Aldar headquarters in Abu Dhabi. The investment in Taronga is Aldar’s first in a property fund in the Asia-Pacific region. Khushnum Bhandari / The National
Aldar headquarters in Abu Dhabi. The investment in Taronga is Aldar’s first in a property fund in the Asia-Pacific region. Khushnum Bhandari / The National
Aldar headquarters in Abu Dhabi. The investment in Taronga is Aldar’s first in a property fund in the Asia-Pacific region. Khushnum Bhandari / The National
Aldar headquarters in Abu Dhabi. The investment in Taronga is Aldar’s first in a property fund in the Asia-Pacific region. Khushnum Bhandari / The National

Aldar invests in Taronga Ventures to tap into PropTech boom in Asia-Pacific


Aarti Nagraj
  • English
  • Arabic

Aldar Properties has invested in Taronga Ventures, a property technology investor operating across the Asia-Pacific region, as it seeks to diversify operations and expand.

Through the partnership, Aldar, the biggest property developer in Abu Dhabi, will gain access to technology co-investment opportunities providing "additional revenue streams and new efficiencies" for its portfolio, the developer said in a statement on Tuesday.

The agreement aims to increase the exchange of technological know-how and ideas in the Middle East and focus on sustainable solutions.

The size of the investment was not disclosed.

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."

Investors have increasingly focused on PropTech after the coronavirus pandemic forced companies, including those in the property sector, to digitise to ensure business continuity.

Connected buildings, analytics, mortgage solutions, blockchain and online viewing technology are among the key focus areas for PropTech companies, which are looking to disrupt the traditional market through digital solutions for the entire property value chain.

Maan Al Awlaqi, Aldar’s executive director of strategy and transformation. Photo: Aldar
Maan Al Awlaqi, Aldar’s executive director of strategy and transformation. Photo: Aldar

The investment in Taronga is Aldar’s first in a property fund in the Apac region, where investment in PropTech is expected to reach $26 billion by 2024, said Unissa, a global platform for PropTech procurement.

Taronga invests in "innovation-driven companies" and provides strategic access to its network of property co-investors. It is also a certified carbon-neutral platform and prioritises collaboration with companies aligned with the UN’s Sustainable Development Goals.

Jonathan Hannam, co-founder and managing partner of Taronga Ventures, said: "We can see immediate growth opportunities for many of the fund’s investments within the existing Aldar portfolio and especially in new developments being undertaken by the group.

"We will also be working closely with Aldar to further develop the technology ecosystem in the Middle East.”

The partnership is Aldar’s fifth in a property technology fund and diversifies the developer's exposure to the sector, the statement said. Its investments in the funds are part of the company’s strategy to boost innovation and support start-ups.

It also offers incubation programmes for start-ups in complementary sectors such as the Aldar Scale Up programme, which focuses on enabling the development of the PropTech sector in the UAE, and the Manassah initiative, an entrepreneurship incubator that supports retail technology start-ups across the Middle East and North Africa.

The candidates

Dr Ayham Ammora, scientist and business executive

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Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates

The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:

ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.

ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.

ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.

ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.

IN WITNESS WHEREOF the undersigned have signed this Treaty.

DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.

Signed

Geoffrey Arthur  Sheikh Zayed

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Which honey takes your fancy?

Al Ghaf Honey

The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year

Sidr Honey

The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest

Samar Honey

The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

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T20 WORLD CUP 

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2027: South Africa, Zimbabwe and Namibia; 2031: India and
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CHAMPIONS TROPHY 

2025: Pakistan; 2029: India  

Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

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UAE currency: the story behind the money in your pockets
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Traits of Chinese zodiac animals

Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent   

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Updated: June 21, 2022, 12:05 PM