Listen to article ISLAMABAD: The World Bank has revised the global income thresholds used to measure poverty, resulting in a big increase in Pakistan's poverty headcount, which now stands at 44.7%. However, experts caution that the updated figure may still not fully capture current realities due to reliance on outdated data from the 2018-19 Household Income and Expenditure Survey (HIES). The Washington-based lender on Thursday released its new international poverty line to reflect changes in prices of goods and services and their implications on the global population. The new poverty line for Pakistan, which is a lower middle-income country, is set at $4.20 per person per day, up from $3.65, said Christina Wieser, the senior poverty economist of the World Bank, while briefing media persons on Thursday. She said that due to the upward revision, for the lower-middle income level, the poverty ratio has jumped from 39.8% of the old level to 44.7% on the threshold of $4.20 per day income. Read more: Poverty is imaginatively appraised, yet the poor remain poor The World Bank has also updated the extreme poverty line from $2.15 to $3 per person per day. Because of the revision in the threshold, 16.5% of the Pakistani population lives in extreme poverty, up from 4.9% under the previous $2.15 threshold, said Christina. She said that one of the reasons for such a high jump was that the majority of the people were clustered around the $2.15 to $3 per day income level, which resulted in a significant surge. About 82% of this increase in extreme poverty is due to the higher value of the new international poverty line reflecting increases in the national poverty lines of comparator countries, with the rest explained by price increases in Pakistan between 2017 and 2021, according to the World Bank. The World Bank has not used the latest population census data and instead relied on the United Nations population dataset. Christina also added that the underlying Household Income and Expenditure Survey (HIES) 2018/19 data has been used for both national and international estimates. While international poverty lines are essential for tracking global progress and comparisons, national lines remain more appropriate for informing country-specific policy decisions, said the senior economist. Also read: Rethinking Poverty: The Rise of New Poor in Pakistan Anything that has affected since 2019 is not included, neither COVID-19 nor the 2022 floods, as the baseline remains the same, said Christina while responding to a question. We are desperately looking forward to the new household integrated economic survey to update our baseline, she added. The local economists had estimated a sharp rise in poverty after the 2022 floods, which inundated one-fourth of the country and adversely impacted populations in three provinces. These updates to the international poverty lines ensure that poverty estimates remain accurate and comparable across countries. The methodology remains consistent with past updates, continuing a practice that began with the introduction of the dollar-a-day line in 1990, according to the World Bank economist. "The revisions help position Pakistan's poverty levels in a global context and underscore the importance of continued efforts to reduce vulnerability and improve resilience," said Najy Benhassine, the outgoing World Bank Country Director for Pakistan. For domestic policy and programme targeting, the national poverty line remains unchanged and continues to serve as the primary benchmark for assessing poverty within Pakistan, Christina said. The forthcoming World Bank Poverty, Equity, and Resilience Assessment for Pakistan will provide critical context for interpreting these updated poverty estimates, she added. The report would offer a detailed update on poverty, inequality, and non-monetary outcomes, will investigate key drivers of poverty, and outline a forward-looking agenda to enhance prosperity and resilience for all Pakistanis. Read more: World Bank-funded project cost doubles after revision According to the government's last officially available numbers, which are based on the 2018-19 survey, 21.9% of the population was living below the national poverty line. However, because national poverty lines differ widely, the resulting poverty rates are not comparable internationally. The need for new international poverty lines arises from the evolving price levels and cost of basic needs across the world and within income groups, according to Christina Wieser. To maintain accurate global comparisons, the World Bank periodically updates these poverty lines. International poverty estimates are based on the headcount of people with consumption below the international poverty line, defined in purchasing power parities (PPPs). Pakistan is among the countries experiencing the largest changes in poverty when transitioning to the 2021 PPPs based on the Low-Income International Poverty Line, according to the World Bank. The World Bank said that the international poverty line should be used only for cross-country comparison and analysis; for evaluating poverty in a particular country (Pakistan), the national poverty line remains the appropriate standard. The revisions help position Pakistan's poverty levels in a global context and underscore the importance of continued efforts to reduce vulnerability and improve resilience. The new figures reflect updated international thresholds and improved data from other countries, not deterioration in living standards, according to Christina.
Express Tribune
3 hours ago
- Express Tribune
PM Shehbaz lands in Saudi Arabia for two-day official visit
Listen to article Prime Minister Shehbaz Sharif has reached Jeddah on two-day official visit to Saudi Arabia, following an invitation from Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud. Upon his arrival in Jeddah on Thursday, Prime Minister Sharif was welcomed by Prince Saud bin Abdullah Al Jilawi, Governor of Jeddah, Saudi Ambassador to Pakistan Nawaf bin Saeed Al-Malki, Pakistan's Ambassador to Saudi Arabia Ahmed Farooq, and other senior diplomatic officials. Following his arrival, the Prime Minister and the Pakistani delegation proceeded to Makkah to perform Umrah. Prime Minister Muhammad Shehbaz Sharif {@CMShehbaz} undertakes an official visit to the Kingdom of Saudi Arabia, accompanied by a high-level delegation. During the visit, Prime Minister will meet with His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, the… — Government of Pakistan (@GovtofPakistan) June 5, 2025 According to the statement issued by Ministry of Foreign Affairs on Wednesday, during visit, Premier Sharif will hold talks with Crown Prince of Saudi Arabia Mohammed bin Salman bin Abdulaziz Al Saud. Key areas of discussion will include enhancing bilateral cooperation in trade and investment, advancing the welfare of the Muslim Ummah, and addressing regional peace and security concerns. The PM is also expected to express gratitude to the Saudi leadership for its constructive role in de-escalating the recent conflict between Pakistan and India, highlighting the importance of Saudi Arabia's support in fostering peace in the region. 🔊PR NO.1️⃣6️⃣2️⃣/2️⃣0️⃣2️⃣5️⃣ Curtain Raiser: Visit of Prime Minister of Pakistan to Saudi Arabia. 🔗⬇️ — Ministry of Foreign Affairs - Pakistan (@ForeignOfficePk) June 4, 2025 "This visit underscores the deep-rooted, time-tested ties between Pakistan and Saudi Arabia, anchored in shared faith, mutual respect, and strategic partnership. It reaffirms the leadership's commitment to deepening economic and diplomatic engagement, aligning with Saudi Arabia's Vision 2030 and Pakistan's development priorities," read the statement. Last week, Premier Sharif concluded a diplomatic tour, visiting four countries to strengthen regional partnerships in the wake of heightened tensions with India. Read More: Pakistan, Turkiye and Azerbaijan reaffirm unity at trilateral summit The tour served as an important opportunity for Pakistan to personally express its gratitude to these nations for their support during the recent escalation. The trip focused on reinforcing bilateral ties and promoting peace, with the PM thanking key allies for their role in de-escalating the situation with India.
Business Recorder
5 hours ago
- Business Recorder
Gucci owner Kering in talks to sell stake in $1 billion Fifth Avenue property, sources say
PARIS/MILAN: Gucci owner Kering is in exclusive talks with buyout group Ardian about the sale of a stake in a prestigious Fifth Avenue building it bought just over a year ago, two people with direct knowledge of the matter told Reuters. The negotiations are part of the French luxury group's broad strategy to cut costs and sell stakes in prime real estate to help lower its heavy debt as the industry struggles with sagging consumer demand. Kering and Ardian declined to comment. Kering, controlled by family of CEO Francois-Henri Pinault, bought 715-717 Fifth Avenue in January 2024 for $963 million to secure a top retail location in one of the world's most popular shopping streets. The property stretches over 115,000 square feet across several stores. Kering's net debt soared to 10.5 billion euros ($12 billion) by the end of 2024, from close to zero three years earlier, following a shopping spree that saw roughly 4 billion euros spent on top properties in New York, Milan and Paris. Deputy CEO Jean-Marc Duplaix said earlier this year that Kering expects to raise 2 billion euros or more over the next two years through real estate transactions. Under a deal struck in January, Paris-based Ardian took a 60% stake in a joint venture with Kering containing three prestigious Paris properties, raising 837 million euros for the luxury group, which retained a 40% stake. The New York property discussions are also about the sale of a stake, said the sources, declining to comment on the value of the possible transaction or size of the stake under discussion. 'We continue to work not to resell these assets, but to sell part of them and have a co-shareholder,' Duplaix told shareholders in April. He added that the properties in Milan's Via Montenapoleone and on the Fifth Avenue were among the buildings under discussion, as well as real estate in Tokyo. Duplaix said that maintaining a presence in the main shopping streets was essential for Kering's brands, which also include Balenciaga and Saint Laurent. According to Cushman & Wakefield, Via Montenapoleone in Milan was the world's most expensive street for rents in 2024, followed by the upper-end of New York's Fifth Avenue.
