Aldar enters APAC property market tech space with Taronga Ventures deal
This partnership represents Aldar’s fifth real estate technology fund investment
Abu Dhabi: Aldar Properties has entered into a partnership with Taronga Ventures, a real estate technology investor, it announced on Tuesday.
The deal will help Aldar increase its exposure to global real estate technology funds, and forms part of its broader innovation strategy, promoting the adoption of disruptive technologies within the property sector.
Through the partnership with Taronga, Aldar will gain access to technology co-investment opportunities providing additional revenue streams and new efficiencies for its portfolio. Simultaneously, the opportunities will allow Aldar to forge strategic partnerships that deepen technology knowledge transfer and ideation into the Middle East.
This partnership represents Aldar’s fifth real estate technology fund investment and diversifies Aldar’s exposure to the sector.
The investment is Aldar’s first in a real estate fund in the APAC region, where investment in proptech is expected to reach $26 billion by 2024, according to UNISSA, a global platform for proptech procurement.
Maan Al Awlaqi, Aldar’s Executive Director of Strategy and Transformation, said: “By tapping into technology and tech-enabled companies across the world, Aldar is not only able to further diversify its business, but crucially, it is able to facilitate the transfer of innovation to the Middle East’s real estate market.”