- Taronga Ventures opens opportunities for Aldar to further diversify its business and enhance technology transfer to the region
Abu Dhabi – United Arab Emirates: Aldar Properties (“Aldar”) has increased its exposure to global real estate technology funds through a partnership with Taronga Ventures, a leading real estate technology investor operating in Asia Pacific (APAC). The investment is part of Aldar’s broader innovation strategy that drives the adoption of breakthrough technologies in the real estate sector.
Taronga Ventures (“Taronga”) has created a global ecosystem to advance and scale innovation-driven companies, leveraging its fund to invest in these companies and providing strategic access to its network of world-leading real estate co-investors.
Partnering with Taronga Ventures gives Aldar access to technology co-investment opportunities that provide additional revenue streams and new efficiencies to Aldar’s portfolio. At the same time, the opportunities will allow Aldar to forge strategic partnerships that deepen technology knowledge transfer and idea generation in the Middle East.
This partnership represents Aldar’s fifth investment in real estate technology funds and diversifies Aldar’s exposure to the sector through Taronga Ventures’ global mandate and positioning in the APAC region. In line with Aldar’s efforts and commitment to supporting decarbonization across the real estate sector, Taronga Ventures is also a certified carbon neutral platform that prioritizes working with companies that align with the United Nations Sustainable Development Goals.
The investment is Aldar’s first in a real estate fund in the APAC region, where PropTech investments are expected to reach $26 billion by 2024, according to UNISSA, a global PropTech sourcing platform.
Maan Al Awlaqi, Executive Director of Strategy and Transformation at Aldar, said, “Aldar’s journey of innovation continues to accelerate at a rapid pace. By tapping into technology and technology-enabled companies around the world, Aldar is not only able to further diversify its business, but most importantly, facilitate the transfer of innovation to the Middle East real estate market. Taronga Ventures’ focus on the APAC region and its ability to identify technology companies with wide-ranging positive ESG impacts aligns with our vision to advance the UAE’s real estate sector through new technology and sustainability-driven solutions.”
Jonathan Hannam, Co-Founder and Managing Partner, Taronga Ventures, said: “Having worked and lived in Abu Dhabi, we are delighted to return to this important region with such a strong and dynamic partner as Aldar to support emerging technology companies. We see immediate growth opportunities for many of the Fund’s investments within the existing Aldar portfolio and particularly in new developments being undertaken by the group. We will also work closely with Aldar to further develop the technology ecosystem in the Middle East.”
The investment in the Taronga Ventures fund complements Aldar’s investments in four other real estate technology funds. These investments form a cornerstone of the company’s framework to drive innovative practices, alongside its focus on business innovation and incubation programs for start-ups in complementary sectors. These startup programs include the Aldar Scale Up program, which focuses on enabling the development of the PropTech sector in the UAE, and the Manassah program, Aldar’s entrepreneurship incubator, which aims to grow startups and talent in retail technology to promote in the MENA region.
Aldar Properties PJSC is the leading real estate developer and manager in the UAE with a diversified and sustainable operating model focused on two core businesses: Aldar Development and Aldar Investment.
Aldar Development is a master builder of integrated, livable and thriving communities in Abu Dhabi’s most desirable destinations including Yas Island, Saadiyat Island, Al Raha and Reem Island. It is responsible for the development of Aldar’s c. 65 million square meters of land and comprises three companies: Aldar Projects, which manages Aldar’s fee-based development management business, including government housing and infrastructure projects valued at AED 45 billion; Aldar Ventures, which develops and promotes new business opportunities and areas of innovation; and Aldar Egypt, the platform focused on developing mixed-use communities in Egypt.
Aldar Investment hosts Aldar’s core wealth management business, comprising a AED22 billion+ portfolio of quality and income generating real estate investments diversified across retail, residential, commercial and hospitality segments. It also manages three core platforms: Aldar Education, Aldar Estates and Aldar Hospitality and Leisure. Aldar Education encompasses the entire Aldar education portfolio including Aldar Academies, the leading education group in Abu Dhabi with 20 schools, over 26,000 students and a growing network of 3,000 educators from over 100 nationalities offering a wide range of curricula and ancillary services such as a teacher training academy .
Aldar Estates will consolidate Aldar’s retail operations alongside existing residential and commercial real estate operations within Provis and will also incorporate community management under an integrated property management platform. Aldar Hospitality and Leisure oversees Aldar’s portfolio of hotel and leisure properties anchored around Yas Island and Saadiyat alongside Ras Al Khaimah. It includes Aldar’s portfolio of 11 hotels, which includes over 3,600 hotel keys and manages golf course, beach club and marina operations.
Aldar shares are traded on the Abu Dhabi Stock Exchange (share price: ALDAR:UH) and is a profitable, cash-generating company that provides recurring income and benefits from a diverse and supportive shareholder base. Aldar operates to high standards of corporate governance and is committed to operating a long-term and sustainable business in order to provide lasting value to its shareholders.
Aldar is driven by a vision to become a leading real estate developer and manager in the region by playing a key role in developing quality, comfortable and desirable destinations for people to live, work and visit.
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