Redcon International and Saudi ConTech have signed a cooperation agreement to establish the ConTech Fund in Saudi Arabia, aimed at supporting innovation, accelerating digital transformation, and encouraging the adoption of construction technologies across the Kingdom.
The agreement was signed by Tarek El Gamal, Chairperson of Redcon Group and Redcon International, and Fehaid Alruqi, CEO and Co-founder of Saudi ConTech, in the presence of Mohamed Alhadidi, CEO of Redcon International, along with representatives from both companies.
The signing took place during FII PRIORITY Europe 2026, held in Rome, Italy, in June 2026.
The fund combines Redcon’s experience in construction and engineering with Saudi ConTech’s focus on technology in the construction sector. It is expected to support cooperation among industry participants, technology providers, and startups, and contribute to the development of the construction ecosystem.
Commenting on the agreement, Tarek El Gamal said the ConTech Fund is intended to support ongoing developments in Saudi Arabia’s construction sector and its expanding project pipeline.
He added that Redcon Group has implemented construction technologies and sustainability practices across a number of its projects.
For his part, Fehaid Alruqi said the agreement brings together construction and technology expertise from both sides.
He noted that the initiative could support the wider adoption of construction technologies and digital tools within the Saudi market.
Redcon International is the Saudi-based arm of Redcon Group and was established to participate in urban development projects in line with Saudi Vision 2030.
