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Aldar Properties (‘Aldar’) announced today that as part of the second cycle of its equity-free accelerator program Scale Up, five tech startups have been awarded pilot projects with strategic partner Majid Al Futtaim Communities. As the global shift to Web 3.0 accelerates, the five selected businesses focus on rapidly evolving technologies such as space and artificial intelligence, blockchain, NFT applications and data analytics, aligned with the UAE’s smart and sustainable city goals .
Developed in partnership with startAD, an Abu Dhabi-based global startup accelerator, supported by Tamkeen and centered around NYU Abu Dhabi, this year’s programme focuses on attracting international startups with technologies that have the potential to reimagine the future and shape the real estate industry Open Metaverse. Aldar has awarded pilot contracts to four international startups, while Majid Al Futtaim Communities has awarded two.
The five companies selected for the pilot include:
- camel zoo, a spatial business intelligence platform that enables businesses to create real-time digital twins of places, spaces and things. (Arda)
- database, an augmented reality out-of-home media company that codifies and monetizes digital rights to property in virtual worlds. (Arda)
- twin, an advanced computing and research startup that operates a SaaS platform and provides a low-risk and cost-effective way for organizations to test and evaluate strategies and investments. (Arda)
- Suker Space, a platform that provides flexible, sustainable and affordable digitally connected spaces. Sook is bookable by the hour in multiple locations, enabling businesses large and small to experiment, connect with their communities, and thrive. (Aldar and Majid Al Futtaim Community)
- Metaverse Architects, an industry-leading development, investment and consulting firm in the Metaverse field. (Majid Al Futtaim Community)
After a rigorous assessment of more than 300 applications from 69 countries, 10 startups were admitted to the 4-week sprint accelerator, where they underwent a carefully curated training session with dedicated innovations within Aldar and Majid Al Futtaim Champions collaborate and benefit from visits to introduce regional industry leaders to global experts. Participating startups raised an average of $632,000 in funding and had an average annual revenue of $619,000. All 10 startups presented their solutions to the pilot project selection committee of the Aldar and Majid Al Futtaim communities.
Commenting on Aldar’s expansion plans, Maan Al Awlaqi, executive director of strategy and transformation at Aldar Properties, said: “Over the past decade, the size of real estate technology startups has grown by more than 300%, with an estimated 8,000 PropTech companies identified.[1] We are seeing a lot of demand for PropTech platforms in the UAE, especially with the global shift towards Web 3.0. Despite the overall decline in global VC activity in the first quarter, deal value in the MENA region continued to grow rapidly, achieving nearly 70% of the total 2021 funding value in the first three months of 2022, indicating investment interest in startups very large.
“The Aldar scale-up program is designed to meet this need and connect us and our partners with international startups that are redefining the industry. Selected startups have proven that their solutions can be a part of Aldar’s business model Adding real value, whether through space intelligence platforms, monetizing our real estate in virtual worlds, or connecting our communities to experiential spaces. We see great potential in these pilot projects and look forward to working with them .”
Shadi Al Azzeh, Managing Director of Majid Al Futtaim Communities, said: “Our aim at Majid Al Futtaim Communities is to support the ambitions of the real estate startup community, paving the way for future innovations while uplifting the industry. Technological advancements will impact mixed-use communities and Reduce community inefficiencies. We expect 2022 to go beyond that, with the metaverse, advances in sustainable thinking, the dominance of Gen Z and new communities dominating the real estate tech scene. The real estate possibilities here are limitless , where the real opportunity lies in connecting the built world with the metaverse-enhanced digital world. At Majid Al Futtaim, innovation and digital transformation are key strategic pillars. We are delighted to work with selected pilot projects and to explore new opportunities for the metaverse or Connecting our communities to work with them through digital touchpoints.”
Ramesh Jagannathan, managing director of startAD, commented: “The programme accepted 10 startups, and in just 4 weeks, Aldar Properties and Majid Al Futtaim Communities awarded 6 commercial pilot projects. This demonstrates Abu Dhabi and UAE real estate The promise and pace of digital transformation of the industry. With 60% of these cutting-edge technologies in Web 3.0, NFTs and Metaverse making their way into the Scale Up programme, there is a tangible opportunity to redefine the way people experience real estate and is enhancing the UAE’s future in the global economy will play a role.”
Launched in February 2021, the Aldar Expansion Programme is one of many Aldar plans to implement in support of the UAE National Innovation Strategy. The company has developed a framework to drive innovative practices, focusing on three strategic areas: corporate innovation, incubation programs for startups in complementary industries, and investments in new technology businesses. As part of this strategy, Aldar continues to establish and support a number of incubators and programs to foster innovation and nurture emerging technology concepts and young talent in the region.
Along with Scale Up, one of Aldar’s key innovation initiatives is Manassah, a platform for UAE-based businesses that has incubated over 40 startups and SME projects over the past two years. The portfolio includes tech startups, SMEs and youth entrepreneurial concepts from the UAE.
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