Please ensure Javascript is enabled for purposes of website accessibility Aldar Invites Tech Startups To Apply To Scale Up Programme As Shift To Web 3.0 Accelerates Globally
#Aldar General News

December 08, 2021

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Aldar Invites Tech Startups To Apply To Scale Up Programme As Shift To Web 3.0 Accelerates Globally
 

MOU signed between both entities on innovation, customer experience, digital transformation and sustainable practices in the real estate sector

Abu Dhabi, UAE – 05 December 2021: Following the issuance of UAE Federal Decree-Law No. (46) of 2021 on Electronic Transactions and Trust Services (“E-Law”), Majid Al Futtaim Communities, part of Majid Al Futtaim Properties, and Aldar Properties are working together to create and implement digital real estate sales platforms for their businesses. Allowing for convenient digital real estate sale transactions, the developers are aiming to be the first to implement such online sales systems in the UAE, with the platforms set to be launched when the E-Law comes into effect in Q1 2022.

The new E-Law allows for real estate transactions to be included within its scope of application. The digitalisation of the real estate transactions will make property purchases, sales and management a simple, quick and convenient process for both UAE and overseas customers. The E-Law regulates and allows electronic transactions to be conducted with confidence by recognising that a verified electronic signature has the same legal validity as a physical signature.

The move to electronic real estate transactions not only significantly reduces the time required to complete transactions, but it also enhances the customer experience and is more environmentally friendly due to the reduction in paper usage. Buyers can complete the transactions digitally from the comfort of their own home or office, regardless of where they are in the world.

The collaboration between Majid Al Futtaim and Aldar follows the recent signing of a Memorandum of Understanding (MOU) that will see both parties work together to enhance innovation, customer experience, digital transformation and sustainable practices in the real estate sector. Supporting the UAE’s drive to increase the contribution of the Fourth Industrial Revolution to the national economy, the MOU aims to encourage further knowledge sharing and collaborative innovation in the real estate sector.

“The issuance of the new E-Law and the initiation of our new digital real estate sales platform marks the next step in our digital transformation journey as we aim to become the region’s most customer-centric developer. As the first real estate organisations in the UAE to adopt this online system, Majid Al Futtaim welcomes this collaboration with Aldar and aims to work together to create a more innovative industry. Moving forward, this will allow our customers to experience seamless and safe transactions regardless of their location.” said Hawazen Esber, Chief Executive Officer, Majid Al Futtaim Communities.

Jonathan Emery, Chief Executive Officer at Aldar Development commented: “The new E-law is a significant development for the UAE’s real estate sector. It will not only improve the experience for buyers but encourage overseas investment in what is a modern and digitalized market. Together with Majid Al Futtaim – Communities, we hope to encourage further collaboration within the industry to ensure that the UAE’s real estate market is at the forefront of innovation, digital transformation and sustainability.”

The introduction of new visa reforms, the ease of business ownership, as well as the economic impact of Expo 2020 Dubai has strengthened the UAE’s position as a hub to live and work and created a perfect opportunity for real estate owners and investors who are on the lookout for a strong property market. The new system increases operational efficiencies, which results both in cost reduction and a more seamless experience, creating a simplified platform for both investors and customers. Driving environmentally-friendly business practices Majid Al Futtaim Communities and Aldar Properties remain at the forefront of the UAE’s efforts to create a more digital future, supporting further efficiencies in the real estate transaction management processes.

 

 

Press Release
Maan Al Awlaqi
Executive Director, Strategy and Transformation, Aldar Properties
Commenting on the Aldar Scale Up Programme, Maan Al Awlaqi, Executive Director, Strategy and Transformation, Aldar Properties, said: "The digital transformation of the real estate sector has rapidly accelerated and will continue to evolve at pace with the emergence of Web 3.0 and the movement towards an open metaverse. Not only will this impact how real estate is designed and built, but most significantly it will enable operators to reimagine their assets in a more innovative and customer centric way. The Aldar Scale Up programme seeks to bring the best of these solutions to the UAE and help participants scale their ventures, grow their networks, and access a large pool of investors, capital, and expert mentorship.

Ramesh Jagannathan, Managing Director of startAD said: “The UAE has emerged among the top five best places to live and work globally. The country's commitment to innovation has driven high standards in quality of life through infrastructure, security, healthcare, education, mobility and sustainability. We invite cutting-edge global tech startups to partner with Aldar and startAD to redefine the future of this space, by implementing solutions that enable efficiency, affordability, security, and sustainability."

The first edition of Aldar Scale Up received more than 200 applications from 31 countries and only recently concluded. Three emerging European businesses were awarded pilot projects with Aldar, in line with Europe’s emergence as the fastest-growing major region by venture capital investment. According to a report by Dealroom, Europe is outpacing both the US and China with startup funds growing by almost three times year on year to €49 billion in the first six months of 2021.

Already, one of the pilots is ready to launch with a Scale Up winner, Metrikus which is a UK-based startup offering property software solutions through an innovative platform, with focus on operational efficiencies, estate optimisation, and indoor air quality. The project will see Metrikus use its proprietary platform to monitor the indoor air quality at three Aldar retail and residential assets, Yas Mall, Eastern Mangroves and The Bridges. The system will evaluate air quality in real time and offer immediate actions for improvement to help maintain a healthy indoor environment. Following the success of the first edition of Scale Up, Aldar welcomes Majid Al Futtaim Communities to the programme as a strategic partner.

The global startup landscape is fast emerging, with countries like the UAE taking the lead in creating vibrant and financially sustainable startup ecosystems. Spearheading as an innovation hub for accelerators and incubators, the UAE has been attracting entrepreneurs from across the globe, cultivating a startup culture, and harnessing homegrown talent. At Majid Al Futtaim Communities we aim to support entrepreneurs in their ambitions to pave the way for future innovation. We are excited to collaborate with Aldar, making entrepreneurship more accessible through the already successful Scale Up programme. As a partner, we aim to support startups from all over the globe and facilitate their market entry to the UAE, bringing new opportunities to the sector”, said Matteo Aliberti, Director, Digital Transformation, Majid Al Futtaim Communities.

Aldar Scale Up Programme is the latest effort by Aldar to support the UAE’s National Innovation Strategy. The company has developed a framework to drive forward innovative practices, with a focus on three strategic areas: corporate innovation, incubation programmes for startups in complementary sectors, and investment in new tech-enabled businesses. As part of this strategy, Aldar continues to establish and support a number of incubators and programmes to promote innovation and foster emerging tech concepts and young talent across the region. One of Aldar’s main innovation programmes alongside Scale Up is Manassah, a platform for homegrown UAE businesses which has incubated more than 40 startups and SME projects over the last two years. The portfolio includes tech startups, SMEs, and youth startup concepts from the UAE.