For rolling out a programme for the property technology (PropTech) start-ups, UAEs largest listed property firm, Aldar, has united forces alongside startAD, an accelerator within the NYU Abu Dhabi.
Aldar stated within a statement on Tuesday that, Start-ups will offer ways of removing the roadblocks in the real estate sector such as an operative energy management, the expansion of smart cities and the guard of biodiverse ecosystems.
The programme offers an opportunity for capable start-ups to attach with larger trades and receive assistance to scale their trades and expansion in Abu Dhabi, Maan Al Awlaqi, executive director of strategy and transformation at Aldar, said.
The initiative, known as Aldar Scale Up, will take a number of global PropTech establishments to get elaborate in a four-month online programme. Five establishments will be elected at the cease of the period to partner with Aldar on pilot projects.
Aldar, which has a marketplace to take an advantage of almost Dh25.6bn, on Sunday declared a latest group operating model that will view a parent company administration its two core operating divisions –investment and development. Within the progress arm, a new unit known as Adnoc Ventures has been created to “incubate and nurture new business opportunities and innovation areas”, the developer said.
“The PropTech sector seems to be finally gaining steam globally and is revolutionising the landscape as this narrative evolves, it is important that companies remain agile by tapping into emerging trends and investing time and resources in property technology,” he added.
“Infrastructure and construction programmes are known to have a direct link to economic growth, job creation and reduction of poverty,” Ramesh Jagannathan, vice-provost for entrepreneurship at NYU Abu Dhabi, and managing director of startAD, said.
“That is more than 60 per cent of what has been spent in the last two decades. Interestingly, 40 per cent of this spend could be recouped through improved productivity by digitalisation, and embracing currently available technologies,” Mr Jagannathan said.
Abu Dhabi’s Hub71 technology throttle will also intersection the programme’s selection committee.
Ten firms in total will be given the chance to field to a selection committee at the cease of the programme. In addition to working on pilot projects with Aldar, PropTech start-ups will be accessible the prospect to work with other UAE companies, Aldar said.
PropTech start-ups particular for Aldar Scale Up will also be continually shortlisted for Hub71’s incentive programme, which offers more than $400,000 worth of equity-free subsidies including free housing, health insurance and office space for up to three years.
The construction sector requirements to spend close to $57 trillion by 2030 to keep pace with global gross domestic product growth, according to the McKinsey Global Institute.