The Department of Urban Planning and Municipalities has signed a memorandum of understanding (MoU) with Smart Crowd Holdings, a real estate crowdfunding platform, to encourage the private sector to participate in Abu Dhabi’s real estate market at Cityscape Abu Dhabi.
The agreement was signed by Mohamed Al Khadar Al Ahmed on behalf of Mubarak Obaid Al Dhaheri, Undersecretary of the Department of Urban Planning and Municipalities and Siddiq Farid, chief executive officer and founder of Smart Crowd Holdings.
The MoU will allow both parties to explore the possibility of implementing a similar model of collective or joint ownership in the Emirate of Abu Dhabi, and develop proposals on the implementation of such a model in accordance with the laws and legislation in the Emirate.
“We are pleased to work on the proposed partnership with Smart Crowd. We hope to work together with the private sector to develop innovative ideas and mechanisms in the field of property investment in line with the Department’s interest in the growth of the real estate sector in Abu Dhabi,” said Al Dhaheri.
Smart Crowd has opened the real estate market to a new generation of savvy investors, shifting the traditional real estate investment model. Interested investors simply need to register with Smart Crowd, choose a vetted investment property, and invest a fraction of the property’s value. Once the investment is made, ROI in the form of rental income is almost immediate.
“Our aim is to open the doors for individuals who want to invest in the real estate market, but who may see the initial capital investment as an obstacle. We are excited to bring this idea to the Abu Dhabi real estate market, and are thrilled to work with the Department of Urban Planning and Municipalities to do so,” said Siddiq Farid.
The MoU will promote the exchange of experiences and best practices in real estate investment through shared ownership. – TradeArabia News Service
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