Abu Dhabi’s Aldar invests in proptech

by Editor

Through a partnership with Taronga Ventures, Aldar Properties has increased its exposure to international real estate technology funds.

Aldar’s investment encourages the industry’s adoption of innovative technology.

By investing in them through its fund and giving them access to its network of top real estate co-investors, Taronga Ventures (Taronga) has created a global ecosystem for the growth and scaling of innovation-driven businesses.

“Aldar’s innovation journey is accelerating at a rapid rate. By using global technology and tech-enabled firms, Aldar is not only able to further diversify its operations, but also assist the transfer of innovation to the real estate market in the Middle East,” Maan Al Awlaqi, executive director of Strategy and Transformation at Aldar, stated.

“Taronga Ventures’ focus on the APAC region as well as its ability to identify technology companies that have far-reaching positive ESG impacts aligns with our vision to advance the UAE’s property sector through new technology and sustainability-focused solutions.”

Aldar and Taronga Ventures will invest together in technology, which will create new ways for Aldar to make money and improve its portfolio.

Aldar can also establish key alliances to improve technical knowledge transfer and ideation in the Middle East.

“Having worked and lived in Abu Dhabi, we are thrilled to be returning to this vital region to support emerging technology companies alongside a partner as strong and dynamic as Aldar, “Jonathan Hannam, co-founder and managing partner of Taronga Ventures, stated. 

“We can see immediate growth opportunities for many of the Fund’s investments within the existing Aldar portfolio and especially in new developments being undertaken by the group. We will also be working closely with Aldar to further develop the technology ecosystem in the Middle East.”

This agreement diversifies Aldar’s exposure to the industry by leveraging Taronga Ventures’ global mandate and APAC location.

Taronga Ventures is a certified carbon-neutral platform that focuses on partnerships with businesses that align with the UN’s Sustainable Development Goals. This fits in with Aldar’s efforts to decarbonize the real estate industry.

Aldar’s first real estate fund investment is in APAC, where $26 billion is expected to be invested in proptech by 2024.

Aldar has also invested in four other real estate technology funds.

Along with corporate innovation and incubation programs for entrepreneurs, these investments help the company advance creative practices.

Aldar Scale Up aims to support the growth of the PropTech industry in the UAE, and Manassah is Aldar’s entrepreneurship incubator program designed to support retail technology start-ups and talent in the MENA region.

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