• Up to five PropTech startups will partner with Aldar for pilot projects following the conclusion of the programme
  • Applications for the programme are open and will close on February 27th 2021

Abu Dhabi: Aldar Properties (‘Aldar’) announced the launch of its corporate innovation programme, Aldar Scale Up, in partnership with startAD, the Abu Dhabi-based global accelerator at NYU Abu Dhabi and powered by its partner Tamkeen. The virtual market access will provide a gateway to tangible growth opportunities, build strong networks, and validate global PropTech startups providing the latest cutting-edge real estate technology to enter and grow in the the UAE market through pilot projects with Aldar and other leading industry players in the region.

The inaugural edition of the programme will run virtually over a four-month period, at the end of which ten startups will have the opportunity to pitch to a selection committee and up to five startups will be awarded pilot projects with Aldar. Startups will provide innovative and sustainable solutions in the real estate sector such as effective energy management, the development of smart cities, and the protection of biodiverse ecosystems. Opportunities to secure pilot projects with other UAE companies will be available for entrepreneurial ventures during the pitching process.

Hub71, Abu Dhabi’s global tech ecosystem, will also be joining the programme selection committee. PropTech startups selected for Aldar Scale Up will automatically be shortlisted for Hub71’s Incentive Program, which offers more than $400,000 worth of equity-free subsidies including up to 100 per cent free housing, health insurance and WeWork x Hub71 office space for up to three years. By joining Hub71, startups will become part of a growing community of entrepreneurs which include more than 75 startups and over 30 partners, further enabling better access to market capital, talent, and the business and regulatory environment.

Commenting on the Aldar Scale Up Programme, Maan Al Awlaqi, Executive Director, Strategy and Transformation, Aldar Properties, said: "Fostering a culture of innovation internally at every level of our business helps us create intellectual and practical progress at Aldar towards a better customer experience and lifestyle.  This encompasses both product ideation and enhancements and further leads to improvement in processes and UX experiences. The MENA region is gaining significant strides in cultivating a startup culture and harnessing homegrown talent, with a record $1 billion dollars invested in startups in 2020. Total funding is up 13% from 2019 while later stage deals increased by 52%, according to Magnitt’s 2021 Venture Investment Report. This demonstrates the increase in demand for such deals, and the importance of the programme we are launching today. For its part, 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.

The Aldar Scale Up Programme is a good fit to our innovation lens as it provides a unique platform which connects promising PropTech startups with companies and equips them with the tools to scale their businesses and grow in Abu Dhabi. We look forward to reviewing the submissions for the programme and seeing what the applicants have to offer.”

Speaking on the announcement of the programme, Research Professor of Engineering, Vice Provost for Entrepreneurship at NYUAD, and Managing Director of startAD, Ramesh Jagannathan, said: “Infrastructure and construction programmes are known to have a direct link to economic growth, job creation, and reduction of poverty. According to the McKinsey Global Institute, in order to keep pace with global GDP growth, the construction sector has to spend close to $57 trillion by 2030. That is more than 60% of what has been spent in the last two decades. Interestingly, 40% of this spend could be recouped through improved productivity by digitalization, and embracing currently available technologies.

50% of the world’s population lives in urban settings now, and that number is expected to grow to 67% by 2050. Through fostering Abu Dhabi’s Innovation agenda, startAD and Aldar are excited to usher in the best global PropTech startups that will have the unique opportunity to make a real impact on the future of the global construction sector.”

Aligned with Aldar’s innovation and sustainability mandate, the Aldar Scale Up Programme will also upskill Aldar business units to build collaboration with global startups and implement innovative and sustainable real estate technologies through pilot projects. The launch of the Aldar Scale Up Programme complements Aldar’s existing innovation initiatives including the Manassah competition, Aldar’s first retail start-up programme.

Applications for the Aldar Scale Up Programme are open and will close on February 27th 2021. Startups who are interested in applying to the programme can apply here.

-Ends-

For further information, please contact:
For Aldar Properties
Media / IR
Obaid Alyammahi
+971 2 810 5555

Joudi Issa
Brunswick
+971 2 234 4600
ALDAR@brunswickgroup.com  

About Aldar

Aldar Properties PJSC is the leading real estate developer in Abu Dhabi, and through its iconic developments, it is one of the most well known in the United Arab Emirates, and wider Middle East region.

From its beginnings in 2005 through to today, Aldar continues to shape and enhance the urban fabric of the UAE’s Capital City in addition to other key areas of the Emirate.

Aldar develops exciting and innovative projects, such as the internationally recognized HQ building situated in the Al Raha Beach development, the Gate Towers in Shams Abu Dhabi on Al Reem Island, in addition to Yas Island’s F1 circuit.

Aldar’s shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH), and is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders.

Aldar seeks to create quality, comfortable, desirable destinations that enrich the lives of Abu Dhabi residents as well as tourists within the Emirate. Aldar is playing a leading role in the development and provision of world class retail - Yas Mall, international standard education through Aldar Academies, iconic entertainment venues such as the Yas Marina Circuit, and community amenities across its entire portfolio.

Aldar is driven by a vision to be the most trusted and recognized real estate lifestyle developer in Abu Dhabi and beyond.

For more information on Aldar please visit www.aldar.com 

About startAD

startAD is an Abu Dhabi-based global accelerator, steering seed-stage technology startups to launch, develop, and scale their ventures. Anchored at NYU Abu Dhabi and powered by its partner Tamkeen, the accelerator equips startups to pilot solutions with industry leaders, while enabling corporates to innovate with startups disrupting their core businesses.

startAD has the unique domain expertise and state-of-the-art facilities to develop startups with a focus on hardware and AI, as well as other solutions in priority industries including aviation, energy, sustainability, construction, and security. Enrolled startups benefit from startAD’s extensive range of programmes and global network of investors, mentors, and experts, in addition to access to startAD’s seed fund for local startups. Since startAD’s launch in 2016, participating startups have raised USD 45 million in investment, generated USD 15 million in revenue, secured over 50 pilot projects with corporations, and created over 250 jobs.

About Tamkeen

Tamkeen is an Abu Dhabi based company mandated to deliver projects to meet the UAE’s vision of knowledge-based development. Tamkeen works with a variety of local and international institutions to enrich the UAE’s social, cultural and educational landscape.

About NYU Abu Dhabi

NYU Abu Dhabi is the first comprehensive liberal arts and science campus in the Middle East to be operated abroad by a major American research university. NYU Abu Dhabi has integrated a highly-selective liberal arts, engineering and science curriculum with a world center for advanced research and scholarship enabling its students to succeed in an increasingly interdependent world and advance cooperation and progress on humanity’s shared challenges. NYU Abu Dhabi’s high-achieving students have come from 115 nations and speak over 115 languages. Together, NYU's campuses in New York, Abu Dhabi, and Shanghai form the backbone of a unique global university, giving faculty and students opportunities to experience varied learning environments and immersion in other cultures at one or more of the numerous study-abroad sites NYU maintains on six continents.

About Hub71

Hub71, named after the UAE’s formation in 1971, is a tech ecosystem located in the heart of Abu Dhabi that brings together several key elements for startup success: access to capital, access to market opportunities, and a favorable business environment. Backed by Mubadala Investment Company – its growing international tech community of tech giants, venture capitalists, tech ecosystem players, and global startups can expect to benefit from an interconnected global network. Alongside strategic partners Microsoft, SoftBank Vision Fund, and Abu Dhabi Global Market; Hub71 is creating the optimal environment for transformative tech companies looking to maximize success, produce outstanding tech innovations, and scale globally. For the greater social and economic good of Abu Dhabi, Hub71 is a flagship initiative of the Dh50 billion economic accelerator program ‘Ghadan 21’, which means ‘tomorrow’ in Arabic. For more information visit www.hub71.com  and follow us on @Hub71AD #Hub71.

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